Hyperliquid price soars close to $40, surge in crude oil perpetual contracts trading drives HYPE to rebound 81%

March 12 News, the decentralized derivatives platform Hyperliquid’s native token HYPE has recently shown strong momentum. Data indicates that on March 12, HYPE’s price increased by over 8%, reaching approximately $37.30 at one point, hitting a four-week high. Compared to the February low, the token has gained about 45% in total, and if calculated from the early 2026 low point, the increase is approximately 81%.

As the price rises, market trading activity has significantly increased. In the past 24 hours, HYPE’s trading volume grew by about 42%, reaching around $437 million, with a market capitalization of approximately $8.86 billion. According to derivatives data platform CoinGlass, the open interest in related futures contracts has increased by about 10%, indicating ongoing capital inflow into the derivatives market.

A key factor driving this rally comes from the energy markets. Recently, geopolitical tensions in the Middle East have intensified, especially the friction between the US, Israel, and Iran, causing global oil prices to surge. Market reports suggest Iran has warned of a possible blockade of the Strait of Hormuz, a critical shipping route. If affected, global crude oil supplies could face disruptions. Against this backdrop, perpetual futures tracking West Texas Intermediate crude oil prices have become some of the most actively traded high-yield contracts on the Hyperliquid platform.

As oil prices reach their highest levels in nearly four years, the open interest in related contracts has grown significantly. Currently, the total open interest in the permissionless HIP 3 perpetual contracts on the platform exceeds $1.2 billion. Analysts note that derivatives traders are leveraging oil price volatility for high-frequency trading and arbitrage, further boosting the platform’s overall trading volume.

Additionally, Hyperliquid has become an important channel for some investors to conduct risk trading during traditional financial market closures. Since traditional energy futures markets are unavailable for trading on weekends or after hours, some funds continue to bet on geopolitical event-driven price swings through on-chain derivatives platforms.

From a technical perspective, HYPE has confirmed a breakout from the inverse head and shoulders pattern formed in mid-February on the 4-hour chart. This pattern is generally seen as a bullish reversal signal, suggesting the price may continue upward. If current momentum persists, the market target could be around the psychological $40 level, with further testing of the technical target near $41.70.

In terms of indicators, the MACD remains in a bullish configuration, with the signal line continuing upward and above the zero line. Meanwhile, the Chaikin Money Flow (CMF) is around 0.16, indicating ongoing capital inflow. Analysts believe that as long as derivatives trading activity remains high, HYPE could maintain a strong short-term trend.