Amid geopolitical turmoil, cryptocurrency traders are turning to the decentralized derivatives platform Hyperliquid to trade oil-related perpetual contracts. Data shows that Hyperliquid's oil perpetual contracts recorded approximately $991 million in trading volume in the past 24 hours, far exceeding the approximately $75,000 trading volume of similar contracts on Coinbase. Brent crude oil prices fluctuated wildly due to the situation in Iran, and traders took advantage of the 24-hour operation of the crypto market to conduct leveraged trading using USDC collateral during the closure of traditional markets. Furthermore, Hyperliquid used a portion of its transaction fees to buy back its native token, HYPE, and the surge in trading activity also drove up the price of HYPE. (Decrypt)