Expert Report: Hyperliquid Anticipated 80% of Oil Price Movement Before Traditional Markets Opened

MarketsShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailExpert Report: Hyperliquid Anticipated 80% of Oil Price Movement Before Traditional Markets Opened

TD Securities highlights the rapid growth of "perpetual futures" beyond the cryptocurrency space as platforms like Hyperliquid begin to surpass traditional Wall Street exchanges in various sectors, including pre-IPO tech stocks and weekend oil trading.

By Helene Braun|Edited by Stephen Alpher Jun 2, 2026, 4:02 p.m. 2 min readMake preferred on

Key Points:

• Perpetual futures, previously a niche product in crypto, are evolving into a more comprehensive market structure that could encompass commodities, equities, and private markets, per TD Securities.
• Recent regulatory changes in the U.S. and increasing institutional interest, including the CFTC's endorsement of bitcoin perpetuals on Kalshi and Coinbase's initiative for equity-index perps, are driving this transformation.
• Platforms like Hyperliquid are challenging the conventional exchanges' roles in price discovery by offering commodity and pre-IPO perpetual futures, which has led to scrutiny and competitive responses from major players like CME and ICE.

A recent report from TD Securities indicates that perpetual futures are starting to expand beyond their original crypto roots and are emerging as a significant asset class.

The bank noted that the latest regulatory developments in the U.S. along with increasing institutional interest are transforming perpetual futures—commonly referred to as "perps"—from a niche product into a broader market structure that could ultimately cover commodities, equities, and private investments.

According to TD Securities, "PERPs are no longer just a crypto product. They are evolving into a broader market-structure product."

Unlike traditional futures, perpetual futures do not have an expiration date. They utilize funding-rate mechanisms to ensure that prices remain aligned with the underlying markets. These contracts have become the primary trading instrument in crypto, making up about 80% of global digital asset trading volumes, as reported by TD.

The momentum for this trend increased last month when the Commodity Futures Trading Commission (CFTC) authorized bitcoin BTC$67,641.17 perpetual futures to trade on the prediction market platform Kalshi. Coinciding with this, Coinbase (COIN) announced its plans to introduce U.S. equity-index perpetual futures and move closer to linking American customers with offshore perpetual futures markets.

The report claims that institutional demand is broadening beyond just cryptocurrencies. Hyperliquid (HYPE), the leading decentralized perpetual futures platform, now offers contracts related to commodities and private companies. This platform has emerged as a venue for trading pre-IPO contracts associated with firms like Cerebras and SpaceX, enabling traders to speculate on valuations prior to their public listings.

Hyperliquid's expansion is also challenging the traditional exchanges' established role in price discovery.

TD highlighted the trading activity during the U.S.-Israel-Iran conflict earlier this year when commodity markets were closed over the weekend, yet Hyperliquid remained operational. The report indicated that notional volume in oil-linked perpetual futures on the platform surged from approximately $25 million to over $550 million by the third weekend of trading. Hyperliquid also accounted for about 80% of the subsequent movement in West Texas Intermediate crude before CME's market reopened.

As TD noted, "The significance was not just the volume, but price discovery occurring before traditional commodity markets reopened."

This trend is not limited to commodities. TD pointed out that Hyperliquid's pre-IPO perpetual futures for companies such as Cerebras and SpaceX serve as an initial test to see if blockchain-based markets can aid in establishing valuations before stocks start trading publicly.

This growth has attracted the attention of established exchanges. TD mentioned that ICE and CME have urged regulators to scrutinize Hyperliquid's oil-linked products while simultaneously exploring similar offerings themselves, signaling a growing competition between traditional and crypto-native market infrastructures.

TD anticipates that commodities will be a significant growth area for perpetual futures, with oil, gold, and copper likely at the forefront. As regulators work towards establishing a formal U.S. framework for these products, the key question remains whether perpetual futures will continue to attract interest under stricter oversight.