Oil volatility from the Iran conflict is driving a surge in trading on decentralized exchange Hyperliquid, JPMorgan reported. Non-crypto investors are turning to its 24/7 perpetual futures contracts amid limited access to traditional markets during weekends.
The bank noted that Hyperliquid’s CL-USDC perpetual contract hit $1.7 billion in daily volume and $300 million in open interest after CME markets were closed during weekend escalation. Traders used up to 20x leverage with USDC margin.
JPMorgan analysts cited growing demand for round-the-clock access to assets, with DEXs offering tighter spreads, sub-second finality, and portfolio margining. These features are attracting institutional-grade participants seeking capital efficiency and continuous execution.
Hyperliquid’s HYPE token has risen 25% year-to-date, outperforming much of the crypto market as decentralized platforms gain share from mid-tier centralized exchanges.