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I only noticed last weekend that Hyperliquid's crude oil trading is so hot, with open interest in two types of crude oil directly surpassing $1 billion. WTIOIL alone has $670 million in open contracts, and BRENTOIL has reached $334 million, totaling a pretty significant amount.
Interestingly, traders have recently started to shift towards going long on crude oil, which can be seen from the funding rates — the 24-hour funding rates for both oils have risen to around 0.6%. This level of funding rate indicates that the market sentiment remains quite bullish about the future. It seems that Hyperliquid is indeed capturing the trading frenzy after the traditional market closes, and the growth rate of open interest is quite rapid.