PANews reported on February 11th that, according to The Block, Hyperliquid's permissionless perpetual contract market HIP-3 set a new single-day trading volume record of $5.2 billion on February 5th, the highest level since its launch in October 2025. This trading volume was primarily contributed by TradeXYZ, a mainstream market provider deployed on HIP-3, which accounted for nearly 90% of the trading share through perpetual contracts for precious metals, stock indices, and individual stocks. On February 5th, TradeXYZ's silver contracts saw a single-day trading volume of $40.9 billion, accounting for approximately 68% of HIP-3's total trading volume that day, indicating that the volatility in precious metal prices is attracting traders to seek alternative assets beyond cryptocurrencies.

The surge in HIP-3 trading volume began in the last week of January, when gold broke through $5,000 per ounce for the first time and silver broke through $100. However, both metals subsequently experienced historic pullbacks of approximately 20% and 30% respectively within a single day. Before the price correction, HIP-3 open interest also reached a record $1.06 billion, with 87% coming from TradeXYZ; currently, open interest is approximately $665 million, an 88% increase compared to the previous period.