Crypto Whales Bet High on Oil: Open Interest Surges Past $1B, Millions Liquidated

In the past few days, xyz:CL on Hyperliquid has turned volatile, with most short traders getting torched as it surged nearly 30%+ in short bursts, topping $110+ in some spikes.

Written By:
Gopal Solanky

Reviewed By:
Divya Mistry

Last updated: March 9, 2026 5:17 PM

Published March 9, 2026 4:23 PM

Last updated: March 9, 2026 5:17 PM

Published March 9, 2026 4:23 PM

Key Highlights

Hyperliquid’s xyz:CL (WTI crude tracker) has surged to over $1.02 billion in 24-hour volume and $175 million in open interest, reflecting massive interest in tokenized commodity perps.
While most shorts have been torched in recent liquidations (tens of millions wiped out), some whales defy the rally—one newly created wallet opened a $10.2 million 5x short (entry ~$111, liquidation at $130.45).
The latest spike in xyz:CL perpetuals demand highlights the split sentiment in this high-volatility macro arena.

Crypto whales are piling into oil trades on Hyperliquid as crude prices rocket amid escalating Middle East tensions, particularly the US-Iran-Israel conflict and threats to disrupt the Strait of Hormuz.

Hyperliquid’s xyz:CL (tracking WTI crude) contract alone possesses over $1.02 billion in 24 hour volume as of writing and roughly $175 million in open interest, per recent platform data provided by HypurrScan—a blockchain data explorer for Hyperliquid’s decentralized markets.

xyzCL-USDC perpetual futures price chart on Hyperliquid — Source: HypurrScan

This marks an explosive growth for tokenized commodity perps, with oil liquidations hitting tens of millions in recent days. In the past few days, xyz:CL price has turned volatile, with most short traders getting torched as it surged nearly 30%+ in short bursts, topping $110+ in some spikes.

Among traders, prominent names are leaning bullish. Rune Christensen, Co-Founder of Sky (formerly MakerDAO), deposited 4.01 million USDC into a fresh wallet about two days ago and went long on oil: roughly $5.7 million in xyz:CL plus $292K in xyz:BRENTOIL. The move, tracked by Lookonchain, signals conviction in sustained upside from supply risks. Both of his positions are currently in profit of $605,466 and $83,052, respectively.

Other whales followed suit and copied Rune’s trades for quick gains, while addresses like 0xab961 flipped to the short side of the trade. This whale entered the short position of $9 million at the price of $111.36—sitting at a profit of nearly $1 million.

Given the currency geopolitical tension, the split reflects uncertainty as longs chase supply choke risks, while shorts anticipate overextension or de-escalation pullback. Hyperliquid’s HIP-3 markets have turned crypto-native trading into a real-time macro arena, with oil now rivaling top assets in volume.

As crude volatility grips global markets, these leveraged bets highlight how decentralized alternatives for trading global markets are capturing traditional commodity flows.

Also read: Bitcoin Moves Toward Bottom as Looming Death Cross Spells Trouble

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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