[Hyperliquid's HIP-3 Single-Day Trading Volume Surpasses $5 Billion, Precious Metals Surge Boosts Activity] According to The Block, the permissionless perpetual contract market HIP-3 of the decentralized derivatives protocol Hyperliquid reached a record single-day trading volume of $5.2 billion on February 5, marking the highest level since its launch in October 2025. This trading volume was primarily contributed by the mainstream market provider TradeXYZ deployed on HIP-3, which accounted for nearly 90% of the trading share through perpetual contracts on precious metals, stock indices, and individual stocks. On February 5, TradeXYZ's silver contract recorded a single-day trading volume of $40.9 billion, approximately 68% of HIP-3's total trading volume for the day, indicating that the volatility in precious metal prices is attracting traders to seek alternative assets outside of cryptocurrencies. The surge in HIP-3 trading volume began in the last week of January, when gold first broke through $5,000 per ounce and silver surpassed $100. However, both metals subsequently experienced historic pullbacks of approximately 20% and 30%, respectively, within a single day. Prior to the price corrections, HIP-3's open interest also hit a record $1.06 billion, with 87% contributed by TradeXYZ; currently, open interest stands at approximately $665 million, reflecting an 88% month-on-month increase.