Silver perpetual contracts on Hyperliquid (CRYPTO: HYPE) hit $1.15 billion in 24-hour volume on Monday, surpassing Solana (CRYPTO: SOL) and XRP (CRYPTO: XRP) as traders use crypto infrastructure to bet on commodities instead of digital assets.
Silver Dominates Crypto Exchange Volume
The SILVER-USDC contract has become one of Hyperliquid’s most active markets, posting roughly $994 million in 24-hour volume.
Open interest sits near $154.5 million, while funding remains slightly negative—pointing to heavy turnover and two-way positioning rather than a one-directional levered bet.
That mix looks more like a volatility and hedging market than speculative longs.
What stands out is silver’s prominence: the commodity contract ranks just behind Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) pairs in volume, according to CoinGecko data, and ahead of Solana and XRP.
When a commodity contract rivals major crypto assets for volume on a decentralized exchange, it signals traders are using crypto infrastructure to express views that Bitcoin and Ethereum no longer capture efficiently.
HIP-3 Hits Record Volume
HIP-3, Hyperliquid’s exotic markets feature, has beaten previous all-time highs in volume.
Open interest reached an all-time high of $790 million, driven by commodities trading.
A month ago, HIP-3 open interest was $260 million.
Pseudonymous commentator Capital Flows posted: “This is the largest development in crypto since 2020.”
Why Traders Are Fleeing To Commodities
Bitcoin is holding near $88,000 in a “defensive equilibrium” with cooling ETF inflows and rising demand for downside protection.
Ethereum lags further behind, and capital is rotating toward hard assets like gold and silver instead of crypto.
The silver rally, which has seen the metal surge past $110 per ounce, is drawing traders who want macro volatility exposure without directional crypto bets.
What This Means For Crypto
When commodities beat major crypto assets in volume on a crypto-native exchange, it reveals two critical points:
First, crypto infrastructure has evolved beyond just trading digital assets. Decentralized exchanges are now viable venues for macro trading—competing directly with traditional futures markets.
Second, it exposes weakness in crypto itself. Traders aren’t rotating from silver into Bitcoin or Ethereum.
They’re rotating from crypto into commodities using crypto rails because that’s where the opportunity is.
The shift highlights how Hyperliquid’s exotic markets position Hyperliquid as more than just another crypto derivatives exchange.
If silver continues dominating volume on Hyperliquid, expect more commodities to follow.
Image: Shutterstock
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