The daily trading volume of Hyperliquid crude oil perpetual contract reached 991 million US dollars

The 24-hour trading volume of perpetual contracts linked to crude oil on the Hyperliquid platform reached approximately $991 million, significantly higher than the trading activity of similar contracts on Coinbase. Earlier this week, Brent crude oil prices rose to around $119.50 per barrel before falling back due to market concerns that the Iran conflict could affect crude oil transportation in the Strait of Hormuz. Hyperliquid will allocate some transaction fees to repurchase HYPE tokens, linking the popularity of derivative trading with the demand for the asset.