Hyperliquid Oil Futures Hit $1.2B Trading Volume Amid Middle East Warfare

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Hyperliquid, the world’s leading decentralized exchange (DEX) for perpetual futures, has attained $1.29 billion in trading volume for its oil futures. This is now only rivalled by Bitcoin at $3.56 billion, while Ether is the second runner-up at $1.24 billion. The figure is also a 66.67% surge in volume from yesterday’s $720 million.

Source: Hyperliquid

The hike has primarily been driven by the previous 30% upsurge in oil prices to $120 a barrel, due to the US-Iran war. News of an impending oil shortage spread due to the closure of the Strait of Hormuz and the disruption of several energy producers in the Middle East.

However, at writing time, the Hyperliquid CL-USDC contract, which tracks West Texas Intermediate (WTI) crude oil, had a 24h trading volume of $1.99 billion. This represented a 10.78% drop after oil prices retreated to $85.32 a barrel following intervention from the G7 industrial nations and the International Energy Agency (IEA). The two will jointly release over 1.2 billion emergency barrels, which will be further cushioned by a surplus reported by the US Energy Information Administration (EIA) last year.  Investors also speculate that the US military’s takeover would lead to resumption in global oil flows to pre-conflict levels.

Source: Hyperliquid

Liquidations for long positions have now surpassed $40 million, with one whale losing a whopping $1.55 million.

Why Hyperliquid has recorded notable figures

Hyperliquid’s achievements (including $844M revenue for 2025) are attributed to its HIP-3 markets, which deal in Real World Assets (RWA) 24/7, with execution speeds and liquidity rivaling those of major exchanges. 

Silver remains the top-traded RWA due to high demand from artificial intelligence (AI) and electric vehicle (EV) developers. At press time, the industrial metal was trading at $87, having gained 5% in the last 24h.

Meanwhile, HYPE was trading at $35.20, up 16% in the day, following the DEX’s surge in trading volume.

Source: CoinGecko