HYPE rises 58% in 72 hours as Hyperliquid commodities trading surges

Hyperliquid’s native token HYPE gained 23% over the last 24 hours to trade at $33 and has jumped 58% over the past three days to an eight‑week high of $34.5, coinciding with a surge in commodities trading on Hyperliquid. The recent move has been accompanied by heavy activity in HYPE’s derivatives market: Coinglass data show more than $34 million of leveraged HYPE positions were liquidated over 72 hours, with $32.2 million of that total coming from short liquidations.

HYPE’s futures open interest rose 48.7% to $1.82 billion on Wednesday, a change the report says signals the return of derivatives traders and increased liquidity. Hyperliquid’s HIP‑3 decentralized exchanges also hit new milestones, with their open interest reaching $935 million on Wednesday and daily trading volume across HIP‑3 DEXs climbing to a record $1.78 billion.

Hyperliquid CEO Jeff Yan wrote on X: “Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world,” adding, “With HIP‑3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets.” Increased interest in commodities — including silver logging over $1.25 billion in 24‑hour trading volume on Monday — is cited as a driver amid recent precious‑metals rallies.

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