Crypto Markets Track War Risk as Iran Conflict Endures

Crypto markets are once again serving as the only open window into how traders are pricing the continuing conflict in the Middle East, with contracts tracking oil, gold and silver on Hyperliquid showing notable moves as the Iran war enters its second week.

The contracts — perpetual futures on Hyperliquid, a crypto exchange that has become one of the largest venues for around-the-clock derivatives trading — track asset prices but never expire, allowing traders to hold leveraged positions without clearinghouse delays. They are settled in stablecoins such as USDC, which are pegged to the US dollar. And while their volumes remain a fraction of conventional commodity markets, activity has picked up sharply since the conflict began.

Source - Bloomberg