- HYPE token rose about 25% as traders increased bets on silver, Gold and other commodities.
- The exchange’s Silver to USDC market recorded roughly $1.2 billion in 24‑hour trading volume.
- Higher commodities volumes boost fee revenue, which the protocol uses largely for token buybacks via its Assistance Fund.
- In October, the platform started allowing anyone to create perpetual markets by locking HYPE tokens; fees split between creators and the exchange.
- Gold and silver have seen large recent gains—gold up about 67% last year and ~18% year‑to‑date; silver rose about 145% in 2025 and another ~53% this year to $117/oz.
Hyperliquid’s native HYPE token climbed roughly 25% after traders on the perpetual futures exchange heavily increased commodity positions, particularly in silver and gold, over the past 24 hours. The exchange’s Silver to USDC market handled about $1.2 billion in volume, making it the second most‑traded asset after Bitcoin.
The surge in commodities trading raises fee income for the platform. In October the exchange started letting users create perpetual markets by locking HYPE, with trading fees split roughly half to creators and half to the protocol. A majority of protocol revenue is then routed through the Assistance Fund to buy back HYPE on the open market.
Other commodity markets also saw significant activity. The most popular gold market recorded about $131 million in 24‑hour volume, while copper and natural gas markets each posted tens of millions in trading. Market participants are positioning for a so‑called debasement trade, betting that hard assets will outperform as inflation and monetary policies weigh on fiat currencies.
Price moves for precious metals have been large recently. Gold gained about 67% last year and is up roughly 18% year‑to‑date, trading near $5,088 per ounce. Silver rose about 145% in 2025 and has rallied another ~53% this year to an all‑time high near $117 per ounce.
The exchange has previously capitalised on short‑term trends, rapidly listing new memecoins and pre‑launch token markets such as Plasma’s XPL, Monad’s MON, and Lighter’s LIT, generating additional fee revenue.
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