HYPE, the native token of crypto derivatives exchange Hyperliquid, surged 24% over the past 24 hours as traders ramped up bets on silver, gold and other commodities. Silver futures, in particular, have exploded in popularity on the platform. 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 only bitcoin and ether. Open interest in the silver contract has also jumped, rising to more than ...

Core Insights - Centralized exchanges have traditionally dominated crypto price discovery, but this dynamic is shifting with the emergence of Hyperliquid, a self-funded on-chain perpetuals exchange [1] - Hyperliquid's founder claims it is now the "most liquid venue for crypto price discovery," challenging long-held industry assumptions [1][2] Liquidity Analysis - Hyperliquid's liquidity claim is particularly focused on Bitcoin perpetual futures, where it shows competitive metrics such as tight spreads and deep order books [3] - Bitcoin perpetual spreads on Hyperliquid are around $1, compared to approximately $5.50 on Binance, indicating a significant advantage [3] - The cumulative ask liquidity on Hyperliquid is about 140 BTC, while Binance has an estimated 80 BTC at comparable levels, suggesting better execution for traders [4] Transparency and Verification - Hyperliquid's liquidity is fully visible and verifiable on-chain, allowing for independent real-time audits of order book and execution data, unlike centralized exchanges [4] Market Expansion - Hyperliquid has expanded beyond crypto-native assets, supporting permissionless perpetual markets tied to traditional assets like commodities, with open interest nearing $790 million, largely driven by gold and silver trading [5] Rapid Growth - Launched in 2023 without venture capital, Hyperliquid has quickly risen to control over 70% of decentralized perpetuals liquidity and shows tighter BTC spreads than Binance [6][7] - After significant growth in 2025, Hyperliquid now commands over $8 billion in open interest, establishing itself as the dominant decentralized exchange for perpetuals [7]