Gate News reports that on March 12, amid geopolitical tensions, cryptocurrency traders are shifting to decentralized derivatives platform Hyperliquid to trade oil-related perpetual contracts. Data shows that Hyperliquid’s oil perpetual contracts recorded approximately $991 million in trading volume over the past 24 hours, far exceeding the roughly $75,000 trading volume of similar contracts on a certain CEX platform. Due to the Iran situation, Brent crude oil prices experienced sharp fluctuations, and traders took advantage of the 24-hour operation of the crypto market to leverage trade during traditional market closures by using USDC collateral. Additionally, Hyperliquid allocated part of its trading fees to buy back its native token HYPE, and the surge in trading activity also drove up the HYPE price.
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