JPMorgan: Non-Crypto Traders Using Hyperliquid For 24/7 Oil Trading During Iran War
Hyperliquid’s (NASDAQ:PURR) oil perpetual futures contract hit $1.7 billion in daily trading volume as non-crypto traders sought 24/7 oil exposure during the Iran war, JPMorgan (NYSE:JPM) analysts said on Thursday.
The Weekend Oil Trading Surge
Trading in Hyperliquid’s West Texas Intermediate crude oil (CL-USDC) contract spiked earlier this month as the Iran war escalated over a weekend when traditional venues like CME were closed. Open interest rose to roughly $300 million.
The contract is margined in USDC and offers leverage of up to 20x, making it accessible to traders seeking exposure.
Daily trading volume reached around $1.7 billion at its peak, surpassing all products except Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
“This traction is likely to grow over time and extend to other assets beyond commodities as decentralized exchanges exploit …
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