Silver perpetual contracts on Hyperliquid (CRYPTO: HYPE) hit $1.15 billion in 24-hour volume on Monday, surpassing Solana (CRYPTO: SOL) and XRP (CRYPTO: XRP) as traders use crypto infrastructure to bet on commodities instead of digital assets.

Silver Dominates Crypto Exchange Volume

The SILVER-USDC contract has become one of Hyperliquid’s most active markets, posting roughly $994 million in 24-hour volume.

Open interest sits near $154.5 million, while funding remains slightly negative—pointing to heavy turnover and two-way positioning rather than a one-directional levered bet. 

That mix looks more like a volatility and hedging market than speculative longs.

What stands out is silver’s…

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