Hyperliquid now has 100,000 weekly users and handles $50 billion in weekly volume — and the rush onchain to stocks and commodities is just getting started, industry insiders say.
The burst of trading activity on the crypto-native decentralised exchange “is getting noticed beyond the crypto community,” Kam Benbrik, head of research at Bitwise’s onchain division, told DL News.
“Perpetual contracts are structurally superior for commodity trading, and this is why we’re seeing such a high volume on Hyperliquid,” Benbrik said.
The DEX’s record numbers come as crypto investors have also pushed Hyperliquid’s native HYPE token up 44% in March to just over $38 at time of reporting, making it one of the best performing large-cap cryptoassets.
To be sure, HYPE is still down some 35% from its September peak of nearly $60. However, it is significantly outperforming the likes of industry leaders like Bitcoin, Ethereum, and Solana.
Weekend fix
With no end in sight to the US-Israeli war on Iran, traders have come to depend on Hyperliquid for their weekend markets fix.
“The main signal of real TradFi interest is the 24/7 angle: when the crisis in the Middle East hit on a weekend and oil surged, the liquid venue to trade the underlying was Hyperliquid,” Benbrik said.
Gold, silver, and oil perpetuals have already become a major part of the DEX’s trading volume, alongside cryptoassets like Bitcoin. And Hyperliquid could potentially add other popular globally relevant commodities such as uranium and aluminium, Benbrik said.
“Perpetual futures eliminate expiry, rolling, and delivery risk, and that this is a structural improvement compared to dated futures for commodity exposure,” he said. “Those are real frictions in traditional commodity futures markets..”
With Brent crude now sitting at around $115 a barrel amid continuing disruption around the Strait of Hormuz chokepoint, Hyperliquid saw well over $500 million in oil trading volume on Sunday.
What’s next?
Benbrik said that HIP-4, first announced in February 2026, will be an exciting upgrade to Hyperliquid, that “opens the door to prediction markets.”
“Users will be able to trade on the outcome of different events directly on Hyperliquid,” he said.
“Hyperliquid wants to be the everything exchange: one venue where any asset, any financial outcome, trades 24/7 on-chain.”
Crypto market movers
- Bitcoin is up 1.8% over the past 24 hours, trading at $67,773.
- Ethereum is up 2.9% over the past 24 hours at $2,060.
What we’re reading
- Gangster jailed for squandering friend’s $332,000 Bitcoin stash in casino — DL News
- Why crypto startups struggle to get VC cash this cycle — DL News
- Gnosis, Zisk and Ethereum Foundation Launch Rollup Framework to Fix L2 Fragmentation — Unchained
- Why Ethereum Might Be the Most Mispriced Asset in Crypto Right Now w/ David Duong — Milk Road
- Brazil passes anti-gang law allowing seized crypto to fund security forces — DL News
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com.