The number of contracts traded on the futures exchange in the first quarter rose an annualised 48 per cent, thanks to a volatile stock market.
The strong growth is in sharp contrast to full-year figures for last year, when trading dropped 20 per cent from the previous year.
It also contrasts with activity on the stock exchange, where trading in the first quarter fell 51 per cent from a year earlier.
The blue-chip Hang Seng Index fell nearly 15 per cent in the first three months as the market was hit by gloomy sentiment.
'The uncertainties of the stock market have increased the demand of the hedging activities,' Fred Grede, chief operating officer of Hong Kong Exchanges and Clearing, said.
'When the cash market is volatile, investors would need to use the futures products to hedge their risks,' Mr Grede said.
'People do not need to think much about hedging when the stock market is flat.'