The decentralized exchange Hyperliquid generated record daily revenue of $6.84 million on February 5, its highest since last October. This resurgence was fueled by booming trading volumes for real-world assets like silver and gold. While most revenue is used for aggressive HYPE token buybacks, the token’s price faces a potential cool-off after an 84% rally.
The perpetual DEX platform Hyperliquid achieved its highest daily revenue since October, generating $6.84 million on February 5 according to DeFiLlama data. This momentum continued despite a broader market downturn, reignited in late January by a surge in metals trading. Silver and gold jumped into the platform’s top five traded assets by volume during this rally.
Traditional finance assets now account for over 30% of overall trading volumes on Hyperliquid, highlighting growing retail demand for commodity and equity exposure via crypto. Silver was particularly volatile, ranking third behind only Ethereum and Bitcoin in January with $2.2 billion in contract volume handled by the platform.
The platform’s revenue significantly funds a HYPE token buyback program for value accrual to holders. On February 5, $5.25 million of the revenue was directed to buybacks, purchasing 160.75k HYPE according to ASXN data. Since the program began in late 2024, Hyperliquid has bought back 40.5 million HYPE destined to be burned.
Despite the bullish deflationary mechanism, HYPE’s price action cooled after rallying nearly 84% from $20 to $38. The token fell below its 200-Day Simple Moving Average, and a bearish divergence on the Relative Strength Index suggested the cool-off may extend. Analysts noted a potential consolidation zone between $27 and $38 if broader market sentiment remains weak.
This real-world asset boom has lifted Hyperliquid‘s share of the perpetual markets to a record high of 6.7% as tracked. This growth represents increasing competition for centralized exchange incumbents.
