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Hyperliquid’s HYPE token rose as trading activity increased on the decentralized exchange during a sharp move in oil markets. Public market data showed HYPE near $37, with a gain of about 8% over 24 hours. Meanwhile, Bitcoin and Ethereum traded lower during the same session.
Hyperliquid recorded about $1.2 billion in oil-linked trading volume as crude prices climbed above $100 a barrel on Thursday. The increase came as attacks on shipping routes raised supply concerns across global energy markets. Brent crude moved above the $100 mark, while US crude also posted strong gains.
The exchange’s oil-linked market became one of its most active contracts during the move. Hyperliquid offers stablecoin-settled perpetual markets tied to crypto assets and selected real-world assets, allowing users to trade outside traditional market hours. The platform has described this model as part of its push to expand access to broader financial markets through on-chain infrastructure.
Hyperliquid also expanded into RWA futures through Hyperliquid Improvement Proposal-3 (HIP-3), which lets users launch perpetual markets with a 1 million HYPE token deposit. On Thursday, HIP-3 open interest—the notional value of outstanding contracts, mainly tied to RWA assets—climbed to $1.33 billion.
Weekend spikes in HIP-3 open interest also showed that trading demand shifted to Hyperliquid when traditional markets were closed.
Samar Sen, head of international markets at Talos, said digital trading rails can continue price discovery when traditional futures markets are closed. He added that tokenized assets and digital market infrastructure could increasingly extend traditional finance into continuous markets.
The latest oil move followed disruption around the Strait of Hormuz, a major global energy transit route. Energy market data has long identified the strait as one of the world’s most important oil chokepoints. The current conflict has affected shipping flows through the route and increased supply concerns across the region.
As oil volatility increased, traders used round-the-clock markets to adjust positions linked to commodities and broader macro risk. Hyperliquid’s activity rose during the same period, and HYPE moved higher alongside the increase in exchange volume. Market data showed HYPE among the stronger large-cap crypto performers over the past day and week.
The rise in exchange activity also reflected stronger participation in tokenized exposure to real-world assets. Oil-linked contracts drew a large share of volume during peak trading hours, while other crypto assets remained under pressure. This shift kept Hyperliquid in focus as traders looked for continuous access to fast-moving macro markets.
HYPE hovered near the $39 to $40 range after rebounding from lower levels earlier this year. The token remained below its record high, though it continued to trade near recent highs as exchange activity stayed strong.
Hyperliquid has also announced a portfolio margin feature for qualified high-volume accounts. The system is designed to let traders offset risk across positions instead of posting a separate margin for each trade. Platform materials state that access is tied to trading activity thresholds based on weighted volume.
For now, HYPE remains supported by strong exchange activity. Oil-linked contracts rank among Hyperliquid’s busiest markets, while the token holds near recent highs. Traders now watch whether volume stays strong and price clears resistance.
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