JPMorgan has highlighted Hyperliquid, a decentralized exchange where users trade directly via smart contracts without a central operator holding customer funds. The volume of this volume was largely driven by non-crypto traders seeking oil price exposure during the Iran war, when CME crude markets were closed. The CL-USDC contract, a crude oil perpetual futures product margined in USDC with up to 20x leverage, remained open for price discovery around the clock. Within days, Hyperliquid became the platform's third-most-traded product, behind only Bitcoin and Ethereum. The bank highlighted that this trend is likely to expand beyond oil. The competitive implications for mid-tier centralized exchanges in crypto derivatives could be seen as pressure.