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 - The crypto derivatives market reached nearly $86 trillion in total volume in 2025, driven by institutional adoption and significant stress tests [1] - Daily average turnover was approximately $265 billion, establishing derivatives as the main venue for price discovery [1] Market Leadership - Binance led the market with $25.09 trillion, accounting for 29.3% of global volume, while the top four exchanges, including OKX, Bybit, and Bitget, held a combined market share of about 62.3% [2] - The market has shifted from a retail-driven model to one dominated by institutional hedging, basis trading, and ETF-related flows [2] Market Fragility - The market faced severe stress tests, with total forced liquidations estimated at $150 billion for the year [3] - An October deleveraging event, triggered by President Trump's announcement of 100% tariffs on Chinese imports, resulted in over $19 billion in liquidations within two days [4] Institutional Capital Impact - The influx of institutional capital, facilitated by spot ETFs, has permanently changed the market structure [5] - The Chicago Mercantile Exchange (CME) has gained dominance in BTC derivatives, surpassing Binance in futures open interest during significant periods [5] Structural Shifts - While Binance continues to command volume, the CME's leadership in open interest indicates a structural shift in the market [6] - The market is now highly sensitive to macroeconomic shocks, with leverage chains capable of causing cascading liquidations, as evidenced during the October tariff-driven selloff [6]

Core Insights - Bitnomial has become the first U.S. registered derivatives clearing organization to accept stablecoins as margin collateral, specifically Ripple USD (RLUSD) and XRP [1][2] Group 1: Company Developments - The introduction of RLUSD and XRP for margin deposits marks a significant expansion into digital asset-based collateral for Bitnomial [1][2] - Bitnomial previously launched crypto margin deposits in September 2025, making it the only U.S. regulated exchange to accept digital assets as native margin [2] Group 2: Market Impact - The new offering allows institutional traders to use stablecoins and XRP for margin on leveraged perpetuals, futures, and options on the Bitnomial Exchange [2] - Individual users will also have access to these features through Botanical, the company's retail trading platform [2][3] Group 3: Target Audience - The latest offering is designed to benefit crypto-native funds, institutional traders, and market makers, providing a more capital-efficient exposure while ensuring compliance with U.S. regulations [3]

Core Insights - A significant $5.3 billion in Bitcoin (BTC) and Ethereum (ETH) options is set to expire, with a majority of contracts indicating a bearish sentiment for BTC's price [1][2]. Group 1: Options Expiry Details - The options expiry on Deribit includes $4.3 billion in Bitcoin options, which has a put/call ratio of 1.12, suggesting traders anticipate a slight decline in BTC's price [3][7]. - Ethereum options account for $940 million, with a more bullish put/call ratio of 0.9, indicating a more optimistic outlook for ETH [3]. Group 2: Market Reactions and Predictions - Following the expiry, traders will have to make decisions on rolling over positions, exercising profitable options, or allowing options to lapse, with a max pain price of $117,000 for BTC and $4,400 for ETH potentially keeping market prices below recent highs in the short to medium term [4][5]. - Historical trends show that large options expiries often lead to short-term market drops, although the current month, referred to as "Uptober," may mitigate some bearish tendencies [7].