JPMorgan: Non-Crypto Traders Using Hyperliquid For 24/7 Oil Trading During Iran War

Hyperliquid’s (NASDAQ:PURR) oil perpetual futures contract hit $1.7 billion in daily trading volume as non-crypto traders sought 24/7 oil exposure during the Iran war, JPMorgan (NYSE:JPM) analysts said on Thursday. The Weekend Oil Trading Surge Trading in Hyperliquid’s West Texas Intermediate crude oil (CL-USDC) contract spiked earlier this month as the Iran war escalated over a weekend when traditional venues like CME were closed. Open interest rose to roughly $300 million. The contract is margined in USDC and offers leverage of up to 20x, making it accessible to traders seeking exposure. Daily trading volume reached around $1.7 billion at its peak, surpassing all products except Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). “This traction is likely to grow over time and extend to other assets beyond commodities as decentralized exchanges exploit a gap in traditional markets by facilitating 24/7 trading in traditional assets,” JPMorgan analysts led by managing director Nikolaos Panigirtzoglou said. Why DEXs Are Winning Market Share Unlike many decentralized exchanges that rely on automated market makers, Hyperliquid uses on-chain limit order books, which offer more precise pricing, tighter spreads, and familiar order types for professional traders. The platform offers sub-second transaction finality, enabling faster execution speeds that appeal to algorithmic and high-frequency trading strategies. Portfolio margining allows traders to manage risk across an entire portfolio rather than individual positions, improving capital efficiency. These features help decentralized exchanges position themselves as professional-grade trading venues that bridge traditional and crypto markets. Decentralized exchanges have already started capturing market share from centralized exchanges in crypto derivatives, particularly among mid-tier venues. TradFi’s 24/7 Response Traditional finance exchanges are moving toward round-the-clock trading. CME Group plans to launch 24/7 cryptocurrency futures and options trading on May 29. Nasdaq is advancing toward 23-hour weekday equities trading targeting the second half of 2026. The New York Stock Exchange is developing a platform for tokenized assets and extended-hours trading pending approvals. Cboe Global Markets offers perpetual-style Bitcoin and Ethereum futures and has proposed near-24/5 equities trading for a potential December rollout. However, most traditional venues typically do not offer perpetual futures or the high leverage commonly seen on decentralized exchanges, instead focusing on standardized derivatives with lower leverage. HYPE Tests $39 Support Hyperliquid is trading flat today after rallying nearly 50% from $29.80 on March 7 to $43.80. The Supertrend flipped bullish on March 9 and currently sits at $39.03. Price is retesting that level after sharp rejection from the $43.80 peak. The 20 EMA at $40.64 and 50 EMA at $40.14 converge just above current price, creating a tight cluster. The 100 EMA at $38.63 and 200 EMA at $36.29 sit well below, reflecting genuine trend strength. Image: Shutterstock