Hyperliquid’s WTI crude perpetual contracts hit approximately $1.7 billion in peak daily trading volume, with open interest reaching around $300 million. The International Energy Agency called it the largest supply disruption in the history of the global oil market, with shortfalls peaking above 13 million barrels per day. The Strait of Hormuz, which normally handles between 15 and 20 million barrels per day, saw flows drop to as low as 1.5 to 3.8 million barrels per day during the peak of the conflict. JPMorgan confirmed a structural shift toward 24/7 trading on DeFi platforms during commodity supply shocks. Hyperliquid’s native token HYPE gained roughly 35% amid the surge in trading volumes connected to the Iran conflict.
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