Leveraged traders on the Hyperliquid decentralized exchange are favoring traditional commodities like oil and silver, and trading them more aggressively than crypto tokens like XRP (XRP) and solana (SOL).
Perpetual futures contracts linked to the WTI and Brent crude oil benchmarks have seen 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 transactions.
By trading activity, oil and silver contracts now far outpace offenders SOL and XRP, which recorded $176 million and $31 million in volume, respectively. For context, both XRP and SOL have multi-million dollar market caps and are among the largest cryptocurrencies in the world.
This trend comes as raw materials have become highly volatile amid the ongoing conflict with Iran, which has disrupted crude oil supplies through the strategic Strait of Hormuz, a critical point for about 20% of global oil shipments. It underlines the emergence of Hyperliquid as a go-to platform for price discovery in commodities, especially during weekends when traditional markets are closed.
Brent and WTI crude oil prices are up more than 45% this month, the type of returns typically seen in memecoins. The rally has pushed oil above $100 a barrel, triggering inflationary shocks around the world and drawing 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 energy markets could continue to see high activity and potentially challenge the dominance of bitcoin and ether. Perpetual contracts linked to the two tokens remain the most traded on the exchange, recording 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 stern warning came after Trump said the United States would destroy Iran’s energy plans if Tehran does 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 crude oil averaging $100 a barrel during March-April, up from a previous forecast of $98, implying a roughly 62% premium to their full-year 2025 outlook. The bank also revised its full-year 2026 Brent average upward to $85 a barrel, while maintaining a solid $80 average for 2027.
