Hyperliquid's oil perpetual futures surged past $4B in daily trading volume, with WTI contracts leading at $1.7B and Brent close behind at $2.78B. The frenzy follows Abraxas Capital's high-profile positions, which have drawn copycat trades from other market participants.
Abraxas paid $1.7M in fees for a single position—roughly $120K hourly during peak oil trading windows. While the hedge fund closed some shorts for marginal profits on April 9, its bulk positions remain active, capitalizing on HIP-3's oracle mechanism that references front-month futures prices.
The WTI market's backwardation suggests tight physical supply, amplifying speculative activity. Traders appear undeterred by peak annualized funding rates, maintaining large short exposures even as volumes break records.
Log in to Reply
Log in to comment your thoughtsComments