HYPE Token Outperforms Bitcoin While US-Iran War Drives $1.5B Hyperliquid Trading Boom

• Data showed Hyperliquid recorded significantly higher futures trading activity than Coinbase as oil prices surged to nearly $100 amid rising tensions between the U.S. and Iran.
• Kaiko analyst Laurens Fraussen told Stocktwits that Hyperliquid processed roughly $1.5 billion in trades during the weekend when the U.S.-Iran conflict began, followed by $1.3 billion the following weekend.
• Non-crypto assets have doubled, accounting for about 24% of on-chain derivatives contracts, up from 10% earlier this year as per Kaiko data.

Hyperliquid’s native token (HYPE) was outperforming Bitcoin (BTC) on Thursday morning after oil prices surged to nearly $100 amid increasing geopolitical tensions between the U.S. and Iran. 

The decentralized derivatives exchange was also recording significantly higher futures trading activity than Coinbase (COIN). Hyperliquid processed more than $991 million in futures trading volume compared with about $75,000 on Coinbase during the same period, according to data shared by James Wang, director of product marketing at Cerebras Systems. 

Hyperliquid Outperforms Bitcoin

HYPE’s price jumped more than 7% in the last 24 hours to around $36.90. It’s currently trading around 37% below its record high of over $59, seen in September last year. Meanwhile, Bitcoin’s price edged 0.3% lower and dipped below $70,000 to around $69,600 on Thursday morning. 

On Stocktwits, retail sentiment around Bitcoin remained in the ‘neutral’ territory while retail sentiment around Hyperliquid’s token trended in the ‘bullish’ zone.

Hyperliquid Saw $1.5 Billion In Trades After U.S.-Iran War

Kaiko analyst Laurens Fraussen told Stocktwits that although trading volumes for traditional assets tend to decline during off-market hours, Hyperliquid has continued to see strong activity. The platform processed roughly $1.5 billion in trades on the weekend when the U.S.-Iran war kicked off, followed by another $1.3 billion in volume the following weekend.

Fraussen added that non-crypto assets are taking a growing share of activity on the platform. Kaiko data showed commodities, foreign exchange, equities, and other traditional assets now account for about 24% of contracts on on-chain derivatives markets, up from just 10% in January.

“This doubling of non-crypto market share demonstrates growing demand for traditional asset exposure through crypto-native infrastructure,” Fraussen told Stocktwits in an email.

Hyperliquid Wins In Bear And Bull Markets

According to Aurelie Barthere, Principal Research Analyst at Nansen, most altcoins continue to behave as higher-beta extensions of Bitcoin. If the broader crypto market stabilizes, altcoins could outperform on the upside. However, they are also likely to fall more sharply if Bitcoin weakens.

Nansen noted that the platform stands out because it allows trading across a broader range of assets, including real-world commodities. That structure means the platform can benefit from volatility in either direction, whether markets turn decisively bullish or bearish.

Weekend Crypto Trading Activity Also Spikes

Kaiko data indicated that Bitcoin trading volumes surged fourfold beyond usual weekend volumes, and on-chain derivatives markets for oil and gold saw a 114% increase to nearly $5 billion. Total daily Bitcoin spot trading reached around $8 billion following the February 28 escalation, compared with typical weekend volumes of roughly $1.5 billion to $2 billion. 

Despite the heightened trading activity, Bitcoin’s price has remained largely range-bound. Fraussen said the cryptocurrency has traded between $60,000 and $72,000 for more than four weeks, with shorts positioned near $62,000 repeatedly getting squeezed while both bullish and bearish traders await the Federal Reserve’s March 18 policy decision.

Read also: Bitcoin $70K Floor Under Threat – Bitfinex Warns $120 Oil Spike Could Trigger Hawkish Fed Pivot

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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