Oil contracts on Hyperliquid have become a focal point for crypto traders as geopolitical tensions in the Middle East, particularly involving Iran, drive volatility in global crude prices. The CL-USDC contract recorded over 1.2 billion USD in 24-hour trading volume, up sharply from approximately 21 million USD previously. As oil prices climbed, roughly 75 million USD in short positions were liquidated. Hyperliquid allows users to trade oil contracts using USDC stablecoin with leverage without opening accounts on traditional commodity exchanges, attracting both retail traders and professional liquidity providers seeking 24/7 market access.
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