Hyperliquid’s HIP-3 Protocol Records $720M Single-Day Weekend Trading

TheNewsCryptoPublished on 2026-03-09Last updated on 2026-03-09

Abstract

Hyperliquid's HIP-3 protocol, a record-breaking $720 million in single-day weekend trading volume, driven by heightened demand for on-chain access to traditional assets. According to Pine Analytics, this surge is attributed to two key events: a silver price rally in January and geopolitical tensions in late February that drove traders to decentralized platforms when traditional markets were closed. The platform's native token, HYPE, saw a 2.67% price increase and a 55% rise in 24-hour trading volume, reflecting growing adoption. Analysts suggest that if this accelerating trend continues, HYPE is well-positioned to outperform other crypto assets.

Hyperliquid platform is seeing rising trading activity with growing demand for on-chain access to traditional assets, where Hyperliquid’s HIP-3 protocol, a permissionless perpetuals initiative, delivered its biggest single-day weekend trading volume and the strong participation on the tradexyz platform, while the HYPE token also surged.

According to the on-chain analytics research hub, Pine Analytics, “Between November 20th and January 12th, tradexyz volume was relatively flat at about $300M–$500M on weekdays and $50M–$100M on weekends.” With that, on Sunday, the platform reached a record $720 million in single-day trading volume.

Silver Rally and Geopolitical Tensions Drive Activity

Pine Analytics explains that Tradexyz has seen two big waves of trading in the past month. The first major surge in activity was fueled by silver price moves on January 12 and saw prices jump from $85 to $114 in less than two weeks before falling back to $80. This extreme volatility prompted significant retail participation, and the maximum trading volumes for silver contracts on Tradexyz were $460 million on weekends and $4.67 billion on weekdays.

Next, the second surge occurred after the US-Israel vs. Iran conflict began on February 28, which was a weekend, when traditional crude oil markets were closed, prompting traders to move to decentralized platforms, thus Hyperliquid/tradexyz recorded $630M in weekend volume. As the conflict continued, crude oil prices jumped 80%, pushing tradexyz to a new high of weekend trading.

These two surges show that the Hyperliquid platform is helping people trade traditional assets even if they don’t have access to regular banks or stock markets, or when those markets are closed, and the research concluded, “If this pattern continues, which is only showing signs of accelerating, HYPE is positioned very well to benefit from this and continue its strength against other crypto assets.”

With that, Hyperliquid’s native token HYPE saw 2.67% gains in the last 24 hours, and the token is trading at $31.29. Also, the 24-hour trading volume surges over 55%. As this growing platform adoption contributed to the gains seen in HYPE, even though the token remains down around 6% over the past month.

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