Author：CoinDesk

Traders on decentralized exchange Hyperliquid are favoring traditional commodities like oil and silver, trading them more aggressively than crypto tokens such as XRP (XRP) and solana (SOL).

Perpetual futures contracts tied to crude oil benchmarks WTI and Brent have recorded a combined trading volume of over $500 million in the past 24 hours. The silver contract alone accounted for more than $412 million in trades.

By trading activity, oil and silver contracts now far outpace SOL and XRP perps, which posted $176 million and $31 million in volume, respectively. For context, both XRP and SOL have multibillion-dollar market caps and rank among the world’s largest cryptocurrencies.

This trend comes as commodities have turned highly volatile amid the ongoing Iran conflict, which has disrupted crude supply through the strategic Strait of Hormuz — a critical chokepoint for roughly 20% of global oil shipments. It underscores Hyperliquid’s emergence as a go-to platform for price discovery in commodities, especially over weekends when traditional markets are closed.

Hyperliquid's perpetual rankings. (Hyperliquid)

Brent and WTI crude prices have surged more than 45% this month, the kind of returns typically seen in memecoins. The rally has pushed oil above $100 a barrel, sending inflationary shocks worldwide and drawing renewed attention to commodities as a sector of interest amid heightened geopolitical and market risks.

The uncertainty shows no signs of abating, suggesting Hyperliquid’s energy markets could continue to see heavy activity and potentially challenge bitcoin and ether’s dominance. Perpetual contracts tied to the two tokens still remain the most traded on the exchange, posting 24-hour volumes of $1.94 billion and $990 million, respectively.

Iran said early Monday that the Strait of Hormuz would be "completely closed" immediately if the U.S. follows up on President Donald Trump's threat to attack its power plants.

The stark warning came after Trump said the U.s. would obliterate Iran's power plans if Tehran fails to fully allow oil tankers to pass through the Strait within 48 hours.

In the meantime, analysts at investment banking giant Goldman Sachs have lifted their oil price forecasts amid the ongoing supply disruption.

They now see the Brent crude averaging $100 a barrel over March-April, up from a prior forecast of $98, and implying a roughly 62% premium to their full‑year 2025 outlook. The bank also revised its full‑year 2026 Brent average higher to $85 a barrel, while maintaining a robust $80 average for 2027.