Trading activity in crypto derivatives linked to traditional assets has surged, with significant volumes reported. According to Hydromancer data, a silver-linked perpetual contract on Hyperliquid has achieved a cumulative trading volume of $28.28 billion. Additionally, an oil perpetual contract has recorded nearly $400 million in volume since its launch in January. Flowdesk OTC trader Karim Dandashy noted that Hyperliquid has become a key venue for price discovery on weekends, with open interest in futures tied to traditional assets reaching record highs.