The trading volume of oil contracts on the decentralized exchange Hyperliquid has sharply increased in the last 24 hours, exceeding $1.7 billion. The highest activity was recorded in trading perpetual contracts for West Texas Intermediate (WTI) oil, with a volume reaching $1.5 billion in a day.
This is reported by Business • Media
WTI Surpasses Ethereum in Trading Volume on Hyperliquid
The WTI oil contract has become the second most popular instrument on the Hyperliquid platform — its turnover has surpassed that of Ethereum, second only to Bitcoin. Additionally, trading in Brent crude oil futures also reached a significant level — around $252 million in 24 hours.
The total trading volume of oil on Hyperliquid, considering both grades — Brent and WTI — exceeded $1.7 billion in a single day, setting a record for this platform.
High Volatility and Mass Liquidations in the Oil Futures Market
A significant surge in activity on Hyperliquid coincided with a sharp rise in oil prices on traditional exchanges. Brent and WTI remain key benchmarks for the global market: Brent is the primary benchmark for Europe, Africa, and the Middle East, while WTI is for the USA, where it is extracted from American fields.
According to the analytical platform CoinGlass, nearly $85 million in futures positions related to oil (Brent and WTI) were liquidated in the market over the last day. This indicates increased volatility and traders’ interest in oil instruments on cryptocurrency exchanges.
“The surge in activity coincided with a rise in oil futures of more than 30% — nearly $120 per barrel on traditional exchanges on Monday, when the escalation of the conflict in the Middle East shook global supply chains,” the publication noted.
Analysts also point out that amid rising oil prices, Bitcoin continues to demonstrate resilience, maintaining its position in the cryptocurrency market.