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 Hyperliquid processed roughly $991 million in trading volume over the past 24 hours, according to data shared Wednesday on X by James Wang, director of product marketing at Cerebras Systems. Comparable contracts recorded about $75,000 in volume on Coinbase over the same period.

The disparity underscores how liquidity for synthetic commodity exposure is clustering on crypto-native derivatives venues rather than traditional exchanges or U.S.-based crypto platforms.

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