{"id":95081,"date":"2026-03-10T12:40:58","date_gmt":"2026-03-10T09:40:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=95081"},"modified":"2026-03-10T12:45:24","modified_gmt":"2026-03-10T09:45:24","slug":"tokenized-oil-surpasses-ethereum-on-hyperliquid-exchange","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tokenized-oil-surpasses-ethereum-on-hyperliquid-exchange\/","title":{"rendered":"Tokenized Oil Surpasses Ethereum on Hyperliquid Exchange"},"content":{"rendered":"<p>The daily trading volume of perpetual oil contracts (CL-USDC) on the decentralized exchange <a href=\"https:\/\/forklog.com\/en\/news\/the-price-of-popularity-and-a-lesson-for-all-hyperliquid\">Hyperliquid<\/a> surged from $21 million to $1.2 billion, pushing Ethereum from its second place in popularity on the platform.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-2dcde384256ffe65-8351779399549459.webp\" alt=\"Screenshot 2026-03-10 120457\" class=\"wp-image-276527\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-09\/oil-trades-are-booming-on-24-7-crypto-exchange-hyperliquid\">Bloomberg\/Hyperliquid<\/a>.<\/figcaption><\/figure>\n<p>Open interest in the asset reached $183 million. The trading spike occurred amid sharp price changes and high volatility in commodity markets. As a result, the platform forcibly closed traders&#8217; short positions totaling approximately $75 million in just one day.<\/p>\n<p>Despite mass liquidations, some major players continue to bet on a decline. According to Lookonchain, within five hours, one whale transferred 9.5 million USDC to Hyperliquid to short oil with 20x leverage.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Whale 0x985f deposited 9.5M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> into HyperLiquid in the past 5 hours to short <a href=\"https:\/\/twitter.com\/hashtag\/oil?src=hash&#038;ref_src=twsrc%5Etfw\">#oil<\/a> with 20x leverage.<\/p>\n<p>Positions:<br \/>94,512 xyz:CL($8.17M)<br \/>68,974 xyz:BRENTOIL($6.15M)<\/p>\n<p>He also shorted multiple tokens, including <a href=\"https:\/\/twitter.com\/search?q=%24HYPE&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$HYPE<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24PUMP&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$PUMP<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24XPL&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$XPL<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24APT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$APT<\/a>, and <a href=\"https:\/\/twitter.com\/search?q=%24ASTER&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ASTER<\/a>.<a href=\"https:\/\/t.co\/5uPPCRKVOl\">https:\/\/t.co\/5uPPCRKVOl<\/a> <a href=\"https:\/\/t.co\/Zuptrv07se\">pic.twitter.com\/Zuptrv07se<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/2031284095431618998?ref_src=twsrc%5Etfw\">March 10, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>His bets include 94,512 xyz:CL contracts worth $8.17 million and 68,974 xyz:BRENTOIL contracts worth $6.15 million. Besides commodities, this trader also opened short positions on several crypto assets, including HYPE, PUMP, XPL, APT, and ASTER tokens.<\/p>\n<p>The perpetual derivative CL-USDC tracks the price of a barrel of WTI crude oil. The platform uses the stablecoin <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> as margin and settlement currency.\u00a0<\/p>\n<p>The decentralized platform provided traders with round-the-clock access to the commodity market. Users were able to open positions over the weekend while traditional global exchanges were closed. Previously, similar popularity growth on Hyperliquid was <a href=\"https:\/\/forklog.com\/en\/news\/traders-shift-to-hyperliquid-for-oil-and-gold-trading-amid-geopolitical-tensions\">demonstrated<\/a> by gold and silver contracts.<\/p>\n<p>According to <a href=\"https:\/\/www.bloomberg.com\/news\/live-blog\/2026-03-08\/iran-latest-mmia2vxb\">Bloomberg<\/a>, an improvement in global risk appetite contributed to a sharp shift in market sentiment. WTI crude oil fell below $86 per barrel after trading above $119 earlier in the day. Simultaneously, the S&#038;P 500 stock index rose by 1% after a decline of more than 1.5%.<\/p>\n<p>The cryptocurrency market also responded with growth. At the time of writing, digital gold <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-recovers-weekend-losses-tests-70000\">returned to the $70,000<\/a> mark, and Ethereum held above the $2,000 level.\u00a0<\/p>\n<p>Analysts at SignalPlus <a href=\"https:\/\/cointelegraph.com\/news\/iran-war-confusion-sends-oil-tumbling-as-crypto-posts-modest-gains\">noted<\/a> the impact of macroeconomic factors. Experts believe that during periods of high commodity volatility, Bitcoin will continue to serve as a store of value.\u00a0<\/p>\n<p>Specialists at Bitrue anticipate a return of investor interest in risk assets, provided oil prices stabilize.<\/p>\n<p>Earlier, on March 9, an analyst known as Darkfost <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-says-surging-oil-is-a-headwind-for-bitcoin\">described<\/a> the rise in oil prices as an unfavorable factor for the leading cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The daily trading volume of perpetual oil contracts on Hyperliquid surged from $21 million to $1.2 billion, pushing Ethereum from its second place in popularity.<\/p>\n","protected":false},"author":1,"featured_media":95082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Oil contracts on Hyperliquid surged to $1.2B, surpassing Ethereum in popularity.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1823,1211],"class_list":["post-95081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-hyperliquid","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"213","promo_type":"1","layout_type":"1","short_excerpt":"Oil contracts on Hyperliquid surged to $1.2B, surpassing Ethereum in popularity.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=95081"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95081\/revisions"}],"predecessor-version":[{"id":95083,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95081\/revisions\/95083"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/95082"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=95081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=95081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=95081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}