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Traders on decentralized exchange Hyperliquid are increasingly favoring perpetual futures tied to commodities.
OIl, silver contracts see more volume than large cap XRP and SOL tokens.
What to know:
- Traders on decentralized exchange Hyperliquid are increasingly favoring perpetual futures tied to commodities.
- In the past 24 hours, oil and silver contracts on Hyperliquid have surpassed $900 million in combined volume, far outpacing large cap SOL and XRP.
Traders on the decentralized exchange Hyperliquid are leaning towards traditional commodities such as oil and silver, engaging in trading activities more vigorously than with crypto tokens like XRP (XRP) and Solana (SOL).
Perpetual futures contracts associated with crude oil benchmarks WTI and Brent have recorded a total trading volume exceeding $500 million within the last 24 hours. The silver contract alone comprised over $412 million in transactions.
In terms of trading activity, oil and silver contracts significantly exceed the volumes of SOL and XRP perps, which recorded $176 million and $31 million, respectively. For reference, both XRP and SOL boast multibillion-dollar market capitalizations and rank among the leading cryptocurrencies globally.
This trend emerges as commodities experience heightened volatility due to the ongoing conflict in Iran, which has impacted crude supplies through the strategic Strait of Hormuz—a vital chokepoint for about 20% of global oil shipments. This highlights Hyperliquid’s rise as a preferred platform for price discovery in commodities, particularly during weekends when traditional markets are not operational.
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Brent and WTI crude prices have surged more than 45% this month, the kind of returns typically seen in memecoins. The rally has pushed oil above $100 a barrel, sending inflationary shocks worldwide and drawing renewed attention to commodities as a sector of interest amid heightened geopolitical and market risks.
The uncertainty shows no signs of abating, suggesting Hyperliquid’s energy markets could continue to see heavy activity and potentially challenge bitcoin and ether’s dominance. Perpetual contracts tied to the two tokens still remain the most traded on the exchange, posting 24-hour volumes of $1.94 billion and $990 million, respectively.
Iran said early Monday that the Strait of Hormuz would be "completely closed" immediately if the U.S. follows up on President Donald Trump’s threat to attack its power plants.
The stark warning came after Trump said the U.s. would obliterate Iran’s power plans if Tehran fails to fully allow oil tankers to pass through the Strait within 48 hours.
In the meantime, analysts at investment banking giant Goldman Sachs have lifted their oil price forecasts amid the ongoing supply disruption.
They now see the Brent crude averaging $100 a barrel over March-April, up from a prior forecast of $98, and implying a roughly 62% premium to their full‑year 2025 outlook. The bank also revised its full‑year 2026 Brent average higher to $85 a barrel, while maintaining a robust $80 average for 2027.
