HyperLiquid users are used to the volatility of cryptocurrencies, but on Thursday, the majority of decentralized exchange (DEX) liquidations were tied to gold, silver, and copper.
According to the data, the combined precious metals perpetual futures market has seen $71 million worth of positions forced to close in the past day. garlic. The only asset that resulted in further liquidation during the same period was Bitcoin, with an amount of $121 million.
The move follows an October upgrade that allowed third-party developers to list trading pairs for assets such as commodities and stocks, and shows how traders are increasingly exposed to real-world asset (RWA) movements on the platform.
A total of approximately 3,200 Hyperliquid users liquidated during futures trading related to precious metals offered by TradeXYZ, a Hyperliquid-based DEX for tokenized assets. Third-party developers need to invest $HYPE Tokens offered to the market.
Hyperliquid was once synonymous with leveraged exposure to meme coins. fatcoinAccording to Messari analyst Sam Raskin, it has emerged as one of the biggest sources of demand for RWA exposure in decentralized finance outside of stablecoins.
“The demand for silver in hyperliquid is insane,” he said. decryption. “I would like to see sustained demand in a low volatility environment, but I would also like to see Hyperliquid continue to capture volatility wherever the money goes next.”
The surge in liquidations came as silver prices fell to $106 an ounce on Thursday, down 12% from a new high of $121, the paper said. Yahoo Finance. The asset price recovered some losses as the day progressed and recently hovered around $116.
According to Hyperlquid, markets related to precious metals generated $1.6 billion in trading volume in the past day. hyper screener. While this fell short of Bitcoin’s $6.5 billion, it was well ahead of gold’s $553 million, which also hit a new high this week.
On Wall Street, exchange-traded funds (ETFs) that track silver and gold were on pace for record single-day trading volume, said Eric Balchunas, senior ETF analyst at Bloomberg. said By 1pm ET that day, the companies had generated $25 billion and $20 billion, respectively.
Metalmania: $GLD traded $25 billion worth of stock today. This is an all-time daily record. It’s only 1pm. $SLV is around $20 billion and has traded more this week than usual. These are extreme numbers. pic.twitter.com/fjSs5qLPtQ
— Eric Balchunas (@EricBalchunas) January 29, 2026
Over the past week, the price of Hyperliquid’s native token has increased by 50% to $32.83, according to . CoinGecko. The digital asset is outperforming much of the broader cryptocurrency market as Bitcoin falls to its lowest level in more than two months.
Hyperliquid’s platform features a token write mechanism where protocol fees are collected in the following format: $HYPE It will be burned automatically. Burning a token may permanently remove it from circulation, increasing the scarcity of the digital asset.
HyperLiquid earned $62 million in fees this month, according to the company. Defilama. This was down from $145 million in August.
“$HYPE“The increase in demand for RWA is definitely reflected,” Raskin said, noting that “on-chain activity is picking up for the first time in a while.”
