Hyperliquid is moving into a completely new phase, and the numbers are starting to make that change extremely notable.
As aixbt pointed out in a recent post, open interest on Hyperliquid has dropped sharply, falling about 37% from its $1.06 billion peak to roughly $665 million. Normally, that kind of decline would signal cooling activity.
But that’s not what’s happening here.
Despite lower open interest, Hyperliquid’s revenue has stayed remarkably strong, holding near $10 million per day. That tells a different story: the platform is changing what kind of trading is driving the volume.
What you'll learn 👉
Hyperliquid Is Expanding Beyond Crypto Leverage
The most important detail in aixbt’s breakdown is that stock and commodity perpetuals are now becoming a major part of the platform’s activity.
Hyperliquid is no longer just a high-leverage crypto venue. Stock and commodity perps now account for 31% of total platform volume, which is a massive jump in a market where most on-chain derivatives remain purely crypto-focused.
That means traders can now access exposure to assets like:
- Gold
- Silver
- Major equities
- Broader TradFi-style markets
All through the same 24/7 on-chain terminal.
This is a meaningful pivot. Hyperliquid is starting to look less like a “degen casino” and more like an always-open global trading layer.
Why Tether’s Bet Matters Here
Another key point aixbt highlighted is Tether’s investment into Dreamcash.
The investment was tied specifically to the TradFi infrastructure layer; the rails needed to bring real-world markets on-chain in a scalable way.
That context makes the recent USDT0 integration feel much bigger.
It’s not just another stablecoin partnership. It’s part of a broader buildout where Hyperliquid positions itself as a bridge between crypto-native trading and round-the-clock access to traditional markets.
Read also: What Triggered the $3.2 Trillion Sell-Off? Why Gold and Silver Slipped Again
The Bigger Picture: Hyperliquid as a 24/7 Markets Terminal
Even with open interest down from peak levels, the platform’s revenue strength suggests that Hyperliquid is monetizing a more sustainable flow: constant multi-asset trading activity instead of pure leverage speculation.
If stock and commodity perps continue growing as a share of volume, Hyperliquid could become one of the first real examples of an on-chain terminal where traders rotate between crypto, metals, and equities without leaving the ecosystem.
That’s the shift aixbt is pointing to.
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