HYPE, the native token of crypto derivatives exchange Hyperliquid, surged 24% over the past 24 hours as traders ramped up bets on silver, gold and other commodities.

Silver futures, in particular, have exploded in popularity on the platform. During U.S. morning hours Monday, silver traded around $111 and logged over $1.25 billion in 24-hour volume — making it the third most active market on Hyperliquid behind only bitcoin and ether. Open interest in the silver contract has also jumped, rising to more than $155 million.

The sudden spike in activity matters for HYPE holders.

Since October, Hyperliquid has allowed users to create their own perpetual futures markets by locking up HYPE tokens. The trading fees generated from these markets are split 50/50 between the exchange and the market creator.

More trading means more revenue — and under Hyperliquid’s design, the majority of that revenue is used to buy back HYPE tokens on the open market through its Assistance Fund. So as open interest rises, more money is directed toward buying HYPE, creating a feedback loop that can lift the token’s price.

Traders see this as a bullish signal not just for HYPE but for Hyperliquid itself. The surge in commodity interest suggests that crypto derivatives platforms are evolving beyond their usual focus on crypto assets like bitcoin, which has struggled to find direction in recent weeks. That diversification may be positioning Hyperliquid for longer-term relevance.

“Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world,” said Jeff Yan, CEO and co-founder of Hyperliquid in a post on X.