[DigitalToday reporter Jinju Hong (홍진주)] Trading in traditional commodities such as oil and silver is surging on the decentralised exchange Hyperliquid, showing a trend that overwhelms cryptocurrencies. Recently, traders have been betting more actively on commodity derivatives, whose volatility has increased, than on major cryptocurrencies such as XRP and Solana (SOL).

CoinDesk, a blockchain media outlet, reported on March 23 that over the latest 24 hours, trading volume in perpetual futures linked to West Texas Intermediate (WTI) and Brent, benchmarks for crude oil, exceeded $500 million, and silver contracts traded more than $400 million. By contrast, SOL and XRP stood at about $176 million and $31 million, respectively, showing relatively less interest. Despite remaining major assets by market capitalisation, short-term trading funds are moving into commodities.

This shift is driven by geopolitical risks in the Middle East. In particular, tensions have risen over the Strait of Hormuz, which accounts for about 20 percent of global crude oil shipments, increasing concerns over disruptions to global oil supply and directly amplifying price volatility. Brent and WTI prices have jumped more than 45 percent this month, surpassing $100 a barrel. This is assessed as a case where a surge rate typically seen in memecoins has appeared in the commodities market.

In this process, Hyperliquid is taking on a new role. Its structure allows trading even on weekends when traditional commodities markets are closed, and it is emerging as an alternative market providing real-time price discovery. Analysts say it is filling gaps left by existing financial markets and functioning as a 24-hour commodities trading platform.

The market's centre of gravity has not shifted completely. Bitcoin (BTC) and ether (ETH) perpetual futures still recorded trading volumes of more than $1.9 billion and $900 million, respectively, maintaining their status as core assets. Some also interpret commodities as having a strong character as trading assets that attract funds seeking short-term volatility.

The outlook is also driven by uncertainty. Goldman Sachs sees a high likelihood that oil prices will hold around $100 a barrel if supply disruptions continue, and it raised its medium- and long-term forecasts.

As long as war and supply risks persist, commodities are likely to emerge as another key investment target competing with cryptocurrencies. Analysts say liquidity competition between the two markets is intensifying, as fund movements can appear even faster in highly volatile phases.