HYPE jumps 22% as $1.1B Silver-USDC volume boosts Hyperliquid HIP-3 buybacks

Hyperliquid’s HYPE token rose about 22%, hitting $34 amid a surge in trading activity tied to silver, with Silver‑USDC volume on the exchange reaching roughly $1.1 billion, BeInCrypto reported. HYPE was the top daily gainer among the 100 largest cryptocurrencies as broader market recovery lifted total crypto market capitalization by nearly 1%.

BeInCrypto Markets data showed HYPE climbed to its highest level since early December and was trading around $33.36 at the time of writing, while daily trading volume jumped about 93% to over $800 million. The Silver‑USDC market was the exchange’s third most‑traded asset after Bitcoin and Ethereum.

The apparent link to HYPE’s price stems from Hyperliquid’s Hyperliquid Improvement Proposal 3 (HIP‑3), activated in October 2025. HIP‑3 allows anyone to permissionlessly deploy perpetual futures markets on HyperCore by staking at least 500,000 HYPE, and recent activity across those externally deployed markets has expanded.

Open interest across HIP‑3 markets hit a new all‑time high of over $900 million after rising from about $260 million a month earlier. Analyst McKenna noted SILVER‑USDC executed $1.15 billion alone in a day, making silver the most actively traded asset in HIP‑3 markets and accounting for the majority of daily volume.

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