Traders on decentralized exchange Hyperliquid are aggressively trading oil and silver perpetual futures-far exceeding activity in XRP and Solana contracts.
Crude oil benchmarks WTI and Brent logged over $500 million in 24-hour volume, while silver added $412 million. In contrast, XRP and Solana perps saw just $31 million and $176 million, respectively-despite both cryptos holding multibillion-dollar market caps.
The shift reflects soaring commodity volatility tied to escalating Iran-U.S. tensions. Iran has threatened to close the Strait of Hormuz-a conduit for 20% of global oil-if the U.S. acts on President Trump’s ultimatum over tanker access.
Brent and WTI prices have jumped more than 45% this month, breaching $100 a barrel and fueling inflation fears. Goldman Sachs now forecasts Brent to average $100 through April-up from $98-and raised its 2026 outlook to $85.
While Bitcoin and Ether still dominate Hyperliquid’s volume at $1.94 billion and $990 million, commodities are emerging as a weekend price-discovery hub when traditional markets are closed.