Gate News reports that on March 10, according to Bloomberg, as the conflict in the Middle East escalates and disrupts the global supply chain, the perpetual contract CL-USDC tracking WTI crude oil (West Texas Intermediate benchmark price) on the crypto trading platform Hyperliquid has surpassed $1.2 billion in trading volume over the past 24 hours, making it the second-largest trading market on the platform after Bitcoin. The contract tracks the price of West Texas Intermediate crude oil, which briefly rose to $107 per barrel on Sunday, providing real-time market pricing signals regarding the escalation of tensions in Iran hours before the Wall Street open. Data from Coinglass shows that over the past day, nearly $75 million in short positions were liquidated as prices rose. The daily trading volume of this contract sharply increased from about $21 million before the U.S. and Israel took action against Iran, with open interest reaching $183 million.
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