Hyperliquid's permissionless perpetual futures market achieved a new all-time high in daily trading volume, reaching $5.2 billion on February 5th. This marks a significant milestone since its launch in October 2025. TradeXYZ, a primary market maker, was responsible for nearly 90% of the total volume. Notably, silver perpetuals recorded $4.09 billion in daily trading volume, accounting for approximately 68% of the day's total. This surge is attributed to the sharp price fluctuations in precious metals, drawing some trading demand away from crypto assets towards commodities, according to The Block.

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