Amid escalating tensions between the US, Israel, and Iran, crypto traders have flocked to the decentralized exchange Hyperliquid. On March 1, following US and Israeli strikes on Iran, the prices of perpetual oil futures surged by nearly 20%.
The weekend closure of traditional exchanges spurred interest in tokenized commodities. The highest demand was for HIP-3 instruments, which were introduced on Hyperliquid in October 2025.
The price of the USOIL token paired with the stablecoin USDH reached a local high of $97, before correcting to $87.
Daily trading volume for the asset reached $17 million. At the time of writing, the figure stands at over $10 million.
Gold on Hyperliquid returned to levels near $5400 per ounce with a trading turnover exceeding $159 million.
The highest activity was recorded in the perpetual futures market linked to silver, where daily trading volume reached $398 million. The price of the precious metal on the platform broke through $95.
“This is proof of the strength of tokenized assets and perpetual contracts built on cryptocurrency infrastructure,” said Kenny Chan, head of the stablecoin ecosystem at Coinbase, in a comment to DL News.
According to him, previously, during significant geopolitical events over the weekend, traders had no choice but to turn to Bitcoin.
“This weekend was an exception. Investors no longer needed to go through the first cryptocurrency. They went directly to Hyperliquid and traded what truly mattered: perpetual futures on oil, gold, and silver,” the expert noted.
Amid trader activity, the HYPE token momentarily rose by 20% — from $26 to $32. Currently, the asset is trading around $30.3.
In the past 24 hours, Bitcoin’s price has decreased by 0.4% to $66,300. Ethereum has lost 1.6%, falling to $1,900 (CoinGecko).
On March 2, analyst CryptoTalisman predicted a surge in the first cryptocurrency amid a “flight to safety.”
JAN3 CEO Samson Mow expressed a similar view, citing the overheated gold market as a reason.
