"It even surpassed Ethereum"…On-chain crude oil trading volume also surges amid Middle East conflict

On-chain crude oil trading volume is also surging as the Middle East conflict has fueled a rise in international oil prices, data showed.

OKX Ventures, the venture arm of global cryptocurrency exchange OKX, said on X that “on Hyperliquid (HYPE), the 24-hour trading volume of the ‘CL-USDC’ perpetual contract tracking West Texas Intermediate (WTI) jumped from a pre-(Iran) war daily average of $21 million to $1.2 billion–$1.99 billion now.” OKX Ventures added that “when crude oil volume hit a record high, it surpassed Ethereum (ETH) volume, becoming the second most-traded asset on the network.”

The surge is not limited to decentralized exchanges (DEXs). OKX Ventures said, “Gate data show 24-hour trading volume for Brent crude contracts rose 951%, and volume for XTI, a WTI contract, also increased by about 397%.”

OKX Ventures stressed that “institutional and retail funds are flowing in en masse (into crude oil trading).” It analyzed that “Hyperliquid’s current crude oil open interest (OI) stands at around $183 million–$290 million,” adding that “this suggests funds are being deployed not only for ultra-short-term trading but also to build longer-term macro hedge positions.”