Hyperliquid's HIP-3 proved itself not as a "DeFi toy" during this period of volatile silver prices, demonstrating with real-world data that it is a truly capable retail-grade perpetual contract platform, especially excelling in volatile commodities. Its future performance warrants continued observation. $HYPE Bookmark this page 🔖🔖
1. Silver Perpetual Contracts Demonstrate Remarkable Stability in Extreme Market Conditions
- During the most volatile period in silver prices in recent decades (including periods when COMEX was closed), Hyperliquid's silver perp experienced absolutely no halts.
- Even amidst extreme volatility, quotes remained very tight, and slippage in retail orders was well-controlled, demonstrating extremely high execution quality.
2. Significantly Superior Liquidity Compared to Major Centralized Exchanges (Especially in Retail Size)
- Within a ±1bps (1 basis point) spread, Hyperliquid's depth is significantly superior:
- BTC: Approximately $3.1 million depth (Binance approximately $2.3 million)
- Silver: Approximately $33,000 depth (compared to competitors' around $24,000)
- Under stress, the basis quickly returns to normal levels and closely follows institutional benchmark prices, demonstrating strong mean-reversion capabilities.
3. Suitable Customer Base and Positioning
- Small to Mid-Size Trading: HIP-3 currently performs exceptionally well, with low slippage and high liquidity, making it particularly suitable for retail and mid-sized traders.
- Large Clips: Compared to traditional COMEX spot depth, its capacity still lags behind, making it currently unsuitable for very large institutional positions.
- Overall, however, HIP-3 has become a highly attractive DeFi perpetual contract option for retail traders, especially in volatile commodity assets.
4. Broader Implications and Future Outlook
- This further demonstrates that @HyperliquidX (especially in the HIP-3 market) has established a strong competitive advantage in the commodity perpetual contract field in a short period of time.
- As more institutions begin to focus on the DeFi perpetual market, HIP-3 is expected to continue expanding in the retail sector and gradually move towards larger-scale institutional liquidity.
- Additionally, the execution capabilities of third-party deployers are also a crucial factor in the rapid growth of the Hyperliquid ecosystem.
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