- Traders continue to flock to Hyperliquid to trade oil over the weekend.
- The rush comes as the Middle East conflict escalates, driving oil over $105 a barrel.
- Hyperliquid’s native HYPE token surges 27% to trade at just under $39.
Hyperliquid’s profits from the war in Iran are proving durable.
The crypto-native decentralised derivatives exchange notched over $500 million in oil-linked volume in the past 24 hours while traders digested geopolitical uncertainty pushing oil above $105 a barrel on Sunday evening.
That rush is translating into positive price performance for its native HYPE token, which is up 27% over the past week and trading at just under $39.
“Hyperliquid leads the narrative for onchain finance as an alternative to centralised venues,” Hyunsu Jung, CEO of Hyperliquid treasury firm Hyperion DeFi, told DL News.
He flagged that HIP-3, the DEX’s real-world asset framework launched in mid-October 2025, now consistently accounts for as much as 30% of daily trading volume.
“Hyperliquid’s advantage is its liquidity, lower costs, and pace of innovation,” Jung said.
The platform’s surge to prominence is unfolding as the International Energy Agency warns that the conflict may already represent the largest supply disruption in the history of the oil market.
Hyperliquid has been able to fill the gap where traditional markets are closed overnight and over the weekends. Its 24/7 order books have become a pressure valve for traders navigating oil spikes, equity drawdowns and cross-asset hedging, signalling a structural migration of macro risk trading onto blockchain rails.
To be sure, the HYPE token is still down 34% from its September peak of $59 amid a $2 trillion crypto industry drawdown.
War expands
Traders’ rush to Hyperliquid comes as the US-Israeli war with Iran enters its third week and pressure mounts around one of the world’s most critical energy chokepoints.
President Donald Trump warned that it would be “very bad for the future of NATO” if allies fail to help secure the Strait of Hormuz, the narrow maritime artery through which roughly a fifth of global oil and liquefied natural gas flows.
Aboard Air Force One, Trump said he is speaking to “about seven” countries about “policing” the strait. The 79-year-old warned he “will remember” those who decline. Trump said he expected China to assist and could delay a planned summit with President Xi Jinping if Beijing fails to step up.
The White House did not immediately respond to a DL News request for comment on Trump’s warning for NATO.
‘Targeted ground operations’
Meanwhile, the war’s footprint is expanding.
Israel has begun “limited and targeted ground operations” against Hezbollah in southern Lebanon. Heavy bombing has been reported in Tehran. Iran and Hezbollah have launched missiles at Israel. Saudi Arabia said it downed dozens of drones overnight.
Dubai International Airport, one of the world’s busiest hubs, resumed flights gradually after a drone-related incident.
Meanwhile, political pressure is mounting in Washington. House Minority Leader Hakeem Jeffries said the House will vote again on a war powers resolution aimed at curbing Trump’s authority to prosecute the conflict. Gasoline prices have risen sharply, up roughly 65 cents per gallon since the war began.
But the Strait of Hormuz has become the war’s fulcrum.
“What we are watching for next is a clearer signal that Iran itself may be willing to move toward ending the conflict,” Aurelie Barthere, principal research analyst at Nansen, said in an investor note shared with DL News.
“The most immediate market barometer for that shift is likely to be oil futures.”
Crypto market movers
- Bitcoin is up 1.8% over the past 24 hours, trading at $73,139.
- Ethereum is up 6% past 24 hours at $2,244.
What we’re reading
- Democrats attack Trump on crypto. Will it be enough to win the midterms? — DL News
- Bankers rage against stablecoins with Clarity Act hamstrung ahead of US midterms — DL News
- CFTC Moves to Rein In Prediction Markets as Industry Booms — Unchained
- Court dispatch: MEV bros point to Eisenberg acquittal in high-stakes hearing — DL News
- Is Bitcoin About to Rally? New Onchain Data Reveals What’s Really Happening w/ Julio Moreno — Milk Road
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com.
