Hyperliquid’s $1.2B daily oil perps volume highlights 24/7 price discovery shift

During the February–March escalation around Iran and the Strait of Hormuz, Hyperliquid’s 24/7 WTI perpetuals traded up toward $115 while NYMEX WTI futures halted at $89.04. As daily volumes on Hyperliquid climbed to roughly $1.2 billion and on-chain derivatives processed $1.59 trillion in six months, liquidity and automation began tightening spreads, even as depth still lags traditional benchmarks.