ChainThink reports that on February 28, the U.S. and Israel launched sudden military action against Iran. As this occurred over the weekend when traditional markets were closed, on-chain gold products perfectly absorbed traders' demand triggered by the event. Similarly, last weekend, the closure of the Strait of Hormuz and production cuts by Middle Eastern oil-producing nations stimulated demand for crude oil-related products. Hyperliquid again absorbed this demand, even offering a full-day opportunity to buy at discounted prices.
As of the 10th, Hyperliquid’s WTI crude oil (CL) trading volume, after first surpassing $100 million on March 3, has surged to $1.83 billion in the past 24 hours—a weekly increase of 1,830% and a daily increase of 220%—with open interest reaching $170 million. Currently, CL contract trading volume is 1.8 times that of ETH and ranks second on the platform, behind only BTC.
According to DefiLlama data, since the outbreak of the Iran conflict, Hyperliquid's platform earnings have risen from $8.54 million to $15.2 million, a weekly increase of over 60%.