Daily volumes in perpetual futures on oil and silver at Hyperliquid exceeded $1.3 billion, outstripping leading altcoins.
Turnover in derivatives tied to the precious metal reached $685 million. WTI crude accounted for $335 million and Brent for $334 million. Combined open interest across these markets stands at $730 million.
For comparison, Solana saw $181 million in turnover and XRP $30 million. Both sit in the top ten by market value, at $83 billion and $49 billion respectively.
Interest in non-crypto instruments on Hyperliquid has surged since the start of the U.S. and Israeli war against Iran. Perpetuals on oil, gold, silver, equities and indices trade around the clock, drawing a new audience to the platform.
Oil rally and macroeconomics
The burst of activity on the DEX is largely driven by geopolitics. Over the weekend U.S. president Donald Trump issued an ultimatum: Tehran must unblock the Strait of Hormuz within 48 hours, or American forces will strike Iranian power plants.
Against that backdrop, Brent jumped 2.4% — to $109. WTI rose 1% — to $99.
Analysts at Goldman Sachs have raised their energy-market forecasts, writes Reuters. They expect Brent to average $100 a barrel in March–April, and WTI $79.
“At the peak of uncertainty, the price could reach $135 a barrel. Such a level would be required if the market priced in a risk premium that triggers a preemptive reduction in demand sufficient to offset supply losses. The scenario assumes ten weeks of minimal deliveries and a sustained drop in production of 2 million barrels a day over half a year,” the specialists noted.
The head of the IEA Fatih Birol called the current energy crisis more severe than the oil shocks of the 1970s. Investors have ruled out a key-rate cut by the Fed this year.
At the same time, silver fell 6.2% over the past 24 hours. At the time of writing the metal trades at $63.4 an ounce.
Bitcoin’s position
The first cryptocurrency remains the most popular asset on Hyperliquid, with $2.1 billion in volume. Open interest stands at $1.7 billion.
Over the past 24 hours, digital gold has lost 1%. At the time of writing bitcoin changes hands around $68,100.
According to MN Trading founder Michaël van de Poppe, the asset is finding support in the current range. He compared the cryptocurrency’s dynamics with traditional instruments: gold (-25% over two months) and silver (-50%).
Again, a state of boredom in the #Crypto markets.#Bitcoin remains stuck in the range, and is looking like we’ll find some support here.
Lower bounds of the range = the area to get interested in.
On the other hand:
— Gold down 25% in 2 months (holy moly)
— Silver down 50% in… pic.twitter.com/c2iGsVV8Fv— Michaël van de Poppe (@CryptoMichNL) March 23, 2026
“I am quite satisfied that bitcoin is not falling deeper and is holding,” van de Poppe said.
The expert expects digital gold to rebound to around $70,000 in the near term. Investor Ted Pillows, however, saw a risk of a drop towards $50,000.
$BTC continues to form lower highs and lower lows.
The next dump towards the $50,000 level is just a matter of time. pic.twitter.com/nkMqhQIC17
— Ted (@TedPillows) March 22, 2026
In March, the analyst under the pseudonym Darkfost called the oil rally an unfavourable factor for the crypto market.
