One of crypto’s favourite 24/7 trading venues has become an unlikely hotspot for commodities and traditional asset classes this weekend, as traders scramble for round-the-clock hedges amid escalating conflict in the Middle East.

Perpetual swap futures – a type of futures contract that does not expire – tied to oil jumped about 5 per cent to $US70.6 per barrel on crypto-exchange Hyperliquid, while those for gold and silver rose roughly 1.3 per cent and 2 per cent to $US5323 and $94.90 per troy ounce, respectively. The moves may offer some indication of how those markets could respond once mainstream trading resumes on Monday.

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