JPMorgan analysts point to the surge in trading activity on the decentralized exchange Hyperliquid, primarily driven by many non-cryptocurrency traders utilizing its 24/7 perpetual futures to gain oil exposure during traditional market closures. Trading volume for its WTI crude oil contracts (CL-USDC) surged during the recent weekend's geopolitical tensions, peaking at approximately $1.7 billion per day in mid-March, with open interest reaching around $300 million. Analysts believe the platform's appeal lies in its on-chain limit-price order book for precise pricing, sub-second final confirmation for rapid execution, and portfolio margining for improved capital efficiency—advantages that make decentralized exchanges (DEXs) a professional-grade trading venue connecting traditional and cryptocurrency markets.