HYPE token jumps 24% as Hyperliquid silver futures hit $1.25B volume

HYPE, the native token of crypto derivatives exchange Hyperliquid, surged 24% over the past 24 hours as traders increased bets on silver, gold and other commodities on the platform.

Silver futures were especially active: during U.S. morning hours Monday silver traded around $111 and logged over $1.25 billion in 24‑hour volume, making it the third most active market on Hyperliquid behind bitcoin and ether. Open interest in the silver contract has risen to more than $155 million.

Since October, Hyperliquid has let users create perpetual futures markets by locking up HYPE tokens. Trading fees from those markets are split 50/50 between the exchange and the market creator, and the majority of the exchange's revenue is used to buy back HYPE on the open market through its Assistance Fund—so as open interest rises, more money is directed toward buying HYPE, creating a feedback loop that can lift the token's price.

Traders see the activity as a bullish signal for both HYPE and Hyperliquid, and the surge in commodity interest suggests crypto derivatives platforms may be broadening beyond crypto assets, which may be positioning Hyperliquid for longer-term relevance. "Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world," said Jeff Yan, CEO and co-founder of Hyperliquid in a post on X.