Onchain commodity trading is here to stay, but liquidity remains an issue

Rising oil and gold volumes signal growing demand for onchain macro trading, but limited liquidity and depth still keep traditional markets in control.

Onchain commodity trading is proving it’s more than a short-term spike, but limited liquidity continues to hold the market back from competing with traditional venues.

Hyperliquid’s HIP-3 market recorded a new all-time high on March 23, with roughly $5.4 billion in perpetual futures volume across commodities and macro assets. Silver led the activity at $1.3 billion, followed by WTI crude oil at $1.2 billion, Brent crude at $940 million and gold at $558 million. Equity indices, including the Nasdaq and S&P 500, also saw notable volumes.

Industry participants say the spike shows growing demand for macro exposure onchain. “Previously, onchain commodity futures were mostly a venue for crypto-native investors, that is no longer the whole story,” said Iggy Ioppe, chief investment officer at Theo. “The real tell is not just the volume, it’s when the volume shows up and who is showing up to trade.”

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