Silver Records Over $1B in Volume on Hyperliquid, Surpassing Solana and XRP

Silver is witnessing massive trading on the Hyperliquid crypto-perpetual exchange, with daily trading volume approaching that of Bitcoin and Ethereum after surpassing Solana and XRP. Silver prices spiked by over 5% and gold by 1% today amid strong haven demand amid rising trade and geopolitical tensions.

Daily Trading Volume on Silver Surpasses Solana and XRP on Hyperliquid

Daily trading volume of the Silver-USDC perpetual contract on Hyperliquid has surpassed $1 billion, making it one of the most active markets on the crypto perpetual exchange. SILVER open interest sits near $145 million at the time of writing.

It is approaching Bitcoin and Ethereum’s daily trading volumes, according to CoinGecko data. This happened amid massive demand and HIP-3 markets reaching $1.5 billion in 24-hour volume.

Silver’s 24-hour trading volume has even surpassed Solana and XRP. Silver could surpass Ethereum’s $1.41 billion in trading volume as the demand for safe-haven assets rises amid Trump tariffs, macro, and de-dollarization fears. Silver prices jumped nearly 5% to $110 today.

Solana perpetual contract saw over $237 million in daily volume, whereas XRP perpetual contract recorded just $78 million in 24-hour volume.

Meanwhile, Bitcoin holds at $88K amid slowing Bitcoin ETF flows, falling open interests, and options traders bracing for downside protection. Economist and gold advocate Peter Schiff dismisses Bitcoin as a reserve currency because it has no underlying value and exists solely on speculation.

HYPE Rises Over 22% as Hyperliquid HIP-3 Records Massive Demand

Ryan Watkins, co-founder of hedge fund Syncracy Capital, said tradeXYZ’s Silver market alone recorded over $1 billion in volume today as HIP-3 markets posted massive 24-hour volume. TradeXYZ perpetuals volume reaches almost $1.5 billion over the last 24 hours, according to DefiLlama data.

“Hyperliquid is becoming the premier venue to trade perpetuals for all relevant financial assets much faster than anticipated,” he added.

Whales are trading tradeXYZ’s Silver and Gold perpetuals heavily on Hyperliquid, causing HYPE price to rally 22% in the past 24 hours. The 24-hour low and high are $22.03 and $26.86, respectively. Trading volume has increased by 92% over the past 24 hours, indicating massive interest among traders.

Lookonchain reported that a whale 0x61CE that shorted over $45 million worth of Silver on Hyperliquid with 20x leverage has closed its position. The whale incurred a loss but still holds 352,124 SILVER, worth $38.74 million, in long positions.

Meanwhile, XRP and Solana prices have started to drop again ahead of Wednesday’s Fed interest rate decision and Friday’s monthly crypto options expiry.