The post Onchain Commodity Trading Grows, but Liquidity still Favors TradFi appeared on BitcoinEthereumNews.com.

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. HIP-3 per volume. Source: Artemis 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.” Ioppe noted that onchain oil futures markets are now processing more than $1 billion in daily volume over weekends, when traditional exchanges are offline. He said the shift is being driven in part by individual traders from traditional finance, who are accessing these markets through personal accounts. “Geopolitics does not stop on Friday afternoon, and markets are starting to adapt to that fact,” he said. Related: S&P Dow Jones licenses S&P 500 perpetual futures for Hyperliquid Weekend gap gives onchain markets an edge The ability to trade around the clock has emerged as a defining advantage for onchain venues. With a roughly 49-hour gap between the close of traditional markets on Friday and their reopening on Sunday, decentralized platforms have become one of the few places where traders can react to macro developments in real time. That dynamic is starting to influence how prices are formed outside regular trading hours,…

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Filed under: News - @ March 29, 2026 6:22 pm