Gold, Silver Liquidations Spike on Hyperliquid Amid Trading Frenzy
On Thursday, Hyperliquid, a decentralized exchange (DEX), saw $71 million in liquidations tied to gold, silver, and copper perpetual futures—second only to Bitcoin’s $121 million. This spike follows an October upgrade enabling third-party developers to list real-world asset (RWA) trading pairs, with over 3,200 users liquidated on precious metals contracts offered by TradeXYZ. Demand for RWA exposure has surged, outpacing traditional meme coins on the platform. Silver saw particularly heavy trading, with its price swinging 12% in one day and generating $1.6 billion in trading volume—second to Bitcoin but ahead of gold. Simultaneously, Wall Street ETFs for silver and gold set record volumes, trading $25 billion and $20 billion, respectively, by early afternoon. Hyperliquid’s native token, HYPE, rose 50% this week, outperforming the broader crypto market, driven by growing RWA demand and a token-burning fee mechanism. This month, Hyperliquid generated $62 million in protocol fees, though this is down from August’s $145 million.
