Crypto platforms now offer perpetual futures contracts for West Texas Intermediate (WTI) crude oil. These products enable 24/7 trading outside of traditional market hours. Traders utilize cryptocurrency or stablecoins as collateral to speculate on these commodity prices.
Geopolitical volatility drives market participants to these always-on venues to react to news while conventional exchanges are closed. The decentralized exchange Hyperliquid has emerged as the dominant platform for these derivatives. Daily trading volume for Hyperliquid’s oil contracts recently exceeded $1 billion.
Oil has at times become the second-most traded asset on Hyperliquid, trailing only Bitcoin. Other major industry players, including Coinbase and Binance, also provide similar oil-based derivative products.