TLDRHYPE climbed above $45 for the first time in five months after gaining more than 20% in one week.Oil perpetual contracts ranked among the most traded assets on Hyperliquid during the price rally.Crude Oil generated over $840 million in 24-hour volume and became the third most traded market.Brent Crude Oil recorded more than $360 million in daily volume and ranked fifth on the exchange.HIP-3 daily trading volume reached about $5.4 billion in late March, led by commodity contracts.HYPE advanced to nearly $45 early Tuesday, marking its highest level in five months. The token gained over 20% during the past week as trading volumes expanded. Oil-linked perpetual contracts drove much of the activity on Hyperliquid.The token later eased to about $43.4 at press time. However, it held most of its weekly gains as traders stayed active. The recovery followed renewed focus on commodity markets listed on the exchange.HYPE Price Rally Aligns with Commodity Trading SurgeHYPE climbed sharply as traders increased activity across builder-deployed markets on Hyperliquid. The token reached nearly $45 before trimming gains later in the session. It still traded firmly above late January levels.The weekly advance exceeded 20%, reflecting stronger participation on the platform. Oil contracts ranked among the most traded assets during the rally. This trading momentum coincided with higher open interest across new perpetual listings.Hyperliquid operates a permissionless listing structure under its HIP-3 framework. Outside developers can launch perpetual markets directly on the exchange. The protocol describes HIP-3 as a move toward decentralized perp listings.This structure expanded the range of available markets beyond digital assets. Commodity and equity-linked contracts gained traction in recent weeks. As a result, overall trading activity shifted toward these instruments.Market data showed builder-deployed markets topping $1.2 billion in open interest during March. Oil and equity futures contributed heavily to that figure. These contracts became central to daily trading flows on the platform.Crude Oil emerged as one of the busiest contracts on Hyperliquid. The contract generated over $840 million in 24-hour volume. It ranked as the third most traded market on the exchange.Brent Crude Oil also attracted strong participation from traders. The contract recorded more than $360 million in 24-hour volume. It ranked fifth among all listed markets.Oil Frenzy Under HIP-3 Lifts HYPE VisibilityTrading activity accelerated during volatility tied to the US-Iran conflict. Traders used perpetual markets to react before traditional exchanges reopened. This dynamic increased volume across oil-linked contracts.A March report from The Wall Street Journal detailed rapid volume growth. Cumulative oil futures volume jumped from $339 million to $7.3 billion within days. Traders favored nonstop markets during heightened geopolitical tension.This surge extended beyond oil alone and covered other commodities. HIP-3 daily volume reached about $5.4 billion in late March. Silver, WTI, Brent, and gold contracts led that activity.The post HYPE Hits $45 as Oil Contracts Boost Hyperliquid Volume appeared first on Blockonomi.