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Recently, I noticed that crude oil trading on Hyperliquid has been exceptionally hot, with open interest in two types of crude oil contracts directly surpassing $1 billion over the weekend. WTIOIL open interest reached $670 million, while BRENTOIL was at $334 million, which is quite a remarkable scale.
Even more interesting is the shift in traders' attitudes; recently, everyone has started to focus on going long crude oil, causing the funding rate for open contracts to rise to around 0.6%. This kind of rate increase usually indicates a strong bullish sentiment, and it seems that the traditional market's crude oil trends have indeed driven the enthusiasm in derivatives trading.
It feels like Hyperliquid still has some capacity to handle this wave of crude oil trading demand. The continuous expansion of open interest suggests that more and more people are beginning to participate in crude oil trading on this platform.