Oil, Gold, and Silver Futures Surge on Hyperliquid After Iran Strikes

On February 28, 2026, the crypto exchange Hyperliquid experienced sharp price increases in oil, gold, and silver perpetual swap futures following coordinated missile strikes by the U.S. and Israel on Iran.

Hyperliquid’s 24/7 trading platform enabled immediate price adjustments in these commodities while traditional financial markets remained closed. The events on the exchange reflected rapid changes in risk pricing during a period of heightened geopolitical tension.

Oil-linked perpetual swap futures on Hyperliquid climbed approximately 6.2% to reach about $70.6 per barrel. Gold and silver perpetual swap contracts on the same platform increased by more than 5% and over 8%, respectively, during the same period.

Bloomberg reported similar movements, noting oil perpetual swaps on Hyperliquid rose around 5% to $70.6 per barrel, with gold and silver contracts increasing roughly 1.3% and 2% to $5,323 and $94.9 per troy ounce, respectively.

What the numbers show

• Silver perpetual contracts on Hyperliquid recorded over $400 million in trading volume in 24 hours
• Gold perpetual contracts saw about $173 million in volume over the same period
• Bitcoin fell about 3.8% to $63,038, and Ethereum dropped 4.5% to $1,836

Trading activity in silver perpetual contracts on Hyperliquid surpassed $400 million within a single day, while gold contracts accounted for approximately $173 million in volume. These figures indicate substantial engagement with commodity-linked derivatives during the incident.

While commodity-linked futures rose, major cryptocurrencies saw declines. Bitcoin’s price dropped by about 3.8% to $63,038, and Ethereum fell by roughly 4.5% to $1,836. The total market capitalization for cryptocurrencies decreased by an estimated $128 billion.

According to Whalesbook, Hyperliquid’s continuous trading allowed for uninterrupted price discovery in oil, gold, and silver, even as traditional markets were unavailable. This capability provided traders with immediate access to risk management tools during the geopolitical event.

Industry reaction

Jake Ostrovskis of Wintermute stated that Bitcoin’s around-the-clock trading makes it the most liquid asset for traders seeking to hedge or express macroeconomic views when conventional markets are closed.

Charlie Ambrose, co-founder of Felix, said that the weekend’s developments illustrate a structural move toward continuous price discovery in financial markets.

* This article is based on publicly available information at the time of writing.