Hyperliquid users are no stranger to crypto’s volatility, but a significant portion of liquidations on the decentralized exchange (DEX) were tied to gold, silver, and copper on Thursday.

Combined, perpetual futures markets for the precious metals accounted for $71 million worth of forcibly closed positions over the past day, according to data from Allium. Bitcoin was the only asset tied to more liquidations over that same period of time, at $121 million.

The dynamic shows how traders are becoming increasingly exposed to movements in real-world assets (RWAs) on the platform, following an upgrade in October allowing third-party developers to list trading pairs for assets including commodities and equities.



In total, around 3,200 Hyperliquid users had been liquidated while trading futures tied to precious metals, which are offered by TradeXYZ, a Hyperliquid-based DEX for tokenized assets. Third-party developers must stake HYPE tokens to offer the markets.

Although Hyperliquid was once synonymous with leveraged exposure to meme coins, such as Fartcoin, it has emerged as one of the largest sources of demand for RWA exposure in decentralized finance, outside of stablecoins, according to Messari Analyst Sam Ruskin.

“The demand for silver has been insane on Hyperliquid,” he told Decrypt. “I’d like to see sustained demand in less volatile environments, but I’d also like to see Hyperliquid continue to capture volatility wherever the hot ball of money goes next.”

The surge in liquidations came as silver prices fell as low as $106 per ounce on Thursday, a 12% swing from fresh highs of $121, according to Yahoo Finance. The asset’s price recovered some losses as the day progressed, recently changing hands around $116.

Markets tied to the precious metal had generated $1.6 billion in trading volume over the past day on Hyperlquid, according to Hyperscreener. That trailed Bitcoin at $6.5 billion, but it was well ahead of gold—which also scaled new heights this week—at $553 million.

On Wall Street, exchange-traded funds tracking silver and gold were on pace for their highest daily trading volumes on record, Bloomberg Senior ETF Analyst Eric Balchunas said on X. By 1 p.m. ET, they had respectively generated $25 billion and $20 billion on the day.

Over the past week, the price of Hyperliquid’s native token has increased 50% to $32.83, according to CoinGecko. The digital asset has outperformed much of the broader crypto market, as Bitcoin has slid to its lowest price in more than two months.

Hyperliquid's platform features a token-burning mechanism, where protocol fees collected in the form of HYPE are burned automatically. Burning tokens permanently removes them from circulation, potentially boosting a digital asset’s scarcity.

This month, Hyperliquid has generated $62 million in fees, according to DefiLlama. That represented a decline compared to $145 million in August.

“HYPE’s run-up is definitely a reflection of increased demand for RWAs,” Ruskin said, noting that “on-chain activity [is] picking up for the first time in a bit.”

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