Hyperliquid, a decentralized exchange running on its own Layer 1 blockchain, attracts attention from investors who want to access oil prices during hours when traditional markets are closed. The ability to carry out transactions, especially on weekends and during non-working hours, has led to a significant increase in activity on the platform. Recent geopolitical developments have made this trend more visible.
Remarkable Volume Increase in Oil Contracts
CL-USDC, a perpetual futures contract based on West Texas Intermediate crude oil, reached daily trading volume of approximately $1.7 billion in mid-March. In the same period, the open position size increased to 300 million dollars. This product has become the third most traded asset on the platform after Bitcoin and Ethereum. The contract, which was traded with USDC collateral, provided access to a wider investor base by offering up to 20 times leverage.
Gap in Traditional Markets Strengthens the DeFi Side
JPMorgan analysts evaluated that the fact that traditional financial markets are limited to certain hours increases the interest in decentralized platforms. Especially during the weekend when tensions originating from Iran increased, the closure of classical stock markets led investors to look for alternatives. In this process, platforms such as Hyperliquid stood out with the possibility of continuous transactions.
JPMorgan analysts assessed that decentralized exchanges offer investors constant access, bypassing the time limitations of traditional markets, and that this trend may spread to different assets over time.
Professional Trading Infrastructure Attracts Attention
Unlike many decentralized exchanges, Hyperliquid uses an on-chain limit order book rather than an automatic market maker. This structure enables more precise pricing, narrow spreads and order types that professional investors are accustomed to. In addition, offering sub-second transaction accuracy provided an advantage in terms of algorithmic and high-frequency transactions.
The platform’s portfolio collateralization feature allows investors to manage their risks through the total portfolio rather than individual positions. This approach offers a similar experience to more advanced centralized platforms while improving capital efficiency. These features have contributed to the greater acceptance of decentralized exchanges among professional investors.
Decentralized exchanges have begun to gain market share in the crypto derivatives market, especially among mid-sized platforms. Factors such as the possibility of continuous transactions, assets remaining under user control, and fast transaction processing support this trend. Although there has been a slight slowdown in this transition in recent months, it is stated that the general trend continues.
On the other hand, traditional financial institutions are also taking steps to expand their trading hours. It is stated that CME Group plans 24/7 trading in crypto derivative products, while Nasdaq is turning to a 23-hour trading model on weekdays. Institutions such as the New York Stock Exchange and Cboe are similarly working on tokenized assets and expanded trading hours.
However, these platforms generally focus on standard derivative products and do not yet offer the high leverage or perpetual futures structure seen in decentralized exchanges. This difference indicates that the competition between the two markets may become more evident in the coming period.
