Crypto perpetuals platform Hyperliquid reportedly handled more than $11.5 billion in trading volume over the weekend, as investors turned to tokenized crude oil and gold contracts while global stock exchanges were closed. Hougan noted that even mainstream financial coverage referenced Hyperliquid’s crude oil contract when assessing price reactions to the geopolitical escalation.

Meanwhile, Tether Gold (XAUt) saw its 24-hour trading volume surge past $300 million. Prediction markets such as Polymarket and Kalshi also experienced heightened activity, underscoring how on-chain venues are increasingly serving as real-time price discovery mechanisms during global uncertainty.