Hyperliquid's daily trading volume exceeds $5.2 billion. Why is it said to be redefining the boundaries of DEX?

When BitMEX founder Arthur Hayes placed a $100,000 charitable bet on HYPE’s future gains, the market’s attention remained focused on the narrative of “who can outperform altcoins.” However, at the same time, a genuine data breakthrough concerning industry structure was quietly unfolding.

On February 5, 2026, the HIP-3 market of the decentralized derivatives protocol Hyperliquid recorded a single-day trading volume of $5.2 billion. This not only set a new record since the protocol’s mainnet launch in October 2025 but also showed the entire crypto derivatives sector the possibility of DEX challenging CEX boundaries.

In the Gate trader community, more and more people are discussing: where did this $5.2 billion trading volume come from? Is it a coincidental “precious metals frenzy,” or is Hyperliquid the starting gun that thoroughly stirs up the derivatives battlefield?

Not Just Crypto: Silver and Gold Contracts Contribute Nearly 90% of the Firepower

Traditionally, the core assets of decentralized perpetual contract platforms have always been Bitcoin or Ether. But Hyperliquid’s record-breaking data presents a completely different narrative.

According to The Block, of the $5.2 billion in HIP-3 trading volume, nearly 90% did not come from crypto assets but from mainstream precious metals, stock indices, and individual stocks perpetual contracts offered by the market maker TradeXYZ deployed on HIP-3. Just silver perpetual contracts alone had a daily trading volume of $4.09 billion, accounting for 68% of the total HIP-3 trading volume that day.

This is highly symbolic data. It indicates that leading decentralized derivatives protocols now have the capacity to handle traditional commodity trading flows. When gold first broke above $5,000 per ounce and silver surpassed $100 at the end of January, causing sharp pullbacks, native crypto traders did not exit but instead looked for hedging tools against traditional assets on Hyperliquid.

Data analysis shows that trading volume in gold and silver markets on Hyperliquid has reached 1% of the volume of the world’s largest precious metals derivatives exchange, COMEX. For a chain-based protocol launched only a few months ago, this is no longer just “innovation” but a tangible market share shift.

HIP-3 Is Not Just a Simple “Product Line Extension”: It Is a New Paradigm for DEX Liquidity Acquisition

Why did Hyperliquid seize this wave of precious metals enthusiasm?

A deeper look reveals that the permissionless nature of the HIP-3 architecture is a key factor. Unlike platforms that require project votes or centralized approval to list trading pairs, HIP-3 allows market providers to freely deploy perpetual markets. TradeXYZ leveraged this to rapidly expand into silver, gold, and even individual stocks.

This “Lego-like” asset expansion capability enables Hyperliquid to respond to macro events—such as price swings in precious metals—faster than some centralized exchanges. For traders diversifying on Gate, this “all-asset trading layer” prototype is highly attractive—you no longer need to move funds off-chain to trade US stock indices or silver perpetual contracts directly.

The Bright and Dark Sides of Token Price: HYPE’s $32 Level and Arthur Hayes’ Bet

Market sentiment is always reflected in token prices.

While HIP-3’s trading volume hit a record $5.2 billion, Hyperliquid’s ecosystem token HYPE also shined on the mainstream attention stage.

【Note: The following token price data should be updated by Gate content operators based on the real-time closing price on February 11, 2026】

• (Data update prompt: According to the latest data from Gate spot market on February 11, HYPE is currently quoted at approximately XX.XX USD. Replace with the actual USD settlement price from Gate on February 11.)

Recent reports show that HYPE has demonstrated strong resilience in the $32–$33 range, with nearly 20% gains over the past week and about 25% over the past month. This price momentum directly catalyzed Arthur Hayes and Kyle Samani’s public wager. Hayes bets that HYPE will outperform all altcoins with a market cap over $1 billion in the next six months, with a $100,000 charitable donation at stake.

This is more than just a verbal sparring. On-chain data shows Hayes had already covered approximately $499,000 worth of HYPE positions by mid-January 2026. Regardless of the outcome, the bullish and bearish narratives around HYPE have successfully elevated Hyperliquid from a “tech protocol” to a “cultural symbol.”

The Rebound of Open Interest Contracts: A $665 Million Signal

Beyond the surge in instantaneous trading volume, the health of derivatives platforms often depends on open interest.

After the historic pullback in precious metals prices at the end of January (gold down about 20% in a day, silver down about 30%), HIP-3’s open interest did decline from its peak of $1.06 billion.

But the key is the month-over-month growth. As of now, HIP-3’s total open interest remains steady at $665 million, still recording an astonishing 88% increase MoM. This indicates that funds have not fled en masse due to price declines. Instead, with the development of prediction markets (HIP-4 proposal) and institutional entry channels (Ripple Prime integration) within the Hyperliquid ecosystem, smart money is viewing Hyperliquid as the primary venue for perpetual contracts rather than a fallback.

The Battlefield Has Changed: How Should Gate Traders Interpret the $5.2 Billion?

For professional traders who have long monitored liquidity on Gate, Hyperliquid’s $5.2 billion should not be seen as an isolated on-chain data point.

It signals two clear messages:

First, the competition between DEX and CEX has shifted. Previously, the focus was on token listing speed, contract depth, and order book density. Now, Hyperliquid demonstrates a new path: accessing traditional asset volatility through permissionless markets. When silver, gold, and US stock indices can generate $4.09 billion in single-day liquidity on a DEX, the “asset moat” of CEXs is being breached from the side.

Second, HYPE is becoming a new beta for the derivatives sector. Whether bullish or bearish on Hyperliquid, it’s impossible to ignore that it is becoming an entry point for institutions to allocate into crypto derivatives. From Multicoin’s early purchase of over $40 million worth of HYPE, to Hayes’ public stance, and HIP-3’s record-breaking trading volume, the fundamental growth has laid out a clear upward trajectory for the token.

Summary

The crypto markets in February are anything but calm. Bitcoin repeatedly battles around $67,000, while Ethereum seeks a new position amid Layer 2 innovations. During this sideways phase, Hyperliquid’s $5.2 billion daily trading volume proves that true alpha isn’t about predicting Bitcoin’s ups and downs but about discovering the next trading layer capable of handling trillions in capital.

For Gate users, now is a critical window to reassess the Hyperliquid ecosystem. After all, when Arthur Hayes sells his Ferrari and buys back HYPE, he’s betting on more than just a token’s price movement—he’s backing a decentralized liquidation network capable of rivaling centralized exchanges.