Hyperliquid took over macro trading this weekend.
Futures linked to oil on the decentralized exchange are down about 20% after a US-Israeli attack on Iran killed Supreme Leader Ali Khamenei on Saturday.
USOIL, the benchmark tied to crude oil, rose to $97 on Sunday while OIL rose to $76, with two derivatives contracts paired with Hyperliquid’s native USDH stablecoin generating nearly $17 million in trading volume.
Iran’s retaliation against its Gulf neighbors has rekindled concerns about supply disruptions in the Strait of Hormuz, a seaway through which more than $500 billion a year of oil and gas flows.
Gold rose above $5,400 an ounce with Hyperliquid trading at a record $148 million in volume. Tether Gold and Paxos Gold also rose as investors sought safety.
The Hyperliquid HYPE token also rose 20% to $32 on Monday.
Meanwhile, Bitcoin’s price is just above $65,000, down more than 20% in the past month. That’s still down nearly 50% from October’s $126,000.
“This is the power of tokenized assets and the sustainability built on top of the crypto infrastructure,” said Kenny Chan, Coinbase’s Head of Stablecoin Ecosystem.
Conversely, geopolitical events indicate a major shift in business.
“For years, when the big Jio event happened on the weekend, Bitcoin was the only option for traders,” Chan said.
Bitcoin has long been the asset of choice because of its ability to trade at all hours and its unmatched correlation with risk-free assets, Chan said.
“This week was different,” he added.
“Traders no longer need to go through Bitcoin. They go straight to the source of Hyperliquid: perpetual futures tied to oil, gold and silver – the assets you want to see in reality.”
Bitcoin has long been marketed as digital gold, or a hedge against currency volatility and systemic risk. At times, it has even shown a temporary correlation with bullion, reinforcing the narrative that it can act as a refuge in times of macro stress.
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Since October’s crypto rally unleashed the largest market rally in the asset class’ history, Bitcoin, along with other asset classes, such as stocks, have struggled to regain momentum despite new highs.
Gold, in contrast, extended its rally to 2026, hitting fresh highs amid geopolitical uncertainty, driving demand for traditional safe havens.
“Nothing hits the economic game board like the sudden war that a few had on their bingo cards a week ago,” said Ed Yardini, president of Yardini Research.
Iran’s Supreme Leader Ali Khamenei
