TradeXYZ, a project on the Hyperliquid platform, saw its 24-hour trading volume soar to $5.01 billion, marking a 107% increase following a ceasefire between the U.S. and Iran that led to a sharp decline in crude oil prices. This surge in trading activity was accompanied by a 17% drop in open interest, which fell to $1.85 billion. The significant trading volume was driven by substantial retracements in WTI and Brent crude oil prices, with their combined trading volume reaching $3.65 billion. WTI crude alone accounted for $2.42 billion, nearly double that of Brent crude. This activity has propelled crude oil to surpass Bitcoin as the most actively traded asset class on the platform.