Decentralised exchange Hyperliquid has processed over $160 million in tokenized oil perpetuals following a 30% surge in crude oil prices, which have risen above $110 a barrel due to escalating tensions in the Middle East. According to NS3.AI, Hyunsu Jung from Hyperion DeFi noted that tokenized traditional assets have accounted for up to 30% of Hyperliquid's daily trading activity during peak periods, as more traditional finance firms utilize the platform for macro hedging. Despite this activity, Hyperliquid's HYPE token remains just above $30, nearly 50% below its September peak, even as several U.S. spot ETF filings reference it and a related treasury firm has been listed on Nasdaq.