Perpetual futures contracts tied to oil prices on the decentralized exchange Hyperliquid surged by over 5% on Saturday, February 28, 2026, following coordinated U.S. and Israeli missile strikes on Iran. The attack triggered massive explosions across Tehran and several other cities, escalating geopolitical tensions in the oil-rich Middle East.
Specific contracts on Hyperliquid saw significant moves: Oil-USDH perpetuals climbed more than 5% to $71.26, while the USOIL-USDH contract advanced above $86.00. Combined, the two contracts saw nearly $4 million in trading volume and over $5 million in notional open interest. Other reports noted oil contracts rising approximately 6.2% to $70.6 per barrel.
The event triggered a broader "risk-off" sentiment across cryptocurrency markets. As investors sought safe-haven assets, tokenized commodities on Hyperliquid saw strong demand. Gold contracts increased by over 5% to $5,464 per ounce, and silver surged more than 8% to $97.5. Silver contracts alone saw trading volume exceed $400 million in 24 hours, with gold accounting for roughly $140 million.
In contrast, major crypto assets declined. Bitcoin fell by as much as 3.8% to $63,038 during weekend trading before stabilizing around $64,000. Ethereum dropped by as much as 4.5% to $1,836. According to CoinGecko data, approximately $128 billion was wiped from the total market capitalization of digital assets immediately following the developments.
The episode underscores the role of decentralized finance (DeFi) platforms like Hyperliquid, which operate 24/7, allowing traders to instantly price in geopolitical risk and reposition while traditional markets are closed. Iran, a major oil producer that controls the strategic Strait of Hormuz, retaliated with missile attacks on targets in Israel, Qatar, the UAE, and Bahrain, further fueling market uncertainty. Analysts noted that rising oil prices could feed into inflation, complicating central banks' efforts to cut borrowing costs and potentially dampening risk appetite in broader financial markets.
