Trading activity on Hyperliquid spiked this weekend, driven largely by strong demand for commodities markets onchain. According to onchain research firm Pine Analytics, the surge pushed HIP-3 weekend volume to its highest level yet, with the bulk of activity coming from trade.xyz.
Pine said the platform’s momentum began earlier this year during a sharp rally in silver. “Silver started its parabolic move, going from $85 to $114 in less than two weeks,” the firm wrote, adding that the volatility triggered the first major wave of retail adoption on the platform. At its peak, silver trading volume on trade.xyz reached $4.67 billion on a weekday and roughly $460 million on weekends.
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A second surge came recently as geopolitical tensions disrupted traditional markets. When the U.S.–Israel conflict with Iran escalated on Feb. 28, crude oil futures were closed for the weekend. Traders instead flocked to onchain crude oil perpetuals, pushing weekend volume to about $720 million, Pine Analytics noted.
“These waves of demand show the platform is absorbing trading demand when TradFi markets are unavailable,” the firm wrote.
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