The outbreak of war has driven 24-hour trading demand, with Hyperliquid HIP-3 open interest surpassing $1 billion

As tensions in the Middle East escalate and traditional financial markets remain closed over the weekend, crypto derivatives exchanges continue to operate. Bloomberg, in its report, cited Hyperliquid’s oil and precious metals contract prices as real-time indicators of market sentiment. This not only reflects the role of 24/7 trading mechanisms during extraordinary times but also causes the trading volume and discussion of its HIP-3 traditional asset contracts to rise simultaneously, making it a market focus.

Bloomberg rarely references: Hyperliquid’s weekend oil price setting window

As conflicts between the US, Israel, and Iran intensify and traditional exchanges remain closed, Bloomberg uniquely cited Hyperliquid data in its report. It noted that the USOIL-USDH perpetual contract, linked to US crude oil prices, once surged over 18% in two days to about $97 per barrel. Gold and silver prices also moved higher in tandem.

The report also mentioned that these movements could serve as references for the opening trends of mainstream markets on Monday, symbolizing that the “price discovery” effect over the weekend is being recognized. Although trading volume remains far below traditional markets, data from the platform has become an important indicator for market observation during periods when immediate trading isn’t possible.

(Tokenized gold market cap surpasses $4.4 billion, becoming a weekend price indicator)

HIP-3 launched five months ago, rapid growth in TradFi trading volume

Hyperliquid upgraded and launched the HIP-3 mechanism last year, allowing users to create perpetual contracts linked to non-crypto assets, including oil, gold, US stock indices, and individual tech stocks. Research firm Pink Brains pointed out that the HIP-3 market’s 24-hour trading volume reached a record $1.23 billion, with open interest (OI) increasing from $620 million to $1.09 billion within a month, nearly doubling.

Data shows that about 30% of platform trading volume now comes from traditional financial assets. Among the top ten contracts by volume last Friday, five were non-cryptocurrency. Supporters believe this indicates that the crypto derivatives market is expanding from purely digital asset trading to broader macro asset trading venues.

(Leverage Nasdaq 100? Risks and potential seen from Hyperliquid’s stock perpetual contracts)

Conflict fuels all-day trading demand: the significance of price discovery comes to the forefront

During weekend bombings across the Middle East, traditional exchanges like CME, COMEX, and NYSE were closed, causing traders to feel uneasy. Some turned to 24-hour crypto platforms for hedging, boosting trading volume in oil and precious metals contracts. Pink Brains noted that silver’s 24-hour trading volume once exceeded $400 million, while US stock index-related contracts saw declines of 1% to 2%.

Bloomberg’s report suggests this phenomenon highlights the trend that “price behavior no longer stops with exchange hours.” Some analysts supporting the 24/7 model argue that continuous trading can accelerate price reactions and information absorption during major geopolitical events. Others believe that the platform’s liquidity depth and risk management structures still need longer-term validation.

Is the 24/7 mechanism a trend shift? It still needs to pass institutional and scale tests

In recent years, major financial institutions have accelerated asset tokenization and on-chain settlement, with US exchanges like Coinbase and Kraken exploring longer trading hours or even 24/7 operations. This event is also seen as a “stress test” to verify whether crypto markets, led by Hyperliquid, can temporarily handle price discovery roles during extreme scenarios.

This article, “Conflict Spurs 24-Hour Trading Demand, Hyperliquid HIP-3 Open Interest Surpasses $1 Billion,” first appeared on Chain News ABMedia.