Leveraged traders on decentralized exchange Hyperliquid favor traditional commodities like oil and silver and trade them more aggressively than crypto tokens like XRP (XRP) and solana (SOL).
Perpetual futures contracts linked to benchmark crude oil, WTI and Brent, have recorded a combined trading volume of more than $500 million in the past 24 hours. The silver contract alone accounted for more than $412 million in trades.
In trading activity, oil and silver contracts now far outpace SOL and XRP perps, which posted $176 million and $31 million in volume, respectively. For context, both XRP and SOL have market capitalizations of several billion dollars and are among the world’s largest cryptocurrencies.
This trend comes as commodities have become highly volatile amid the ongoing Iran conflict, which has disrupted crude oil supplies through the strategic Strait of Hormuz – a critical choke point for around 20% of global oil shipments. It underscores Hyperliquid’s emergence as a go-to platform for commodity price discovery, especially on weekends when traditional markets are closed.
Brent and WTI crude oil prices are up more than 45% this month, the kind of returns typically seen in memecoins. The rally has pushed oil to over $100 per barrel. barrel, which has sent inflationary shocks around the world and drawn renewed attention to commodities as a sector of interest amid heightened geopolitical and market risks.
The uncertainty shows no signs of abating, suggesting that Hyperliquid’s energy markets may continue to see strong activity and potentially challenge bitcoin and ether’s dominance. Perpetual contracts linked to the two tokens still remain the most traded on the exchange, with 24-hour volumes of $1.94 billion and $990 million, respectively.
Iran said early Monday that the Strait of Hormuz would be “completely closed” immediately if the United States follows through on President Donald Trump’s threat to attack its power plants.
The stark warning came after Trump said the United States would wipe out Iran’s power plans if Tehran did not fully allow oil tankers to pass through the strait within 48 hours.
Meanwhile, analysts at investment banking giant Goldman Sachs have raised their oil price forecasts amid the ongoing supply disruption.
They now see Brent oil averaging $100 per barrel. barrel over March-April, up from an earlier forecast of $98, and implying a premium of about 62% to their outlook for full 2025. The bank also revised its full-year Brent average for 2026 higher to $85 a barrel, while maintaining a robust $80 average for 2027.
