In brief
- Oil-linked perpetual futures on Hyperliquid recorded roughly $991 million in 24-hour trading volume, far exceeding activity for similar contracts on Coinbase.
- Brent crude briefly surged to about $119.50 a barrel earlier this week amid fears the Iran conflict could disrupt shipments through the Strait of Hormuz before pulling back.
- Hyperliquid routes a portion of trading fees toward buybacks of its HYPE token, tying spikes in derivatives activity to potential demand for the asset.
Crypto traders are increasingly using the DeFi derivatives platform Hyperliquid to speculate on oil prices, in the latest sign that always-on crypto markets are beginning to absorb trading tied to global macro shocks.
Oil-linked perpetual futures on…
