Hyperliquid, a cryptocurrency derivatives exchange, reported that its WTI oil perpetual contracts (CL-USDC) reached over $1.2 billion in trading volume within the past 24 hours. This surge positions the contract as the platform's second-largest market by volume, surpassing Ethereum and trailing only Bitcoin. The spike in trading activity coincides with a more than 30% increase in traditional oil prices due to Middle East conflicts. The CL-USDC contracts, which use USDC for margin and settlement, are perpetual with no expiration date. The current open interest for these contracts stands at approximately $183 million.