The trading volume of perpetual contracts for West Texas Intermediate (WTI) crude oil on the decentralized exchange Hyperliquid reached over $1.5 billion in the last 24 hours. This allowed the oil instrument to surpass Ethereum and become the second most popular trading asset on the platform after Bitcoin.
This is reported by Finway
Significant Increase in Oil Market Activity
In addition to WTI, the trading volumes for Brent crude oil futures amounted to approximately $252 million, raising the total daily turnover of oil instruments on Hyperliquid to over $1.7 billion. This figure indicates a rapid increase in traders’ interest in oil futures on cryptocurrency exchanges, especially against the backdrop of high volatility in global energy markets.
It is worth noting that Brent and WTI are different grades of oil: Brent is widely used as a benchmark for the markets in Europe, Africa, and the Middle East, while WTI is a key indicator for the oil futures market in the United States. Brent is extracted from North Sea fields, while WTI is primarily produced in the United States.
Record Liquidations in the Futures Market
During the day, liquidations of futures positions in oil trading pairs (Brent and WTI) amounted to nearly $85 million, according to data from the analytical platform CoinGlass. This indicates a high level of volatility and significant risks for traders dealing with oil derivatives in the crypto markets.
“The surge in activity coincided with a rise in oil futures of more than 30% — nearly $120 per barrel on traditional exchanges on Monday, when the escalation of the conflict in the Middle East shook global supply chains,” the publication noted.
Analysts previously emphasized that against the backdrop of rising oil prices, Bitcoin is demonstrating resilient positions, highlighting the interdependence between cryptocurrency and commodity markets during global economic instability.