On Hyperliquid, oil and silver perps top crypto as Iran risks

Leveraged traders on the decentralized exchange Hyperliquid shifted to commodity perpetual futures over the past 24 hours, with WTI and Brent crude contracts clearing more than $500 million in combined volume and silver reaching $412 million. Those markets outpaced Solana and XRP perps, which posted $176 million and $31 million, respectively, based on the exchange’s data.

The pickup came amid tensions involving Iran and shipping through the Strait of Hormuz, a route that carries about 20% of global oil shipments. On Monday, Iranian officials declared the waterway would be “completely closed” if the United States carries out President Donald Trump’s threat to strike Iranian power plants. Earlier in the move, Hyperliquid had already seen oil short liquidations as rising prices squeezed bearish traders.

Brent and WTI benchmarks have risen more than 45% this month, with prices moving above $100 a barrel. The jump in prices has drawn traders to instruments that trade around the clock. Hyperliquid lists perpetual futures-leveraged contracts with no set expiry-on cryptocurrencies and some commodities, allowing users to react when traditional exchanges are closed.

Despite higher activity in oil and silver, Bitcoin and Ethereum remain Hyperliquid’s most traded products. Over the past day, Bitcoin perps recorded about $1.94 billion in volume and ether around $990 million.

Forecasts have adjusted alongside supply risks. Goldman Sachs now projects Brent to average $100 a barrel over March and April, up from $98. The bank increased its 2026 Brent average to $85 and maintained an $80 average for 2027.

XRP (Ripple) and Sol (Solana) have multibillion-dollar market values, yet their perpetuals on Hyperliquid drew less trading than oil and silver during the same period.