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

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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