The price of oil has more than doubled in just two weeks, driving crypto platforms into a speculative frenzy that saw them list leveraged oil derivatives for overnight commodities futures experts willing to risk it all on-chain.

The results were predictable.

Tokenized crude oil perpetuals on Hyperliquid, a platform that earned initial fame from hedge fund-like copytrading and a leaderboard of leveraged degeneracy, have generated multiple, billion-dollar trading days this week. 

Oil has suddenly become Hyperliquid’s second-most popular market behind only bitcoin (BTC) itself.

Open interest on Hyperliquid’s CL-USDC, a West Texas Intermediate crude futures-linked contract, exceeded $169 million. Trailing 24-hour…