Traders on the decentralized exchange Hyperliquid are increasingly favoring perpetual Futures Contract pegged to commodities.
Leveraged traders on Hyperliquid are focusing on traditional commodities like oil and silver, trading them more aggressively than crypto Token like XRP and Solana .
Perpetual contracts for benchmark WTI and Brent crude oil recorded a total volume of over $500 million in the past 24 hours. Silver contracts alone accounted for over $412 million.
In terms of trading activity, oil and silver contracts currently far surpass the perpetual contracts of SOL and XRP, with volumes of $176 million and $31 million respectively. Meanwhile, both XRP and SOL are cryptocurrencies with multi-billion dollar market Capital and are among the largest in the world.
This trend emerges as commodity markets become highly volatile due to the ongoing conflict in Iran, disrupting oil supplies through the Strait of Hormuz – a strategic shipping route accounting for approximately 20% of global oil. This suggests that hyperliquid is emerging as a crucial platform for the market to determine commodity prices, especially on weekends when traditional markets are closed.
Brent and WTI oil prices have surged more than 45% this month – a rise typically only seen in memecoins. This rally has pushed oil prices above $100 a barrel, putting global inflationary pressure on the economy and drawing renewed attention to commodities amid heightened geopolitical and market risks.
The instability shows no signs of abating, suggesting that the energy market on Hyperliquid could remain volatile and even challenge the dominance of Bitcoin and Ethereum . Nevertheless, perpetual contracts for both cryptocurrencies remain the most traded products on the exchange, with 24-hour volumes of $1.94 billion and $990 million respectively.
Iran said early Monday morning that the Strait of Hormuz would be “completely closed” immediately if the United States carried out President Donald Trump ’s threat to attack its power plants.
This stern warning came after Trump declared the U.S. would “wipe out” Iranian power facilities if Tehran did not allow oil tankers to pass through the strait within 48 hours.
Meanwhile, analysts at investment bank Goldman Sachs have raised their oil price forecasts amid continuing supply disruptions.
They now forecast an Medium Brent crude oil price of around $100 per barrel during March–April, up from their previous forecast of $98, equivalent to about 62% higher than the Medium forecast for the whole year of 2025. The bank also revised its forecast for the Medium Brent price in 2026 upwards to $85 per barrel and maintained it at $80 for 2027.
