HYPERLIQUID VS. CME

Summary from the TLDR Crypto newsletter

Hyperliquid's HIP-3 TradFi expansion now represents 31% of venue volume with $5B+ daily notional, with Blockworks Research's high-frequency microstructure analysis of silver trading revealing mixed performance against CME/COMEX benchmarks during last Friday's 31% crash triggered by Trump's Warsh Fed Chair nomination. Pre-crash, HIP-3 delivered superior execution for retail-sized clips with 2.4 bps spreads versus 3 bps on COMEX, but during the volatility event, spreads widened 2.1x compared to 1.6x on traditional venues with brief dislocations exceeding 400 bps. Hyperliquid's core differentiation emerged over the weekend as the only exchange-like silver derivatives venue operating continuously, processing 175k trades and $257M notional across 49 hours with median spreads compressing to 0.93 bps.