Oil has become the momentum trade of choice on Hyperliquid, the crypto exchange fast emerging as a round-the-clock venue for leveraged commodity bets.
An oil-linked perpetual contract tracking a barrel of West Texas Intermediate crude racked up more than $1.2 billion in trading volume over the past 24-hours, flipping the Ether token to become the platform’s second-most traded market. The surge coincided with a more than 30% spike in oil futures to nearly $120 a barrel on traditional exchanges Monday, as escalating conflict in the Middle East rattled global supply chains.
