{"id":95477,"date":"2026-03-23T13:26:19","date_gmt":"2026-03-23T10:26:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=95477"},"modified":"2026-03-23T13:31:48","modified_gmt":"2026-03-23T10:31:48","slug":"oil-and-silver-perps-on-hyperliquid-eclipse-solana-and-xrp-volumes","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/oil-and-silver-perps-on-hyperliquid-eclipse-solana-and-xrp-volumes\/","title":{"rendered":"Oil and silver perps on Hyperliquid eclipse Solana and XRP volumes"},"content":{"rendered":"

Daily volumes in perpetual futures on oil and silver at Hyperliquid<\/a> exceeded $1.3 billion, outstripping leading altcoins.<\/p>\n

Turnover in derivatives tied to the precious metal reached $685 million. WTI crude accounted for $335 million and Brent for $334 million. Combined open interest across these markets stands at $730 million.<\/p>\n

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Source: Hyperliquid<\/a>.<\/figcaption><\/figure>\n

For comparison, Solana<\/a> saw $181 million in turnover and XRP<\/a> $30 million. Both sit in the top ten by market value, at $83 billion and $49 billion respectively.<\/p>\n

Interest in non-crypto instruments on Hyperliquid has surged since the start of the U.S. and Israeli war against Iran. Perpetuals on oil, gold, silver, equities and indices trade around the clock, drawing a new audience to the platform.<\/p>\n

Oil rally and macroeconomics<\/h2>\n

The burst of activity on the DEX<\/a> is largely driven by geopolitics. Over the weekend U.S. president Donald Trump issued<\/a> an ultimatum: Tehran must unblock the Strait of Hormuz within 48 hours, or American forces will strike Iranian power plants.<\/p>\n

Against that backdrop, Brent jumped 2.4% \u2014 to $109<\/a>. WTI rose 1% \u2014 to $99.<\/p>\n

Analysts at Goldman Sachs have raised their energy-market forecasts, writes Reuters<\/a>. They expect Brent to average $100 a barrel in March\u2013April, and WTI $79.<\/p>\n

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\u201cAt the peak of uncertainty, the price could reach $135 a barrel. Such a level would be required if the market priced in a risk premium that triggers a preemptive reduction in demand sufficient to offset supply losses. The scenario assumes ten weeks of minimal deliveries and a sustained drop in production of 2 million barrels a day over half a year,\u201d the specialists noted.<\/em><\/p>\n<\/blockquote>\n

The head of the IEA<\/span> Fatih Birol called<\/a> the current energy crisis more severe than the oil shocks of the 1970s. Investors have ruled out<\/a> a key-rate cut by the Fed<\/span> this year.<\/p>\n

At the same time, silver fell 6.2% over the past 24 hours. At the time of writing the metal trades at $63.4 an ounce.<\/p>\n

Bitcoin\u2019s position<\/h2>\n

The first cryptocurrency remains the most popular asset on Hyperliquid, with $2.1 billion in volume. Open interest stands at $1.7 billion.<\/p>\n

Over the past 24 hours, digital gold has lost 1%. At the time of writing bitcoin changes hands around $68,100.<\/p>\n

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Hourly chart of BTC\/USDT on Binance. Source: TradingView<\/a>.<\/figcaption><\/figure>\n

According to MN Trading founder Micha\u00ebl van de Poppe, the asset is finding support in the current range. He compared the cryptocurrency\u2019s dynamics with traditional instruments: gold (-25% over two months) and silver (-50%).<\/p>\n

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Again, a state of boredom in the #Crypto<\/a> markets.#Bitcoin<\/a> remains stuck in the range, and is looking like we’ll find some support here. <\/p>\n

Lower bounds of the range = the area to get interested in.<\/p>\n

On the other hand:
\u2014 Gold down 25% in 2 months (holy moly)
\u2014 Silver down 50% in\u2026 pic.twitter.com\/c2iGsVV8Fv<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) March 23, 2026<\/a><\/p><\/blockquote>\n