TLDR
- Oil and metals perps made up over 67% of Hyperliquid HIP-3 Q1 volume.
- Index products fell from about 90% of HIP-3 activity to around 17%.
- Weekend HIP-3 trading volume rose about 9 times since January 2026.
- Tokenized real-world asset market value climbed 250% year over year to about $23 billion.
- Many altcoins remain 80% to 90% below their all-time highs, Sygnum said.
Hyperliquid saw oil and metals perps account for 67% of Q1 contract trade volume. The shift marks a clear change in trader focus. According to Sygnum, crypto-native users are moving away from altcoins and toward commodity-linked products on permissionless markets.
Hyperliquid sees commodity perps take the lead
Hyperliquid recorded a sharp change in its permissionless contract market during the first quarter. Oil and precious metals perps made up more than 67% of HIP-3 trading volume, according to Sygnum.
HIP-3 contracts are also known as Builder-Deployed Perpetuals. Earlier in the year, that segment was dominated by index products. Those contracts made up about 90% of activity, but that share later dropped to around 17%.
The data points to a new trading pattern on the exchange. Commodity-linked products are now taking space once held by crypto index contracts. That change has become one of the clearest trends in Hyperliquid’s recent volume mix.
Traders rotate as altcoins lose momentum
Sygnum said the move reflects weaker interest in altcoins and stronger demand for traditional asset exposure. Weekend trading volume for HIP-3 contracts has also risen about nine times since January 2026.
Lucas Schweiger, Sygnum’s digital asset ecosystem research lead, linked that rise to changing trader behavior. He said many market participants now treat altcoins as leveraged Bitcoin proxies.
That view has supported a move toward oil and metals perps. Traders can access those contracts through the same wallets and margin systems used for crypto trades. As a result, commodity exposure has become easier to add without leaving on-chain markets.
The broader tokenized real-world asset sector has also expanded. Schweiger said the market value of tokenized RWAs has risen 250% year over year. About $23 billion in tokenized RWAs now trade across permissionless blockchain networks.
Oil prices and recession fears shape demand
Commodity-linked contracts have gained support from the wider macro backdrop. Oil has climbed to around $120 per barrel as geopolitical tensions have increased. At the same time, many altcoins remain 80% to 90% below their record highs.
That mix has made commodity perps more attractive for active traders. It has also arrived as recession concerns continue to build. On Polymarket, the probability of a U.S. recession rose to 36% since late February.
Moody’s placed the odds closer to 50% for 2026. Coinbureau founder and market analyst Nic Puckrin said high oil prices could complicate rate policy. He said that if oil stays above $100 per barrel, inflation could rise and remove support for rate cuts this year.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
