Crypto derivatives platform Hyperliquid has set a new milestone, reporting its highest weekend trading volume for its flagship HIP-3 assets, reaching approximately $720 million. This surge, tracked by Pine Analytics, highlights growing retail and institutional demand for crypto exposure to tokenized traditional markets, including silver and crude oil.
Over the past 12 months, Hyperliquid, built on its own Layer 1 blockchain, processed $3.1 trillion in trading volume, nearly double Coinbase’s $1.4 trillion and surpassing Robinhood’s $2.8 trillion. The exchange’s native HYPE token offers real value accrual for holders, attracting strategic backing from major investors including Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital.
Led by Bob Diamond, former Barclays CEO, and David Schamis, Hyperliquid is establishing itself as a serious contender in revenue-generating DeFi platforms, with HIP-3 assets serving as the engine driving this explosive growth.
Today is the highest volume day in terms of HIP-3 volume on a weekend, and this is driven by @tradexyz.
Between November 20th and January 12th, tradexyz volume was relatively flat at about $300M–$500M on weekdays and $50M–$100M on weekends. On January 12th, silver started its… pic.twitter.com/hU5ZYWqygS
— Pine Analytics (@PineAnalytics) March 9, 2026
Silver spikes spark initial adoption wave
Between November 20 and January 12, TradeXYZ’s HIP-3 volumes remained steady at $300–$500 million on weekdays and $50–$100 million on weekends. The first major adoption wave occurred after silver’s dramatic move from $85 to $114 in less than two weeks, before collapsing back to $80. According to Pine Analytics, this volatility drove retail traders to increase participation, pushing TradeXYZ to a peak of $4.67 billion in weekday silver volume and around $460 million on weekends.
Geopolitical tensions drive crude oil trading
A second wave emerged following the US-Israel-Iran conflict, starting on February 28. With traditional crude oil futures markets closed that Saturday, traders turned to Hyperliquid’s CL perpetual contracts, triggering a weekend trading volume record of $630 million. Continued price surges in crude oil, up roughly 80% over nine days, further amplified activity, culminating in TradeXYZ’s new all-time weekend high.
Pine Analytics’ data shows the platform absorbing demand for traditional assets when conventional markets are offline, suggesting that HIP-3 assets on TradeXYZ are gaining traction among retail traders seeking exposure to commodities via crypto.
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