Overseas crypto traders bet on the direction of oil prices on crypto exchange Hyperliquid over the weekend when U.S.-Israel strikes on Iran began and traditional futures markets were closed.

A Wall Street Journal report on Thursday said Hyperliquid perpetual futures jumped to about $96 a barrel on Saturday evening, about 20 hours before mainstream derivatives markets reopened. That was up from the regular crude oil futures close of $90.90 a barrel on Friday afternoon.

Hyperliquid offers perpetual futures that track West Texas Intermediate and other commodities. Perpetual futures have no expiry and no strike price. They trade around the clock, in line with crypto-native contracts. High leverage can amplify returns, but investors can also lose their entire stake.

After the U.S.-Israel strikes on Iran, many traders flocked to Hyperliquid to buy and sell crude oil perpetual futures. Kaiko said cumulative crude oil futures volume on the exchange surged to $7.3 billion on Thursday from $339 million on Feb. 28. Hyperliquid also offers contracts that track Brent crude.

Kaiko analyst Laurens Fraussen (로렌스 프라우센) took a short position in Hyperliquid crude oil perpetual futures on Sunday and the call proved correct. On Monday, crude oil futures fell below $100 after President Trump said the war with Iran was "virtually completely over". Brent gained 11 percent this week to settle at $103.14 a barrel, while WTI rose 8.6 percent to end at $98.71.