Decentralized exchange Hyperliquid is expanding beyond cryptocurrency perpetuals into traditional finance assets and new market types. Research shows commodities, particularly silver, now drive nearly 18% of platform volume. A forthcoming upgrade, HIP-4, aims to merge prediction markets with derivatives under a unified margin account system.
Research shared by Delphi Digital shows Hyperliquid is evolving from a decentralized perpetuals platform into multi-asset infrastructure. Trading demand has spread to commodities and traditional finance instruments.
By mid-February, traditional finance assets comprised close to 18% of total platform volume. This shift was largely driven by commodity trading, with silver becoming the surprise leader.
Silver generated over $9 billion in turnover during a two-week period in late January. Gold trading trailed significantly at about $2.7 billion in the same window, while indices and equity token markets also saw less activity.
The earlier HIP-3 upgrade allowed community-driven asset listings through HYPE token staking. This removed centralized bottlenecks and opened liquidity for niche assets like privacy token ZEC.
The upcoming HIP-4 design introduces prediction markets into the same trading environment. All positions would share one collateral pool, resembling a prime brokerage structure.
Binary outcome bets and capped payoff options are settled through unified risk logic. Maximum potential loss must be posted upfront, which largely removes leverage and liquidation risk.
Developers emphasize the infrastructure is built to support this expansion. The network aims to plug new markets directly into its existing rails instead of launching separate exchanges.
Portfolio margin testing for the new system is in early stages. No mainnet launch date has been announced.
