Hyperliquid's HIP-3 Achieves Record $5.2 Billion in Single-Day Trading Volume Amidst Precious Metals Surge

The decentralized derivatives protocol Hyperliquid has set a new record, with its permissionless perpetual contract market, HIP-3, recording an unprecedented $5.2 billion in single-day trading volume on February 5th. This figure marks the highest volume since its launch in October 2025.

The significant surge in trading activity was primarily driven by TradeXYZ, a major market provider operating on HIP-3. TradeXYZ commands nearly 90% of the trading share across precious metals, stock indices, and individual stock perpetuals. Notably, TradeXYZ's silver contract alone saw a remarkable $40.9 billion in trading volume on February 5th, accounting for approximately 68% of HIP-3's total daily volume. This highlights the growing interest among traders to seek alternative assets beyond traditional cryptocurrencies, spurred by the volatility in precious metals prices. The upswing in HIP-3's trading volume began in the final week of January, coinciding with gold surpassing $5,000 per ounce and silver exceeding $100 per ounce for the first time.

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