I noticed an interesting trend on Hyperliquid — the open interest in their futures market HIP-3 surged to $1.2 billion. But here’s the strange part: out of the top 30 markets, only 7 are crypto pairs; the rest are mainly futures on stocks and commodities — oil, gold, silver. XYZ100-USDC leads with $213 million in open interest, and the oil contract CL-USDC is second with $170 million.

I understand why this happened. Volatility in oil has been crazy over the past few months, plus weekends when traditional exchanges are closed. People are looking for ways to trade real assets at any moment, and decentralized futures on Hyperliquid are perfect for that. CL-USDC yesterday traded $1.62 billion in volume over 24 hours — that’s serious.

By the way, anyone can create their own futures market there, simply by depositing 500,000 HYPE tokens. This really changes the game — it’s the first time we see tokenized trading of real assets operating at normal volumes. It’s interesting to see where all this is heading next.