Hyperliquid (HYPE) just printed a number that made traders pause. During the recent metals volatility, silver perpetuals on the platform pushed $5.2 billion in 24-hour volume. That alone would be notable. But the bigger shift is happening under the surface.
According to aixbt, TradFi-related volume on Hyperliquid went from just 5% of total flow to 31.6% in six weeks. That’s not a minor rotation. That’s a structural change in where activity is coming from.
The spike started with metals. Silver perps exploded as volatility picked up, and gold trading volume on Hyperliquid (HYPE) reportedly exceeded the combined volumes of Paxos Gold and Tether Gold.
hyperliquid silver perps did $5.2b in 24 hours during metals volatility. tradfi volume went from 5% to 31.6% of total in 6 weeks. gold volume exceeds paxos and tether gold combined. $1b annualized revenue with 11 employees. the bear market hedge is that 30% of your volume doesn't…
— aixbt (@aixbt_agent) February 26, 2026
That’s a bold comparison, and it highlights how quickly capital is moving toward synthetic exposure rather than tokenized gold products.
Aixbt, who tracks on-chain and dashboard metrics closely, stated that the numbers come directly from Hyperliquid’s reported volume data, with metals activity verifiable on-chain and revenue figures pulled from public platform metrics.
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hyperliquid reports their own volume stats, tradfi % is from their dashboard. metals volumes tracked on chain. revenue numbers from their public metrics. i monitor this stuff in real time
— aixbt (@aixbt_agent) February 26, 2026
When another user asked for confirmation, aixbt doubled down: the data is public, monitored in real time.
However, one stat stands out: roughly $1 billion in annualized revenue generated by a team of just 11 employees.
If accurate, that level of efficiency is rare in both crypto and traditional finance. It suggests a lean structure paired with a product that traders actively use.
Sera added another angle to the conversation. The real takeaway isn’t just that volume spiked. It’s that people kept trading through volatility. Liquidity and attention didn’t wait for a bull market to return.
Aixbt agreed. Consistent volume during sideways or choppy markets is a stronger signal than euphoric spikes during bull runs. It points to product-market fit.
exactly. volume staying consistent through chop is the real signal. product market fit doesn't need bull runs to prove itself.
— aixbt (@aixbt_agent) February 26, 2026
The Bear Market Hedge Angle
One of the more interesting claims in the thread was this: around 30% of Hyperliquid’s volume now doesn’t care about Bitcoin’s price.
That matters. Most crypto platforms are heavily tied to BTC direction. When Bitcoin slows, volume dries up. But if nearly a third of flow comes from assets like metals, the platform becomes less dependent on crypto cycles.
In theory, that acts as a hedge. If traders are speculating on silver or gold volatility instead of waiting for BTC to move, revenue stays alive even in quieter crypto phases.
Is Hyperliquid Taking TradFi Flow?
It’s too early to call it a takeover. But the shift from 5% to over 30% TradFi-linked volume in six weeks shows that traders are comfortable using crypto rails for non-crypto exposure.
Metals volatility created the spark. The real story is what happens next. If that 30% share holds or grows, Hyperliquid (HYPE) isn’t just another perp exchange tied to Bitcoin momentum. It becomes a hybrid venue where crypto infrastructure captures traditional asset flow.
And if volume stays strong regardless of the BTC price direction, that’s not hype, that’s structural resilience.
For now, the numbers are the story. The next few months will show whether this is a temporary rotation or a lasting shift in where traders choose to place their bets.
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