Hyperliquid News$BTC

XRPHyperliquid's native token $HYPE rose to an intraday high of $35.28 on Tuesday, extending a rally that has taken it more than 120% higher over the past year. The gain came as crude oil perpetuals trading on the decentralized exchange reached volumes that placed it among the platform's top markets.

Tokenized crude XRPoil perpetuals recorded $1.39 billion in 24-hour trading volume on Hyperliquid. That figure trailed only Bitcoin at $3.55 billion and outpaced Ethereum, which logged $898 million, according to exchange data. Crude oil also ranked second for liquidations in the past 24 hours, with $56 million in positions wiped out, behind Bitcoin's $111 million.

The surge in oil trading is tied to the escalating global tension. That event pushed traders seeking exposure to energy markets toward Hyperliquid's permissionless products. The platform now holds over $5 billion in total open interest, $5.71 billion in 24-hour volume, and $4.06 billion in total value locked, according to CoinGlass.

Hyperliquid also announced a system upgrade on Tuesday. The platform said its portfolio margin feature will move from "pre-alpha to alpha phase" in the next network upgrade. The upgrade applies to accounts under $500,000 and requires users to meet weighted volume thresholds to gain access.

Nansen research analyst Nicolai Søndergaard said that the upgrade lowers systemic liquidation risk through improved dynamic margin scaling and cross-collateral mechanics. He added that Hyperliquid remains "the altcoin darling with the most belief behind it" and continues to attract consistent volume.

RedStone co-founder Marcin Kazmierczak credited HIP-3, Hyperliquid's permissionless market program, as a key growth engine. Open interest across those markets recently hit a record $1.2 billion. Of Hyperliquid's top 30 permissionless markets, only seven are crypto pairs. The remaining 23 cover commodities and equities, including oil, gold, silver, and the S&P 500. Kazmierczak described that composition as "a meaningful shift."

The platform's gains came during a broader Bitcoin advance of 3.4% in the same 24-hour window. Total crypto liquidations reached between $359 million and $365 million across the market. Hyperliquid ranked ahead of competitors such as Aster, Edgex, Lighter, and Jupiter across volume and open interest measures.$ETH