HYPE, the native token of crypto derivatives exchange Hyperliquid, surged 24% in the past 24 hours as traders ramped up their bets on silver, gold and other commodities.
Silver futures, in particular, have exploded in popularity on the platform. On Monday morning in the United States, silver was trading around $111 and recorded more than $1.25 billion in 24-hour volume, making it the third most active hyperliquid market behind bitcoin and ether. Open interest in the silver contract also surged, amounting to over $155 million.
The sudden spike in activity is significant for HYPE holders.
Since October, Hyperliquide has allowed users to create their own perpetual futures markets by locking HYPE tokens. Trading fees generated by these markets are split 50/50 between the exchange and the market creator.
More trading means more revenue – and by Hyperliquid’s design, the majority of that revenue is used to repurchase HYPE tokens on the open market via its support fund. So, as open interest increases, more money goes into purchasing HYPE, creating a feedback loop that can drive the price of the token higher.
Traders see this as a bullish signal not only for HYPE but for Hyperliquid itself. The surge in interest in commodities suggests that crypto derivatives platforms are evolving beyond their usual focus on crypto assets like bitcoin, which has struggled to find direction in recent weeks. This diversification could position Hyperliquid for longer-term relevance.
“Hyperliquid has quietly reached a major milestone in becoming the world’s most liquid place for cryptocurrency price discovery,” said Jeff Yan, CEO and co-founder of Hyperliquid in an article on X.
