Regulators in the United States gave the green light to perpetual futures trading on Hyperliquid, a decentralized crypto venue that has seen explosive volume in oil‑linked contracts. The decision follows a rapid influx of traders seeking exposure to crude‑price movements after the Iran‑Israel conflict sparked a sharp rally in the underlying commodity.

Hyperliquid, founded in 2022, operates without a central order book and has attracted users by offering near‑zero latency and deep liquidity for oil‑based derivatives. Its unregulated status previously barred traditional futures products, but the new approval allows the platform to list contracts that settle daily without an expiry date, mirroring traditional perpetual swaps. This move opens a pathway for institutional capital hesitant to enter the crypto market.

The approval could reshape the futures landscape by channeling a slice of the $10‑plus billion daily oil‑linked crypto turnover into a regulated framework. Investors now face a hybrid product that blends crypto’s speed with the oversight of US markets, delivering a clearer route for hedging oil price risk.