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Hyperliquid Token Approaches $35 Amid Surge in Oil-Linked Perpetual Contracts

Hyperliquid Token Approaches $35 Amid Surge in Oil-Linked Perpetual Contracts

According to OKX Ventures, Middle East geopolitical tensions drove a sharp rise in Hyperliquid’s onchain oil trading, with CL-USDC perpetual volume and broader market open interest reaching significantly higher levels.

USDC
HYPE

Fact Check
The statement is accurately reflected in real-time market data and news reports from March 12, 2026. OKX Ventures' data regarding the surge in CL-USDC volume (up to $1.99B) and the HYPE token price reaching approximately $34.66-$35 are corroborated by BlockBeats, OKX, and MEXC.
Summary

According to OKX Ventures, geopolitical tensions in the Middle East fueled a major increase in onchain oil trading on Hyperliquid. The firm said Hyperliquid’s CL-USDC perpetual volume jumped from $21 million to between $1.2 billion and $1.99 billion within 24 hours, surpassing the roughly $991 million previously cited for the oil-linked trading surge. Hyperliquid oil open interest was reported in a range of $183 million to $290 million, while HIP-3 market open interest reached a record $1.2 billion. The updated figures strengthen the picture of elevated demand for round-the-clock commodity exposure on Hyperliquid during regional market stress.

Terms & Concepts
  • Perpetual Contracts: Derivative contracts with no expiry date, allowing traders to hold positions continuously while meeting margin requirements.
  • USDC: A U.S. dollar-pegged stablecoin commonly used as collateral or settlement currency in crypto trading markets.
  • Open Interest: The total number or value of outstanding derivative positions that remain open, used to gauge market participation and positioning.