Hyperliquid Crude Oil Perpetual Contracts Record Nearly $1 Billion in 24-Hour Trading Volume

Odaily News As geopolitical tensions fluctuate, cryptocurrency 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 surpassing the roughly $75,000 in trading volume for similar contracts on the Coinbase platform. Affected by the situation in Iran, Brent crude oil prices experienced significant volatility at one point. Traders leveraged the 24/7 operation of the crypto market to conduct leveraged trades using USDC as collateral during traditional market closures. Additionally, Hyperliquid allocates a portion of its trading fees to repurchase its native token HYPE, and the surge in trading activity has also driven up the price of HYPE. (Decrypt)