Perpetual futures tied to oil prices trading on decentralized exchange Hyperliquid surged Saturday after the U.S. and Israel launched coordinated missile strikes on Iran, a key oil producer, igniting explosions across Tehran and multiple other cities.

Oil-USDH perpetuals climbed more than 5% to $71.26, while another contract, USOIL-USDH, advanced above $86.00. Combined, the two saw nearly $4 million in trading volume and over $5 million in notional open interest, data from Hyperliquid showed.

Gold and silver contracts also rose, likely on haven demand as markets reacted to heightened geopolitical risk.

This episodes underscores how DeFi platforms like Hyperliquid, which operate continuously beyond weekdays, allow traders to respond instantly to breaking news and developments. While traditional markets remain closed over the weekend, on-chain derivatives provide a 24/7 venue for investors to price in risk, express their views and reposition amid fast-moving global events.

Iran retaliates

Price gains followed after the U.S. and Israel launched a coordinated missile strike on Iran on Saturday, triggering massive explosions across Tehran and several other cities in a dramatic escalation that threatens to push the oil-rich Middle East into prolonged uncertainty.

Iran retaliated soon after, targeting multiple U.S. airbases in the region.

Iran is not only a major oil producer but also controls much of the Strait of Hormuz, through which more than $500 billion worth of oil and gas passes annually. Its designated shipping lanes fall entirely within the territorial waters of Iran and Oman. Worries have long circulated that an all-out war could see Iran weaponize its control of the strait, potentially sparking a massive global oil surge.

Rising oil prices could feed into inflation, making it harder for central banks to cut borrowing costs, prioritize growth, and encourage risk-taking in financial markets.