JPMorgan has observed a growing interest in the decentralized exchange Hyperliquid, particularly among non-crypto traders seeking 24/7 exposure to crude oil prices. During a recent weekend of heightened Middle Eastern tensions, Hyperliquid's WTI crude oil perpetual contract saw a significant increase in trading volume, reaching approximately $1.7 billion, with an open interest of around $300 million. This made it the third-largest trading pair on the platform, following Bitcoin and Ethereum. Hyperliquid's product, priced in USDC and offering up to 20x leverage, appeals to traders looking for efficient exposure to crude oil. Unlike traditional DEXs that use automated market makers, Hyperliquid employs an on-chain order book model, providing more precise pricing and lower slippage. JPMorgan suggests that the platform's growth indicates a rising demand for continuous trading of traditional assets.