Crypto traders are increasingly using the decentralised derivatives platform Hyperliquid to speculate on oil prices as geopolitical tensions involving Iran trigger volatility in global energy markets.
Oil-linked perpetual futures on Hyperliquid processed about $991 million in trading volume over 24 hours, vastly exceeding the roughly $75,000 recorded for comparable contracts on Coinbase during the same period.
The surge in activity comes as crude markets reacted to conflict concerns, with Brent crude briefly rising to around $119.50 a barrel earlier in the week amid fears shipments through the Strait of Hormuz could be disrupted.
Trading volumes later eased as prices retreated toward the $90–$100 range after comments from US President Donald Trump suggesting the conflict involving Iran might de-escalate.
Hyperliquid allows traders to take leveraged positions through perpetual futures contracts collateralised mainly with stablecoins such as USDC, enabling exposure to commodities without accessing traditional futures exchanges.
The platform’s infrastructure includes an on-chain order book system known as HyperCore and an Ethereum-compatible environment called HyperEVM that allows developers to build applications interacting with its liquidity.
Trading activity on the exchange also feeds demand for its native HYPE token because a portion of derivatives trading fees is used to fund token buybacks.
At the time of reporting, Hyperliquid price was $35.96.