Activity on Hyperliquid just hit a new high as more traders moved into commodity-related markets.

Decentralized exchanges built using Hyperliquid’s HIP-3 system reached an all-time high of more than $790 million in open positions, a sharp increase from about $260 million just a month ago. The growth comes as gold and silver prices surge, drawing traders toward markets tied to real-world assets rather than only crypto.

This story is an excerpt from the Unchained Daily newsletter.

A large share of that activity is coming from one place. TradeXYZ now accounts for roughly 90% of total open interest across HIP-3 exchanges. TradeXYZ focuses on markets linked to stocks and commodities and has seen volumes jump as new products are added and trading costs fall.

Hyperliquid’s co-founder Jeff says the platform has also become easier to trade on, with tighter pricing on bitcoin contracts that now rivals large centralized exchanges like Binance. That combination of lower costs and rising demand has helped pull activity onchain

“Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world,” he said. 

The bigger picture is that trading on crypto platforms is changing. Traders are no longer just speculating on tokens. They are using crypto-based markets to get exposure to metals, equities, and other global assets, and Hyperliquid is becoming one of the main venues where that shift is showing up.