HYPE tops $45 for first time in 5 months as oil contracts lead Hyperliquid volumes

Hyperliquid's HYPE token has surged to nearly $45, its highest point in five months, fueled by a resurgence in trading activity, particularly in commodity perpetuals. The token has seen a more than 20% increase in the past week. This growth is attributed to Hyperliquid's permissionless market infrastructure (HIP-3), which allows external builders to deploy perpetual markets, fostering decentralization and enabling a wider array of non-crypto markets like commodities and equity-linked contracts. In March, open interest in these builder-deployed markets exceeded $1.2 billion, with oil contracts like Crude Oil and Brent Crude Oil being among the most actively traded, generating hundreds of millions in 24-hour volume. The surge in oil contract trading was notably accelerated by geopolitical events, such as the US-Iran conflict, where traders utilized Hyperliquid's perpetual markets to react quickly to market shifts before traditional venues reopened. This trend is also reflected in broader HIP-3 activity, with significant daily volumes recorded in late March across silver, WTI, Brent, and gold contracts.

(Source：Crypto Briefing)