Svmuu News JPMorgan stated that the decentralized exchange Hyperliquid is attracting an increasing number of non-crypto traders, particularly users seeking exposure to crude oil prices during non-trading hours.
The report pointed out that during the recent weekend when tensions escalated in the Middle East, traditional markets (such as CME) were closed, while trading volume for WTI crude oil perpetual contracts on Hyperliquid surged significantly. The daily trading volume of this contract once reached approximately $1.7 billion, with an open interest size of around $300 million, making it the platform's third-largest trading instrument, trailing only Bitcoin and Ethereum.
This product is denominated in USDC and supports leverage of up to 20x, making it attractive to traders seeking efficient exposure.
JPMorgan believes that the growth of platforms like Hyperliquid reflects a rising market demand for "24/7 trading of traditional assets." Unlike DEXs that rely on Automated Market Makers (AMM), Hyperliquid employs an on-chain order book model, offering more precise pricing, lower slippage, and a trading experience closer to that of traditional exchanges.