Silver, Gold, and Stock Perps Are Taking Over Hyperliquid as Daily Revenue Hits $10M

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.

• Hyperliquid Is Expanding Beyond Crypto Leverage
• Discount on Hyperliquid trading fees!
• Why Tether’s Bet Matters Here
• The Bigger Picture: Hyperliquid as a 24/7 Markets Terminal

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.

Discount on Hyperliquid trading fees!

On Hyperliquid, commodities and stocks can now be traded fully on-chain, meaning no-KYC access, instant execution, and the ability to trade even during weekends, unlike traditional TradFi metals platforms that shut down outside market hours. For traders who want flexibility this is a major change and with our link and code CAPTAIN4, trading fees also come with a discount.

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.