Hyperliquid experiences a surge in oil and gold trading as geopolitical tensions rise, with significant trading volumes and fee generation reported.
As tensions escalate between the U.S., Israel, and Iran, crypto traders are increasingly turning to the decentralized exchange Hyperliquid. Following military strikes on Iran on March 1, oil perpetual futures experienced a dramatic rise of nearly 20%.
By March 2, 2026, Hyperliquid emerged as a top platform for trading fees, accumulating close to $2 million, as reported by Artemis.
Hyperliquid is dominating fee charts.
— Artemis (@artemis) March 2, 2026
With traditional exchanges closed over the weekend, there has been a noticeable shift towards tokenized commodities, particularly the HIP-3 instruments introduced on Hyperliquid in October 2025.
The USOIL token, paired with the stablecoin USDH, reached a peak of $97 before settling back to $87, while its daily trading volume soared to $17 million, currently exceeding $10 million.
Gold prices on Hyperliquid have stabilized around $5400 per ounce, with trading volumes exceeding $159 million. Meanwhile, the silver perpetual futures market has seen the most activity, with daily trading volumes hitting $398 million, and silver prices surpassing $95 on the platform.
“This is proof of the strength of tokenized assets and perpetual contracts built on cryptocurrency infrastructure,” remarked Kenny Chan, head of the stablecoin ecosystem at Coinbase, in an interview with DL News.
Chan emphasized that during past geopolitical events, traders had relied solely on Bitcoin due to the unavailability of other assets during weekends. Now, they can directly engage with Hyperliquid to trade essential commodities like oil, gold, and silver.
“These weekends were an exception. Investors no longer needed to enter through the first cryptocurrency. They went directly to Hyperliquid and traded what truly mattered,” he noted.
The HYPE token also experienced significant movement, climbing 20% from $26 to $32, and is currently valued at approximately $30.3. In the broader market, Bitcoin has seen a slight decline of 0.4% to $66,300, while Ethereum dropped 1.6% to $1900, according to CoinGecko.
Analyst CryptoTalisman has predicted a potential rise in Bitcoin as investors seek safety, a sentiment echoed by SAMSON MOU, CEO of JAN3, who cited an overheated gold market as a contributing factor.
