BREAKING: Oil Futures Dethrone Crypto on HIP-3 Leaderboard as Traders Flock to 24/7 Hyperliquid Market
Oil has violently seized the top spot on the HIP-3 perpetual futures leaderboard, with surging open interest and volatility pulling crypto traders into a new 24/7 battlefield. The commodity's wild price swings around $100, fueled by geopolitical tensions and supply uncertainty, are generating outsized directional bets and attracting capital away from stagnant digital assets. This marks a pivotal shift as HIP-3 cements its role as the primary venue for trading WTI and Brent futures, following previous hype cycles around gold and silver.
Oil stands just below top crypto assets on Hyperliquid
This put the XYZ:CL futures at the top with $296.68M in open interest and a $500M open interest cap. The futures also have the highest volume on HIP-3, with over $674M in 24 hours, surpassing Brent, as well as gold and silver.
At the peak, WTI contracts achieved over $1.2B in daily trading. The contract even briefly expanded above Ethereum’s volume on Hyperliquid, and was second only to BTC trading, with $3.6B in daily volumes. Hyperliquid also noted that RWA futures reached record activity in March.
Oil futures have been used for momentum trading and can react quickly with 24/7 trading hours. The commodity futures still caused liquidations when the official price corrected to under $80 the previous week.
Abraxas Capital has started shorting oil
As oil levels remain uncertain, Abraxas Capital added futures trading to its crypto strategy. Abraxas opened a short position on crude light oil by Trade.XYZ, with a notional value of over $14M.
The position is currently holding unrealized losses of $449K. At the same time, Abraxas has switched long on BTC, potentially predicting that the war in Iran and pressures on oil would reverse and BTC would resume its bull market.
Abraxas is just one of the players on a platform that is still mostly reserved for crypto-native whales and retail traders. The market’s rise shows crypto platforms are quick to adapt and secure liquidity, along with clear trends and rising mindshare.
Unlike Hyperliquid’s perpetual futures contracts, no other forms of tokenized oil have gained attention, showing that liquidity is more valuable than simple tokenization.
The price of crude oil on Hyperliquid is speculative and does not directly affect traditional markets. HIP-3 relies on Hyperliquid validators to offer on-chain data on the price of oil. The market is still at risk for mass liquidations and increased volatility.
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