Iran-Israel Tensions Rise as 24-Hour Crypto Exchange Becomes Price Reference for Oil and Gold
JAKARTA – As tensions escalated between the United States, Israel, and Iran, a major cryptocurrency exchange operating 24 hours a day became the centre of global market attention.
According to Bloomberg on Sunday (1 March 2026), the platform suddenly became active for trading traditional commodities and assets as a hedging mechanism when conventional markets were closed.
The instruments being traded were perpetual swap futures, or futures contracts without expiration dates.
On the Hyperliquid cryptocurrency exchange, oil contracts jumped approximately 5 per cent to $70.6 per barrel. Meanwhile, gold and silver contracts rose approximately 1.3 per cent and 2 per cent respectively to $5,323 per troy ounce and $94.9 per troy ounce.
Separately, Bitcoin recovered from previous weakness and rose 2.3 per cent to around $67,000 per bitcoin in Saturday evening trading in New York time. Ethereum meanwhile strengthened 2.4 per cent to $1,968.
Silver led perpetual commodity trading activity on Hyperliquid, with transaction volume exceeding $227 million over the previous 24 hours. Gold contracts recorded transaction values of approximately $173 million. Meanwhile, US equity-based stock indices available on the platform fell between 0.4 per cent and 0.75 per cent.
Perpetual swaps, or “perps”, are derivatives unique to cryptocurrency that resemble futures contracts but have no expiration date. These instruments allow traders to maintain leveraged positions continuously without waiting for clearing processes as in traditional markets.
Jake Ostrovski, head of over-the-counter trading at Wintermute, said Bitcoin became the most liquid asset when Middle East tensions increased because it trades without interruption.
He assessed that the 24-hour price discovery mechanism represented a structural improvement for global market efficiency.
“It’s the weekend again, where prices in global markets continue to move 24 hours non-stop through various perpetual contracts on Hyperliquid, and hopefully this signals a major change in how the world’s financial markets work,” he said.