Traditional asset trading on Hyperliquid has pulled back from its mid-August peak, according to TradingBeats data cited by BlockBeats on Sept. 10.
From Sept. 3 to Sept. 9, Trade.xyz recorded about $13.15 billion in weekly volume, down 37.6% from $21.09 billion logged between Aug. 13 and Aug. 19. Over the same stretch, its share of total perpetual volume across Hyperliquid fell from about 45.3% to 25.9%. TradingBeats attributed the shift mainly to a sharp rebound in crypto activity and cooling demand for stock trading.
That share has still risen for two straight weeks. Over the same period, weekly volume in Hyperliquid’s main market climbed from about $25.39 billion to $37.36 billion, up 47.1%. Trade.xyz’s shrinking share came not only from lower turnover on its own products, but also from the rapid expansion of the platform-wide denominator.
Single-stock contracts cooled more sharply
The decline was steeper in single-stock contracts. Weekly volume in that segment fell from about $13.87 billion in mid-August to $7.19 billion in the latest week, a 48.1% drop and nearly half the earlier level. On a week-over-week basis, the latest decline was about 6%.
Nvidia was the biggest drag. Its weekly volume dropped from about $977 million to $291 million, a decline of 70.2%. TradingBeats said the slowdown may be linked to fading interest after Nvidia released earnings on Aug. 26.
Some names still expanded. SKHX posted $1.716 billion in weekly volume, up 9.8% week over week, while SKHY rose 35.0%. SpaceX, Robinhood and Intel increased by about 27.1%, 85.1% and 63.6%, respectively. Sandisk and Micron fell about 17.1% and 1.5%.
Crude oil contracts gained traction
Part of the trading interest shifted toward oil. In the latest week, WTI and Brent crude volumes rose about 21.1% and 55.8%, while gold and silver dropped 42.3% and 49.9%. Total commodity contract volume still edged down about 2.8%.
WTI crude (CL) reached about $1.6 billion in seven-day turnover, above SKHX at about $1.5 billion, making it the largest single contract on Trade.xyz by seven-day trading volume.
Open interest moved higher
Positioning data over the past week showed that notional open interest in single-stock contracts rose from about $2.016 billion on Sept. 3 to about $2.235 billion on Sept. 10, an increase of 10.8%.
As of publication, Trade.xyz had processed about $2.719 billion in volume over the past 24 hours, accounting for about 28.4% of Hyperliquid turnover. Single-stock contracts contributed about $1.541 billion, or 56.7% of Trade.xyz volume, and remained the platform’s largest trading category.