Surge in Crude Oil Trading Volume on Phemex TradFi Exceeds 300% Amid US-Iran Ceasefire Volatility
Apia, Samoa, (ANTARA/PRNewswire) - Phemex, a user-focused cryptocurrency exchange, has reported a surge in trading volume for perpetual futures contracts of crude oil on its TradFi platform, exceeding 300% on a weekly basis. This spike occurred following the announcement of a ceasefire between the United States and Iran, which triggered the largest daily crude oil price movement since the 1991 Gulf War.
Phemex TradFi provides perpetual futures contracts for WTI crude oil (XTI) and Brent (XBR) in USDT, available 24 hours a day without an expiry date. This setup allows traders to respond to geopolitical events at any time, unbound by conventional trading hours. Over the week, crude oil trading volume on the platform surpassed US$300 million. Its contribution to the total TradFi volume surged from around 3% to 12% during the crisis period. On 7 April, daily volume hit a record US$85 million—a 4.6-fold increase—as WTI prices plunged more than 15% in just hours after the ceasefire news. More than 8,000 unique traders participated in the oil contracts throughout the week, with the number of daily active users exceeding 2,000 for the first time.
“Crude oil has transformed from a niche instrument to one of the fastest-growing asset classes on our platform in a very short time,” said Federico Variola, CEO of Phemex. “When WTI prices dropped US$12 outside trading hours following the ceasefire announcement, trading on conventional commodity exchanges was already closed. Our traders didn’t have to wait—they were ready to take positions and capture market movement opportunities directly.”
As cross-asset volatility becomes increasingly influenced by geopolitical dynamics, the need for non-stop market access is expected to continue rising. The surge in crude oil transactions on Phemex TradFi reflects a shift towards always-active trading infrastructure, where conventional assets can be accessed through crypto-based systems. Looking ahead, Phemex will continue to expand its TradFi services to help traders respond to global events with greater speed, flexibility, and precision across various asset classes.
About Phemex
Founded in 2019, Phemex is the most user-focused cryptocurrency exchange. Phemex has earned the trust of over 10 million traders worldwide. The platform offers a range of services and solutions, such as spot trading and futures trading, copy trading, and wealth management products that prioritise users, transparency, and innovation. With a visionary approach and commitment to empowering users, Phemex provides reliable tools, inclusive access, and exciting opportunities so every trader can grow and achieve success.
For more information: https://phemex.com/