Amid escalating tensions between the U.S., Israel, and Iran, crypto traders have flocked to the decentralized exchange Hyperliquid. On March 1, following U.S. and Israeli strikes on Iran, oil perpetual futures surged nearly 20%.

As of March 2, 2026, Hyperliquid has taken the lead in generated fees, according to Artemis, with figures nearing $2 million.

Hyperliquid is dominating fee charts. https://t.co/G6Z7KwZuhd

— Artemis (@artemis) March 2, 2026

The weekend closures on traditional exchanges have sparked increased interest in tokenized commodities. The highest demand has been for HIP-3 instruments, which launched on Hyperliquid in October 2025.

The price of the USOIL token paired with the stablecoin USDH reached a local peak of $97 before correcting to $87.

Daily trading volume for the asset hit $17 million, and as of this writing, it stands at over $10 million.

Hourly chart for USOIL/USDH on Hyperliquid. Source: Hyperliquid.

Gold on Hyperliquid has returned to around $5400 per ounce, with trading volume exceeding $159 million.

Hourly chart for GOLD/USD on Hyperliquid. Source: Hyperliquid.

The highest activity was recorded in the perpetual futures market tied to silver, where daily trading volume reached $398 million. The price of the precious metal on the platform broke through $95.

Hourly chart for SILVER/USD on Hyperliquid. Source: Hyperliquid.

“This is proof of the strength of tokenized assets and perpetual contracts built on cryptocurrency infrastructure,” stated Kenny Chan, head of the stablecoin ecosystem at Coinbase, in a comment to DL News.

He noted that previously, during significant geopolitical events on weekends, traders had no choice but to rely on Bitcoin.

“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: perpetual futures on oil, gold, and silver,” the expert remarked.

Amid trader activity, the HYPE token surged 20% at one point, rising from $26 to $32. It is currently trading around $30.3.

Hourly chart for HYPE/USDT on Bybit. Source: TradingView.

In the last 24 hours, Bitcoin's price fell by 0.4% to $66,300. Ethereum dropped 1.6%, falling to $1900 (CoinGecko).

On March 2, analyst CryptoTalisman predicted a rise in the first cryptocurrency amid a "flight to safety."

SAMSON MOU, CEO of JAN3, shared a similar view, citing an overheated gold market as a reason.