Markets
Commodity perpetuals on Hyperliquid
Hyperliquid lists commodity perpetual futures — crude oil in both the Brent and WTI benchmarks — alongside its crypto markets. They are quoted in USD, funded like any other perpetual, and deployed through a builder dex rather than the main order book. Because they settle in the same collateral as crypto markets, either one can be a leg of a pair.
A commodity perp is a perpetual, not a barrel
Hyperliquid lists commodity perpetual futures — crude oil in two benchmarks, Brent and WTI, alongside natural gas. Holding one does not involve owning, storing or taking delivery of anything. Each is a contract whose price tracks a reference for that commodity, quoted and settled in the same USD collateral as every other market on the venue.
The two crude contracts are not interchangeable. Brent and WTI are separate physical benchmarks priced in different places, and the difference between them moves on its own. A position in one is not a position in the other.
Because it never expires, there is no roll and no front-month contract to manage — the two things that make commodity futures awkward for most people. In exchange, it has a funding rate: periodically, one side of the market pays the other, which is the mechanism that keeps the contract near its reference price.
It is listed through a builder dex
Hyperliquid’s main order book carries its crypto markets. Markets like commodities and equities are deployed separately, by builders, onto their own dex — a mechanism the venue introduced so that new instrument classes can be listed without changing the core book.
This matters when reading a figure: the volume and open interest of a builder-deployed market belong to that dex, not to Hyperliquid’s main book. Any statistic on this site that comes from a builder market names the instrument and the dex it came from, for that reason.
The markets, as last published
As recorded in the published market manifest at 30 July 2026 at 00:36 UTC. These figures describe that moment and are not live.
| Market | Instrument | 24h volume | Open interest | Max leverage |
|---|---|---|---|---|
| Brent crude | xyz:BRENTOIL on the xyz dex | $244.2M | $167.4M | 20× |
| WTI crude | xyz:CL on the xyz dex | $396.7M | $164.4M | 20× |
| Natural gas | xyz:NATGAS on the xyz dex | $19.0M | $6.5M | 10× |
Maximum leverage is a venue parameter, not a suggestion. A position opened near it is liquidated by a correspondingly small adverse move.
Oil as one leg of a pair
Because a commodity perp settles in the same collateral as the crypto markets beside it, either can be a leg of a pair. A position long one and short the other follows the difference between an energy price and a crypto price rather than the direction of either.
Whether that difference has behaved in any consistent way is a question about a measured window, not a general property. Correlations between commodity and crypto markets are published per pair, with the window and the computation time attached, on each pair’s own page.
Every market paired against each of these is listed on its own asset page — Brent crude, WTI crude, Natural gas. For the mechanics of holding two legs as one position, see what pair trading is.