The SILVER-USDC contract on Hyperliquid is currently experiencing substantial activity, with its 24-hour trading volume approaching the $1 billion mark. As one of Hyperliquid’s most robust markets, this contract is trading at approximately $110 during Asia trading hours. The high volume of roughly $994 million in trades over 24 hours underscores its prominence within the platform, surpassing other significant assets such as SOL and XRP in terms of trading activity. This market dynamics reflect the growing interest and participation in silver-based contracts on the platform.
Open interest in the SILVER-USDC contract on Hyperliquid sits near $154.5 million, and funding for that contract remains slightly negative, both recorded as current metrics for the contract on the exchange. The SILVER‑USDC contract is one of Hyperliquid’s most active markets, and silver perpetuals on the platform register more trading volume than perpetual contracts for SOL or XRP. These observations describe the derivatives market activity specific to silver on Hyperliquid. The contract recorded roughly $994 million in 24-hour volume and is trading around $110 during Asia hours.
Bitcoin (BTC) is trading near $88,000 and has been moving sideways amid persistent sell pressure and cautious positioning by market participants. Ethereum (ETH) is trading around $2,300, is down on the week, and is lagging BTC in recent price behavior. These price levels and trading dynamics are noted alongside the SILVER‑USDC contract metrics. These metrics are reported in the current market data for Hyperliquid’s derivatives.
Gold has risen about 15% over the last 30 days and more than 50% over the past six months. ETF flows have cooled, removing a key source of incremental demand in derivatives. These developments are reported alongside heightened activity in silver perpetuals on Hyperliquid and broader cryptocurrency price movements in the same reporting period overall. Bitcoin is trading near $88,000 and Ethereum is around $2,300 in the contemporaneous market data cited at present. The available sources do not provide this information.
Options skew has risen, signaling growing demand for downside protection in the derivatives market. The rise in options skew is reported alongside cooled ETF flows and heightened activity in silver perpetuals on Hyperliquid, including elevated volume in the SILVER‑USDC contract.
“In other words, crypto plumbing is being repurposed for macro trades.”
“Bitcoin is not being abandoned. It is just sidelined.”
These observations are recorded in the current market reporting and are noted alongside contemporaneous price and volume metrics cited in the coverage.
The SILVER‑USDC contract on Hyperliquid is nearing $1 billion in 24‑hour volume, recording roughly $994 million and trading around $110 during Asia hours. Open interest in the contract sits near $154.5 million and funding remains slightly negative, while silver perpetuals on Hyperliquid register more volume than perpetuals for SOL or XRP. Options skew has risen, signaling growing demand for downside protection, and ETF flows have cooled, removing a key source of incremental demand in derivatives. Bitcoin hovers near $88,000 and is trading sideways amid persistent sell pressure and cautious positioning, while Ethereum is around $2,300, down on the week and lagging BTC.
