Silver, Gold, and Stock Perps Are Taking Over Hyperliquid as Daily Revenue Hits $10M

Hyperliquid is moving into a completely new phase, and the numbers are starting to make that change extremely notable. As aixbt pointed out in a recent post, open interest on Hyperliquid has dropped sharply, falling about 37% from its $1.06 billion peak to roughly $665 million. Normally, that kind of decline would signal cooling activity.