Perpetual futures linked to oil prices traded on decentralized exchange Hyperliquid rose on Saturday after the United States and Israel launched coordinated missile strikes on Iran, a key oil producer, igniting explosions over Tehran and several other cities.
Oil-USDH perpetuals rose more than 5% to $71.26, while another contract, USOIL-USDH, rose above $86.00. Together, the two saw nearly $4 million in trading volume and over $5 million in theoretical open interest, data from Hyperliquid showed.
Gold and silver contracts also rose, likely on safe-haven demand, as markets responded to heightened geopolitical risk.
These episodes highlight how DeFi platforms like Hyperliquid, which operate continuously beyond weekdays, allow traders to react instantly to the latest news and developments. While traditional markets remain closed on weekends, on-chain derivatives provide a 24/7 venue for investors to price risk, express their views and reposition amid fast-moving global events.
Iran retaliates
Prices rose after the United States and Israel launched a coordinated missile attack on Iran on Saturday, triggering massive explosions across Tehran and several other cities in a dramatic escalation that threatens to plunge the oil-rich Middle East into prolonged uncertainty.
Iran retaliated soon after, targeting several US air bases 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 in oil and gas passes annually. Its designated shipping routes fall exclusively within the territorial waters of Iran and Oman. Concerns have long circulated that a full-scale war could prompt Iran to weaponize its control of the strait, potentially triggering a massive global oil surge.
Rising oil prices can lead to inflation, making it harder for central banks to reduce borrowing costs, prioritize growth and encourage risk-taking in financial markets.
