The post Hyperliquid volume hits $5.2B as silver perps drive flows appeared on BitcoinEthereumNews.com.

Hyperliquid HIP-3 $5.2B record on silver perpetuals surge Hyperliquid’s HIP-3 permissionless perpetual markets recorded $5.2 billion in single-day trading volume on February 5, 2026, as reported by The Block. The milestone, the highest since HIP-3 launched in October 2025, was led by a precious metals boom. In the same report, builder-deployed market TradeXYZ accounted for nearly 90% of HIP-3 activity. Silver perpetuals alone generated about $4.09 billion, roughly 68% of that day’s total, highlighting concentrated flows in commodity-linked contracts. What HIP-3 permissionless perps are on Hyperliquid HIP-3 is Hyperliquid’s framework for permissionless listing of perpetual futures, where third-party builders can deploy markets. This has enabled rapid expansion into real‑world‑asset exposures such as gold, silver, and select equities. Operationally, permissionless listings allow faster time-to-market for new contracts while shifting discovery and liquidity bootstrapping to builders. The design can accelerate growth but also concentrates liquidity and risk in the markets that attract the most flow. The $5.2 billion day showed exceptional concentration: TradeXYZ captured nearly 90% of HIP-3 volume and silver perps comprised the majority. Such dominance can lift liquidity in the short term but introduces single-venue and single-market dependencies. According to Bitget News, metals-linked volatility coincided with about $71 million of forced liquidations across roughly 3,200 users during one stretch. This underscores the downside risks of leveraged commodity exposure on on‑chain derivatives venues. AInvest noted that silver trading volumes on Hyperliquid remained elevated, including multi‑billion‑dollar days, even as metals prices fell. The figures indicate that price declines amplified hedging and speculative flows rather than suppressing activity. Liquidity and exchange comparisons: Binance and Coinbase context Spreads and depth claims: BTC perps on Hyperliquid vs Binance CoinCentral reported that Hyperliquid’s leadership contrasted BTC perpetuals microstructure with Binance, citing roughly a $1 spread versus about $5.50 and deeper displayed depth (around 140 BTC vs.…

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Filed under: News - @ February 11, 2026 1:19 am