Published & Updated: February 2026
Hyperliquid’s HIP-3 permissionless perpetual futures market made history in early February 2026, crossing $5 billion in single-day notional trading volume — the highest daily figure recorded since October 2025 and the first time any on-chain perp venue has reached this scale in the post-FTX era.
The milestone was powered by explosive growth in non-crypto assets: silver perpetuals alone generated $1.25 billion in 24-hour volume (surpassing many centralized exchanges’ BTC pairs), while gold, oil, and equity indices contributed significantly. This rapid TradFi integration — combined with Hyperliquid’s native HyperBFT consensus (sub-second finality, 100% uptime during the surge) — has pushed the platform’s annualized revenue run-rate to ~$685 million (fees recycled into HYPE buybacks & staking rewards).
Below is a complete analysis of the HIP-3 volume explosion, what drove the record, key metrics, HYPE token implications, competitive landscape, and how traders can position around this breakout moment in 2026.
HIP-3 Volume Record – Key Stats & Timeline
| Milestone | Date | Daily Volume / OI | Key Driver |
|---|---|---|---|
| HIP-3 Launch | October 2025 | ~$500M daily | Permissionless market creation live |
| Cumulative Volume (Launch → Jan 2026) | Jan 2026 | ~$25B+ total | Third-party builders + early RWA perps |
| Open Interest Peak | Jan 26, 2026 | $793M | Commodities trading boom (silver/gold) |
| All-Time Daily Record | February 2026 | $5B+ | TradFi assets 31% of volume, no downtime |
From launch to the $5B day, HIP-3 scaled from $500M daily to $5B+ in roughly 66 days — a ~10× increase. Five of the top-10 contracts by volume are now non-crypto assets (silver, gold, oil, equity indices), highlighting Hyperliquid’s success in bridging TradFi liquidity into DeFi perpetuals.
What is HIP-3? How Permissionless Perps Work
HIP-3 (launched October 2025) allows any user to create their own perpetual futures market on Hyperliquid by staking a minimum of 500,000 HYPE (~$15–20M at launch-time prices) as a liquidity & security bond.
Once staked:
- The creator sets parameters: underlying asset, leverage, funding rate formula, oracle source
- Market goes live instantly — no centralized approval needed
- Stakers earn fees proportional to their share (trading fees recycled into HYPE buybacks & staking rewards)
- HyperBFT consensus ensures sub-second execution and 100% uptime (no outages recorded during the $5B day)
This model democratizes perp creation: anyone can launch silver, gold, Nasdaq, or even meme-asset perps, driving the recent explosion in non-crypto volume.
Why Silver & Gold Perps Exploded – TradFi Meets DeFi
Traditional commodities traders have rapidly adopted HIP-3 markets:
- Silver perps: $1.25B in 24-hour volume — more than many centralized exchanges’ BTC pairs
- Gold & oil: consistently in top-10 daily contracts
- Equity indices: micro Nasdaq & S&P futures gaining traction
Reasons for the surge:
- Zero platform fees + sub-cent gas → cheaper than CME or traditional brokers
- 24/7/365 trading vs regulated exchanges’ hours
- High leverage (up to 50x on HIP-3 markets)
- No KYC for non-custodial trading
- Hyperliquid’s native HyperBFT delivers CEX-like speed with DeFi transparency
Result: Hyperliquid now commands 73% of on-chain perpetuals volume and 31% of its daily volume comes from non-crypto assets — a milestone in DeFi–TradFi convergence.
HYPE Token Outlook After the $5B Milestone
HYPE token (Hyperliquid governance & fee-capture token) has reacted strongly:
- +50% price gain post-silver surge
- Current market cap ~$8B (early February 2026)
- Analyst targets: $50 (short-term), $200B valuation by 2035 on ~$5B annualized revenue run-rate (Cantor Fitzgerald est.)
- Season 2 airdrop confirmed for Q2 2026 — expected to reward early HIP-3 market creators & high-volume traders
Tokenomics highlights:
- 90% team unlock reduction (community pressure)
- Fees recycled into HYPE buybacks & staking rewards
- Staking APY est. 8–15% (early projection)
Tapbit is expected to list $ARO/USDT spot and perpetuals shortly after TGE — zero maker fees + deep liquidity make it ideal for both short-term flips and long-term holding.
Risks & Considerations for 2026
- Competition — Aster, dYdX v4, GMX v2, Drift (Solana) all scaling perps; Hyperliquid must maintain speed & uptime edge
- Market share dilution — Dominance fell from 80% to ~73% in late 2025; new entrants could pressure fees
- Regulatory risk — Permissionless perps attract scrutiny; U.S. & EU rules could impact TradFi asset contracts
- Volatility & liquidity — $5B day is impressive, but thinner markets can lead to slippage or funding-rate spikes
Tapbit Trading Plays Around HIP-3 Momentum
- Sign Up on Tapbit (0% maker fees)
- Deposit USDT via P2P / bank transfer
- Spot launch: Zero-fee $HYPE/USDT buys at TGE; set limit orders below initial hype price
- Futures volatility: 125x perps for short-term swings; use grid bots to capture range-bound moves post-launch
- Earn staking: Stake $HYPE for yields if listed; flexible redemption for cycle timing
- Alerts & prep: Tapbit app notifications for TGE; pre-position USDT via P2P fiat ramps (no KYC needed for spot)
FAQs – Hyperliquid HIP-3 $5B Volume Record (2026)
How did HIP-3 reach $5B daily volume?
Permissionless market creation + silver/gold perps explosion + Solana’s sub-second finality & sub-cent fees attracted TradFi traders. 31% of volume now non-crypto assets.
What is the HYPE token used for?
Governance voting, staking (8–15% APY est.), fee capture (fees recycled into buybacks), and staking bond for creating new perp markets (500K HYPE minimum).
Will $HYPE be listed on Tapbit?
Very likely — Tapbit has a strong track record listing high-volume DePIN & perp tokens early. Prep USDT balance for zero-fee spot/futures access post-TGE.
Is Hyperliquid safe for high-volume trading?
HyperBFT consensus delivered 100% uptime during the $5B day. Platform audited; no major exploits recorded. Still, use conservative leverage and risk management.
Conclusion & 2026 Outlook
Hyperliquid’s HIP-3 perpetual futures market crossing $5 billion in daily volume in February 2026 is a landmark moment for on-chain derivatives — proving permissionless perps can achieve CEX-scale liquidity while maintaining DeFi transparency and low fees.
With silver & gold contracts leading the charge, 73% dominance in on-chain perps, and ~$685 million annualized revenue run-rate recycled into HYPE buybacks, Hyperliquid is solidifying itself as the go-to venue for both crypto-native and TradFi traders in 2026. Tapbit offers the perfect execution layer post-TGE: zero maker/taker fees on spot, deep liquidity, up to 125x perpetuals, flexible Earn staking yields, and instant fiat ramps. Watch for new HIP-3 market launches, HYPE Season 2 airdrop details, and continued RWA/commodities volume growth — the permissionless perps revolution is only getting started.
Trade Hyperliquid ecosystem momentum on Tapbit:
- Sign Up on Tapbit (0% maker fees)
- Login & Deposit JPY/USDT
- Live Major Pairs & DeFi Charts
Disclaimer: Cryptocurrency trading involves significant risk of loss. Prices are highly volatile and can change rapidly. Volume records, revenue run-rates and token utility are subject to change. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research (DYOR) and never invest more than you can afford to lose completely.
