JPMorgan analysts have focused on the decentralized exchange Hyperliquid, whose oil perpetual futures contracts have a daily trading volume of up to $1.7 billion. This is mainly due to the tense situation in the Middle East and the CME (Chicago Mercantile Exchange) being closed on weekends, prompting traditional commodity traders to seek trading opportunities during the weekend. The contracts are denominated in US dollars, with leverage of up to 20 times, and feature an on-chain order book. The open interest has approached $300 million, indicating that more and more institutions are using cryptocurrency trading platforms to trade traditional assets.