Hyperliquid Oil Trades Surge 18% as Bitcoin Drops to ₱3,896,829 ($65,600)
Tokenized traditional assets are reshaping Hyperliquid's trading profile, with oil, metals and currencies comprising up to 30% of daily volume during peak periods as macro traders shift onto the decentralized exchange.
Key Takeaway
Hyperliquid proves DeFi can capture real macro flows when geopolitical chaos drives traders to onchain oil exposure.
Hyperliquid's tokenized oil perpetuals surged about 18% in a week as Bitcoin dropped approximately 2.4% to around ₱3,896,829 ($65,600) over the weekend and into Monday. Brent crude rose to approximately ₱7,069 ($119) per barrel, its highest level since 2022.
Contract volume on the decentralized exchange jumped more than 18x while open interest increased over 5x during the same period. Hyperliquid CEO Jung Hyunsun said Pandora's box is open, noting that tokenized traditional assets like oil, metals and currencies made up as much as 30% of the platform's daily volume during peak periods. The narrative around onchain financial services is changing, turning the DEX into a direct venue for macro trades rather than a DeFi casino.
The surge in tokenized asset trading comes after Hyperliquid distributed a ₱95.04 billion ($1.6 billion) HYPE token airdrop to over 90,000 users in late 2024. The airdrop represented 31% of HYPE's total supply and helped the platform overtake dYdX as the top perpetuals DEX without raising venture capital funding.
The platform's shift toward traditional asset exposure marks a departure from its crypto-native roots. Hyperliquid's team started in 2020 as Chameleon Trading, a market-making firm led by Jeff Yan, before pivoting to DeFi following FTX's collapse in late 2022. The exchange launched on a custom Layer-1 blockchain in 2023 with on-chain orderbooks, no KYC requirements, and up to 50x leverage. HYPE token now trades just over ₱1,782 ($30), nearly 50% below its September 2025 high.
This article was written based on reporting from NewsBTC.
