Overview of the Liquidation Spike
On Thursday, Hyperliquid’s perpetual futures market saw $71 million in forced closures tied to tokenized precious metals—gold, silver and copper—according to Allium data. The surge coincided with a 12% drop in silver prices, prompting roughly 3,200 users to be liquidated.
Precious Metals vs. Bitcoin Liquidations
Bitcoin remained the dominant asset in terms of liquidation value, with $121 million of positions closed, outpacing the combined $71 million for metals.
- Bitcoin liquidations: $121 M
- Gold, silver & copper liquidations: $71 M
- Total liquidated users (metals): ~3,200
Growing Exposure to Real‑World Assets (RWAs)
The October platform upgrade allowed third‑party developers to list commodity and equity pairs, expanding Hyperliquid’s RWA offerings. Developers must stake HYPE tokens to list these markets, linking token demand to RWA activity.
Trading Volume and Price Movements
Precious‑metal futures generated $1.6 billion in 24‑hour volume, trailing Bitcoin’s $6.5 billion but far exceeding gold’s $553 million.
- Silver price swing: $121 → $106 per ounce (‑12%) then recovered to ~$116.
- Gold and copper also saw heightened activity, though specific price data were not disclosed.
Fee Revenue and HYPE Token Performance
Hyperliquid collected $62 million in fees this month, down from $145 million in August, reflecting a broader market slowdown.
The native HYPE token surged 50% over the past week, reaching $32.83, outpacing Bitcoin’s recent decline.
Outlook
Analysts see “insane” demand for silver on Hyperliquid and expect the platform to continue capturing volatility wherever capital flows next. Continued RWA integration could further tie HYPE token value to real‑world commodity exposure.