HYPE, the native symbol of crypto derivatives exchange Hyperliquid, surged 24% over the past 24 hours as traders increased bets on silver, gold and other commodities.
Silver futures in particular have exploded in popularity on the platform. During the US morning hours on Monday, silver traded around $111 and logged over $1.25 billion in 24-hour volume – making it the third most active market on Hyperliquid after only bitcoin and ether. Open interest in the silver contract has also increased, rising to more than $155 million.
The sudden increase in activity has implications for HYPE holders.
Since October, Hyperliquid has allowed users to create their own perpetual futures markets by locking HYPE tokens. The trading fees generated from these markets are split 50/50 between the exchange and the market maker.
More trading means more revenue – and under Hyperliquid’s design, the majority of this revenue is used to buy back HYPE tokens on the open market through its Assistance Fund. So as open interest increases, more money is directed towards buying HYPE, creating a feedback loop that can lift the token’s price.
Traders see this as a bullish signal not only for HYPE, but for Hyperliquid itself. The surge in commodity interest suggests crypto derivatives platforms are evolving beyond their usual focus on crypto assets like bitcoin, which have struggled to find direction in recent weeks. This diversification could position Hyperliquid for long-term relevance.
“Hyperliquid has quietly achieved an important milestone of becoming the most liquid crypto price discovery site in the world,” said Jeff Yan, CEO and co-founder of Hyperliquid in a post on X.
