Crypto traders are increasingly using the DeFi derivatives platform Hyperliquid to speculate on oil prices, in a sign that always-on crypto markets are beginning to absorb trading linked to global macro shocks. Oil-linked perpetual futures on Hyperliquid processed roughly $991 million in trading volume over the past 24 hours, compared to about $75,000 in volume on Coinbase. This disparity indicates that liquidity for synthetic commodity exposure is increasingly clustered on crypto-native derivatives venues rather than traditional exchanges or U.S.-based crypto platforms. This follows a surge in trading on the exchange as tensions between Iran and the Middle East rattled global markets. For Hyperliquid's native token, HYPE, trading can have financial implications, with a portion of trading fees directed towards token buybacks.