Hyperliquid, the popular decentralized crypto trading exchange, has been witnessing an outstanding surge in oil trading.
Built mainly for perpetual futures trading, Hyperliquid lets users trade asset derivatives with high leverage.
The CT-USDC contract, an oil‑linked perpetual contract tracking a barrel of West Texas Intermediate (WTI) crude oil, has seen a trading volume of $1.32 billion over the last 24 hours.
Related: Trump says Iran war Is ‘pretty much over’ but night traders aren’t convinced
The oil contract surged as much as 25% after the war between the U.S.-Israel and Iran began on Feb. 28. Its price rose as high as $118 a barrel on March 9, currently trading around $80 per barrel.
Data reveals that this contract generated daily trading of approximately $21 million before the attack on Iran, but the figure now stands at $1.32 billion.
Since it is a perpetual future contract, it has no expiry which allows traders to hold leveraged positions without friction. Most of the traders belong to the retail segment and are diversifying from crypto assets into commodities like oil.
Popular on TheStreet Roundtable:
Oil ahead of Ether, silver, and gold
After Bitcoin (BTC), the WTI contract is the most traded contract on Hyperliquid over the last 24 hours.
Here is the 24‑hr trading volume of the top 10 contracts on Hyperliquid:
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Bitcoin: $3.64 billion
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Oil contract (WTI): $1.32 billion
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Ethereum (ETH): $914 million
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Hyperliquid (HYPE): $509 million
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Nasdaq 100 (XYZ100): $478 million
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Solana (SOL): $291 million
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Silver: $264 million
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Brent oil: $244 million
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S&P 500 (USA500): $95 million
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Gold: $73 million
When Wall Street sleeps on weekends, exchanges like Hyperliquid give an opportunity to traders to buy assets going through volatile activity.
The hyper trading of oil has led to Hyperliquid’s native token, HYPE, also surging 30% to $34 following the war.
More News:
Oil price drops after Trump’s new Iran comment
After U.S. President Donald Trump said the war in Iran was “very complete, pretty much,” oil prices fell back on March 10. WTI fell from around $120 per barrel on March 8 to $80.65 per barrel at press time.
But the Strait of Hormuz, through which 20% of the global oil supply passes, still remains largely blocked.