According to JPMorgan, Iran war-related oil volatility pushed traders to Hyperliquid’s always-open market as CME trading paused, highlighting rising demand for 24/7 access to traditional-asset exposure through decentralized derivatives venues.
JPMorgan said oil-market volatility tied to the Iran conflict drove a surge in trading on decentralized exchange Hyperliquid as traders sought round-the-clock access while CME markets were closed. In a Wednesday report, analysts led by Nikolaos Panigirtzoglou said Hyperliquid’s CL-USDC perpetual oil contract reached $1.7 billion in peak daily volume and around $300 million in open interest. The bank said the contract became Hyperliquid’s third-most traded product as non-crypto investors used perpetual futures to gain continuous oil exposure. JPMorgan added that demand for 24/7 trading, combined with onchain order books, sub-second finality, portfolio margining and self-custody, is helping DEXs take share from mid-tier centralized exchanges in crypto derivatives.