Hyperliquid Crude Oil Contract CL-USDC Daily Trading Volume Surpasses $1.2 Billion, Becoming the Platform's Second Largest Trading Market

On March 10, Bloomberg reported that due to escalating conflicts in the Middle East, the perpetual contract tracking WTI crude oil on the Hyperliquid platform had a 24-hour trading volume exceeding $1.2 billion, making it the second largest market after Bitcoin. The contract price briefly rose to $107 per barrel, and $75 million in short positions were liquidated, indicating market sensitivity to the Iran situation.
According to Gate News, on March 10, Bloomberg reported that as the Middle East conflict escalates and disrupts global supply chains, the perpetual contract tracking WTI crude oil (West Texas Intermediate benchmark price) on the crypto trading platform Hyperliquid saw a trading volume surpassing $1.2 billion in the past 24 hours, becoming the platform’s second largest trading market after Bitcoin. The contract tracks the West Texas Intermediate crude oil price, which briefly rose to $107 per barrel on Sunday, providing real-time pricing signals to the market regarding the escalation of the Iran situation hours before the Wall Street open.
Data from Coinglass shows that over the past day, as prices increased, nearly $75 million in short positions were liquidated. The daily trading volume of this contract surged significantly from approximately $21 million before the U.S. sanctions on Iran, with open interest reaching $183 million.