I saw an interesting story today - a crypto trader nicknamed Loracle closed his position on oil and withdrew 2 million dollars in net profit. It all happened early Wednesday morning, when news of a ceasefire between the US and Iran caused oil prices to plummet more than 15%.

Last week, the guy opened a short position of 5 million in perpetual futures on crude oil on Hyperliquid. When the price dropped below $100 per barrel, he closed the position in time and made a decent profit. Now his crypto assets (USDT, USDC, ETH, and others) are valued at over 8 million.

What’s interesting is that the trading volume for WTI oil futures on this platform reached $2.45 billion in a day. That’s more than ETH futures trading! It turns out Hyperliquid has truly become a place where crypto traders catch waves in traditional markets, especially when regular exchanges are closed. Brent crude ranks fourth with a volume of about $1.3 billion. These opportunities open up when decentralized platforms allow trading futures on real assets.