In early February, the daily trading volume on the HIP-3 platform of Hyperliquid reached a record $5.2 billion.
TradeXYZ remains the key market provider, accounting for nearly 90% of the segment's volume. The main instruments traded include contracts on precious metals, stock indices, and equities.
The growth driver has been silver: on February 5, futures for this asset from TradeXYZ generated $4.09 billion (about 68% of all HIP-3 activity). The metal's high volatility attracted traders seeking alternatives to cryptocurrencies.
At the end of January, the open positions volume on HIP-3 hit an all-time high of $1.06 billion, with 87% of liquidity coming from TradeXYZ.
As of February 10, the figure stands at approximately $633 million. Despite the decline, the monthly growth rate remains at 88%.
HIP-3 is an enhancement mechanism for the Hyperliquid protocol, activated in mid-October 2025. This system allows developers to launch perpetual contracts on any asset, requiring a stake of 500,000 HYPE.
Despite the correction, the excitement around precious metals has transformed the perception of Hyperliquid. The project has evolved beyond the "crypto-perps" niche, becoming a universal platform: gold and silver have secured spots in the top five trading instruments, as noted by analysts at The Block .
The success is reflected in the numbers. Trading volume for metals on Hyperliquid has reached about 1% of COMEX figures.
The leading perp-DEX confidently maintains its leadership in the segment, significantly outpacing competitors like edgeX, Aster, and Lighter:
Perp-DEX Rankings. Source: DefiLlama.
Amid rising fundamental indicators, the native token HYPE has increased by 16.8% over the past 30 days despite a significant correction in blue chips. The token's price increase has also been supported by the introduction of the HIP-4 standard, which anticipates the launch of prediction markets.
Recall that in early February, Hyperliquid integrated with the prime brokerage platform Ripple Prime.