Oil-linked derivatives surged in popularity on decentralised exchange Hyperliquid, with a WTI crude contract becoming the platform’s second-most traded asset after Bitcoin.
The CT-USDC perpetual contract, which tracks the price of West Texas Intermediate crude oil, recorded about $1.32 billion in trading volume over the past 24 hours as geopolitical tensions drove volatility in energy markets.
The surge follows a sharp rise in oil prices after the US-Israel conflict with Iran began on February 28, with the contract climbing as much as 25% and reaching about $118 per barrel on March 9 before retreating.
Daily trading in the oil contract had previously averaged roughly $21 million before the conflict but has now expanded dramatically to more than $1.32 billion as traders pile into the market.
Perpetual futures contracts on Hyperliquid allow traders to hold leveraged positions without an expiry date, attracting retail participants seeking exposure to commodities alongside crypto assets.
Bitcoin remained the most traded asset on the platform with $3.64 billion in 24-hour volume, followed by the oil contract at $1.32 billion and Ethereum at $914 million.
Other heavily traded markets included Hyperliquid’s native token HYPE, the Nasdaq 100 synthetic contract, Solana, silver, Brent crude, the S&P 500 index contract and gold.
Oil prices later retreated after US President Donald Trump said the Iran conflict was “very complete, pretty much,” with WTI dropping from roughly $120 per barrel on March 8 to about $80.65, though the Strait of Hormuz remains largely blocked.
At the time of reporting, Hyperliquid price was $34.20.