HYPE, the native token of crypto derivatives exchange Hyperliquid, rose 24% in the last 24 hours as traders increased their bets on silver, gold and other commodities.
Silver futures, in particular, have gained popularity on the platform. During Monday morning hours in the US, silver traded around $111 and recorded over $1.25 billion in 24-hour volume, making it the third most active market on Hyperliquid, behind only bitcoin and ether. Open interest in the silver contract has also increased, reaching over $155 million.
The sudden increase in activity is important for HYPE holders.
Since October, Hyperliquid has allowed users to create their own perpetual futures markets by locking up HYPE tokens. The trading fees generated on these markets are split 50/50 between the exchange and the market maker.
More trading means more revenue, and by Hyperliquid’s design, the majority of that 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 toward 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 also 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. That diversification may be positioning Hyperliquid for longer-term relevance.
“Hyperliquid has quietly achieved a major milestone by becoming the most liquid place for cryptocurrency price discovery in the world,” said Jeff Yan, CEO and co-founder of Hyperliquid in a post on X.
