Odaily Planet Daily reports: Amid geopolitical volatility, crypto traders are turning to the decentralized derivatives platform Hyperliquid to trade oil-related perpetual contracts. Data shows that Hyperliquid’s oil perpetual contracts recorded approximately $991 million in trading volume over the past 24 hours, far exceeding the $75,000 in volume on Coinbase’s similar contracts. Influenced by developments in Iran, Brent crude prices experienced significant fluctuations, prompting traders to leverage the crypto market’s 24/7 availability and use USDC as collateral for leveraged trades during traditional market closures. Additionally, Hyperliquid allocates a portion of its trading fees toward repurchasing its native token, HYPE, and the surge in trading activity has driven up the price of HYPE. (Decrypt)
Hyperliquid's crude oil perpetual contracts have a 24-hour trading volume approaching $1 billion.
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Summary
According to Odaily, Hyperliquid’s perpetual futures trading volume for crude oil approached $1 billion in 24 hours. The platform’s oil perpetual futures contracts reached $991 million in volume, significantly surpassing Coinbase’s $75,000. Amid volatility in Brent crude due to tensions in Iran, traders are using USDC to leverage positions on Hyperliquid’s 24/7 market. The platform also uses fees to repurchase HYPE, driving the token’s price higher.
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