JPMorgan notes Hyperliquid gaining traction as traders seek 24/7 oil trading

JPMorgan analysts observe that Hyperliquid, a decentralized exchange (DEX) on its own Layer 1, is gaining traction, particularly from non-crypto traders seeking 24/7 exposure to oil, evidenced by a spike in trading for its WTI crude oil perpetual futures contract (CL-USDC) during weekend geopolitical events when traditional markets were closed.

This contract became Hyperliquid's third most-traded product, reaching $1.7 billion in daily volume, due to features like onchain limit order books offering precise pricing, sub-second finality appealing to algorithmic traders, and portfolio margining for capital efficiency. These features position DEXs like Hyperliquid as professional-grade venues bridging traditional and crypto markets.

While traditional finance exchanges like CME and Nasdaq are moving toward 24/7 trading for certain products, they generally lack the perpetual futures structure and high leverage common on DEXs. JPMorgan concludes that this ability to offer 24/7 trading in traditional assets fills a gap, suggesting this traction for DEXs will likely grow across other asset classes.

(Source：The Block)