According to a recent report, Hyperliquid saw an increase in trading volume over the weekend as it became the go-to place for bets on commodities and other traditional asset classes. Following the escalation of tensions between the United States, Israel and Iran, Bitcoin and the crypto market have come under significant pressure.
However, the crypto market was not the only asset class that saw trader activity on Saturday, February 28, as perpetual swap futures on various commodities also witnessed significant price action on Hyperliquid. The moves provided some insight into what to expect when global financial markets open on Monday.
Hyperliquid trading volume for traditional assets is increasing
According to the latest market data, permanent commodity swap futures, including oil, gold and silver, saw a significant increase in their prices on Saturday. The rise in prices was prompted by military action by the United States and Israel against Iran, which responded that day by targeting specific American assets in the Middle East.
In particular, oil prices rose more than 5 percent as Iran threatened to restrict shipping through the Strait of Hormuz. The Strait of Hormuz is a body of water that connects the Persian Gulf with the Gulf of Oman and the Arabian Sea and controls ~20% of the world’s petroleum liquids consumption.
The situation in the Strait of Hormuz:
Reuters is now reporting that Iran is warning ships that it is closing the Strait of Hormuz.
If officially shut down, 20+ MILLION barrels of oil per day or 20% of global supply would be affected.
What next? Let’s explain.
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— Kobeissi Letter (@KobeissiLetter) February 28, 2026
Unsurprisingly, these price increases were supported by significant volume as traders looked for war risk helicopters in the overnight Hyperliquid market. Market data shows that silver led activity among commodity-related perps on the exchange, with trading volume above $227 on Saturday. Meanwhile, gold fixed-term swap futures recorded a daily volume of around $173 million.
The events of the past weekend and subsequent market activity have re-opened the conversation around overnight trading for all asset classes. According to a Bloomberg report, Wall Street is increasingly interested in platforms like Hyperliquid, which allow users to create perpetual futures on a wider range of assets, including stocks and commodities.
Jake Ostrovskis, head of outdoor trading at Wintermute, told Bloomberg:
As tensions in the Middle East escalated, crypto sold off, and since Bitcoin trades 24/7, it has become the most liquid asset for traders looking to hedge or comment on the move. The fact that BTC acts as a broader risk proxy is the only market open, which is why more asset classes, commodities, and should be traded 24/7. Overnight price discovery is a structural improvement to market efficiency and we are moving in the right direction.
After all, this growing conversation around the clock is somewhat related to recent efforts by major financial institutions to adopt tokenization.
HYPE price increases by 20%
As a result of the increased activity and volume, the price of HYPE, the original Hyperliquid token, enjoyed a nearly 20% rally on Saturday. As of this writing, the cryptocurrency is worth about $30.50.
The price of HYPE on the daily timeframe | Source: HYPEUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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