Crypto traders are increasingly using decentralized exchanges to bet on macro markets, and this week oil became the center of attention.

An oil linked perpetual contract on Hyperliquid, known as CL-USDC, generated more than $1.2B in trading volume over 24 hours, surpassing ether to become the platform’s second most traded market after bitcoin. Open interest climbed to about $183M as activity surged.

The spike followed a dramatic move in global energy markets. Oil futures jumped more than 30%, briefly pushing toward $120 per barrel, as escalating tensions in the Middle East raised fears about supply disruptions.

But the move did not last. After the initial surge, prices quickly pulled back into the two digit range because President Donald Trump said that the war with Iran was “almost completely over.”

This story is an excerpt from the Unchained Daily newsletter.

Hyperliquid’s contract tracks West Texas Intermediate crude and is structured as a perpetual future settled in USDC, allowing traders to take leveraged positions around the clock. Because it runs 24/7, the platform often becomes an early venue for price discovery when geopolitical shocks hit outside traditional market hours.