Hyperliquid crude oil futures volume now second only to Bitcoin

The 24-hour trading volume for crude oil perpetual futures on Hyperliquid has reached approximately $1.4 billion, ranking second only to Bitcoin's $3.5 billion and significantly outpacing Ethereum's $900 million, Decrypt reported. Amid rising tensions in the Middle East, $56 million in crude oil positions were liquidated over the same period, the second-highest amount after Bitcoin. Marcin Kazmierczak, co-founder of oracle provider RedStone, pointed to Hyperliquid's permissionless market program, HIP-3, as a key driver of the platform's growth. Open interest in these permissionless markets recently hit an all-time high of $1.2 billion. Of the top 30 markets, only seven are crypto pairs, with the remainder consisting of commodities and stocks such as crude oil, gold, silver, and the S&P 500.