Perpetual futures linked to oil prices traded on the decentralized exchange Hyperliquid rose on Saturday after the United States and Israel launched coordinated missile attacks on Iran, a key oil producer, causing explosions in Tehran and many other cities.
The Oil-USDH perpetual contracts rose more than 5% to $71.26, while another contract, USOIL-USDH, advanced above $86.00. Combined, the two earned nearly $4 million in trading volume and more than $5 million in notional open interest, Hyperliquid data showed.
Gold and silver contracts also rose, likely due to safe-haven demand as markets reacted to increased geopolitical risk.
This episode highlights how DeFi platforms like Hyperliquid, which operate continuously beyond business days, allow traders to respond instantly to the latest news and developments. While traditional markets remain closed over the weekend, on-chain derivatives provide a 24/7 venue for investors to price risk, express their views and reposition themselves amid rapidly changing global events.
Iran retaliates
The price gains came after the United States and Israel launched a coordinated missile attack on Iran on Saturday, triggering massive explosions in Tehran and several other cities in a dramatic escalation that threatens to throw the oil-rich Middle East into prolonged uncertainty.
Iran retaliated soon after, attacking multiple US air bases in the region.
Iran is not only a major oil producer, but it also controls much of the Strait of Hormuz, through which more than $500 billion in oil and gas passes annually. Its designated sea routes lie entirely within the territorial waters of Iran and Oman. Concerns have long circulated that an all-out war could cause Iran to weaponize its control of the strait, potentially triggering a massive surge in global oil prices.
Rising oil prices could fuel inflation, making it harder for central banks to reduce borrowing costs, prioritize growth and encourage risk-taking in financial markets.
