Hyperliquid, a popular crypto derivatives exchange, has witnessed a significant spike in activity this week amid a rapid jump in an oil-linked crypto perpetual contract. Specifically, the CL-USDC perpetual contract has seen its trading volume hit the huge $1.2B on Hyperliquid. As a result of this rise, the contract has surpassed the Ethereum ($ETH) market, coming only after Bitcoin ($BTC). The development takes place amid a sheer surge in crude prices in the market worldwide, led by growing tensions across the Middle East.

According to Bloomberg, an oil-linked perpetual contract (CL-USDC) on the crypto derivatives exchange Hyperliquid recorded more than $1.2 billion in trading volume over the past 24 hours, surpassing ETH to become the platform’s second-most traded market after BTC. The surge came…

As the broader geopolitical risks regarding the worsening situation in the Middle East are rising, the oil-linked CL-USDC crypto perpetual contract has surpassed Ethereum ($ETH). This indicates that the traders are turning toward crypto-associated commodity derivatives for speculation on the movements of crude prices. Particularly, the CL-USDC contract tracks the West Texas Intermediate crude’s price and lets traders hold diverse leveraged positions without any expiry.

During the past week, the respective contract has become a notable market on Hyperliquid alongside a staggering 30% surge in crude prices on conventional exchanges. Due to this, the prices have even briefly approached the $120 per-barrel mark. On Sunday, the tokenized crude perpetual contract mumped the high mark of $107 per barrel. This offered a real-time indication of the rapid market reaction ahead of Wall Street’s opening.

As per the details shared by WuBlockchain, trading volumes have climbed in a relatively short period. Before the recent escalation in the geopolitical scenario, regular trading volume in the respective oil contract hit the average of almost $21M. Nevertheless, subsequently, the prices reached nearly $183M, signifying the extent of the leveraged positions opened by traders.

Based on the market data, several traders could not endure the notable price rally, leading to a 24-hour liquidation of $75M in short positions. These liquidations present the rising speculative activity regarding crypto-linked derivatives companies. In particular, the oil contract of Hyperliquid, CL-USDC, illustrates the preference for cryptocurrency exchanges when it comes to 24/7 macro trading.

This feature has turned Hyperliquid into a leading platform attracting crypto traders to seamlessly speculate on real-time crude price shifts. Hence, Hyperliquid and other such entities show the significant role of blockchain-based markets in backing trading in currencies, macro assets, and commodities alongside leading crypto assets like Bitcoin ($BTC).

Bitcoin price in Telegram @btc_price_every_hour

88 +