Investing.com -- Oil-linked trading on cryptocurrency exchange Hyperliquid surged past $1.2 billion in volume over 24 hours, making it the platform's second-most traded market behind Bitcoin.

The CL-USDC perpetual contract, which tracks West Texas Intermediate crude oil, overtook Ether token trading on the platform. The surge came as oil futures jumped more than 30% to nearly $120 a barrel on traditional exchanges Monday following escalating conflict in the Middle East that disrupted global supply chains.

The tokenized crude contract reached $107 a barrel during Sunday trading, providing early market pricing of the latest Iran-related escalation before Wall Street opened.

Data from Coinglass showed nearly $75 million in short positions were liquidated over the past day as prices climbed, reflecting significant leveraged exposure on the platform.

Daily volumes in the contract jumped from approximately $21 million before the US-Israel strike on Iran to more than $1.2 billion as of Monday. Open interest in the contract climbed to $183 million.

Hyperliquid operates as a round-the-clock venue for leveraged commodity trading, with the platform barely registering in commodity markets a year ago.