According to Bloomberg, the crypto derivatives exchange Hyperliquid's perpetual contract CL-USDC tracking WTI crude oil traded over $1.2 billion in the past 24 hours, surpassing ETH to become the platform's second-largest trading market, only behind BTC. This surge in trading volume coincided with the rise in oil prices by over 30% in traditional markets due to conflicts in the Middle East. The contract uses USDC as collateral and settlement asset, and is a perpetual contract with no expiration date. The current open interest is approximately $183 million.

🚨 Crude Oil Above $110: Is This the Start of a New Energy Supercycle? A Trader’s Perspective
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The global energy market has once again captured the attention of traders and investors worldwide. In a dramatic overnight rally, crude oil prices surged sharply, pushing WTI above $110 and Brent crude beyond $110, levels that immediately reignited discussions about supply shocks, geopolitical tensions, and the possibility of a longer-term energy bull market.
For many traders, this move was not just another headline—it was a moment that highlighted how quickl