Leveraged traders on decentralized exchange Hyperliquid favor traditional commodities like oil and silver, trading them more aggressively than crypto tokens such as XRP (XRP) and solana (SOL).
Perpetual futures contracts linked to WTI and Brent crude oil benchmarks saw a combined trading volume of more than $500 million in the past 24 hours. The silver contract alone accounted for over $412 million in transactions.
In terms of trading activity, oil and silver contracts now far exceed SOL and XRP contracts, which recorded $176 million and $31 million in volume, respectively. As a reminder, both XRP and SOL have a market capitalization of billions of dollars and rank among the largest cryptocurrencies in the world.
The trend comes as commodities have become highly volatile amid the ongoing Iranian conflict, which has disrupted crude supplies through the strategic Strait of Hormuz – a critical chokepoint for around 20% of global oil shipments. This highlights Hyperliquid’s emergence as the go-to platform for commodity price discovery, particularly on weekends when traditional markets are closed.
Brent and WTI crude prices have surged more than 45% this month, the kind of returns typically seen in memecoins. The rally 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 strong activity and potentially challenge the dominance of Bitcoin and Ether. Perpetual contracts linked to the two tokens remain the most traded on the exchange, posting 24-hour volumes of $1.94 billion and $990 million, respectively.
Iran said Monday morning 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 stark warning came after Trump said the United States would wipe out Iran’s energy projects if Tehran failed to fully allow tankers to pass through the strait within 48 hours.
At the same time, analysts at investment banking giant Goldman Sachs have raised their oil price forecasts due to the ongoing supply disruption.
They now estimate that the price of a barrel of Brent will average $100 a barrel between March and April, up from a previous forecast of $98, implying a premium of around 62% to their outlook for the full year 2025. The bank also revised up its annual Brent average for 2026 to $85 a barrel, while maintaining a robust average of $80 for 2027.
