Hyperliquid’s permissionless perps hit $5 billion daily volume as metals frenzy fuels record activity

Hyperliquid, a leading decentralized perpetual exchange, has reached a significant milestone by processing over $5 billion in daily trading volume. This surge in activity is primarily attributed to the platform’s unique permissionless listing mechanism, which allows for the rapid introduction of new trading pairs. A major driver of this record-breaking performance has been a sudden ‘metals frenzy,’ with tokenized representations of gold, silver, and other commodities seeing unprecedented demand from on-chain traders. By offering high-leverage perpetual contracts on these assets without the gatekeeping found on centralized exchanges, Hyperliquid has solidified its position as a dominant force in the DeFi derivatives market. This volume spike not only highlights the growing maturity of decentralized trading infrastructure but also signals a shift in trader preference toward transparent, non-custodial platforms that can compete with the liquidity and speed of top-tier centralized counterparts.

Source: Hyperliquid’s permissionless perps hit $5 billion daily volume as metals frenzy fuels record activity