Trade oil on Hyperliquid
Two crude-oil perps, run by trade.xyz on HIP-3, trading around the clock with live volume in the hundreds of millions a day.
Yes. trade.xyz lists two crude-oil perpetuals on Hyperliquid: xyz:CL tracks one barrel of WTI and xyz:BRENTOIL tracks one barrel of Brent, both priced from designated futures contracts, margined in USDC, with up to 20x leverage. In the 24 hours to 2026-11-04 10:16 UTC, xyz:CL traded $430M with $261M open interest at a mark of $95.13 (Hyperliquid API).
Live market data
xyz:CL HIP-3 · run by trade.xyz - Mark price
- $95.13
- 24h change
- −2.40%
- 24h volume
- $430M
- Open interest
- $261M
- Funding (1h)
- +0.0006%
- Funding (annualized)
- +5.5%
- Max leverage
- 20x
- Taker / maker fee
- 0.009% / 0.003%
Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.
xyz:BRENTOIL HIP-3 · run by trade.xyz - Mark price
- $101.88
- 24h change
- −3.55%
- 24h volume
- $219M
- Open interest
- $336M
- Funding (1h)
- +0.0006%
- Funding (annualized)
- +5.5%
- Max leverage
- 20x
- Taker / maker fee
- 0.009% / 0.003%
Growth mode on (deployer fee scale 1): fees are 0.2x core perp rates. Fees are tier 0 before staking or referral discounts.
Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.
What the two oil perps track
xyz:CL (WTI) references the USD price of one barrel of West Texas Intermediate light sweet crude, the main US benchmark. trade.xyz’s documentation calls the market WTIOIL; on Hyperliquid’s API and most screens it appears as xyz:CL, the same root symbol as the NYMEX contract.
xyz:BRENTOIL (Brent) references one barrel of Brent crude, the North Sea benchmark used to price most internationally traded oil. Brent usually trades a few dollars above WTI; the gap is the Brent–WTI spread, and some traders hold one perp against the other to trade that spread.
Neither is a spot price. Crude has no single spot market, so trade.xyz’s relayer prices both from a designated futures contract and rolls to the next contract between the 5th and 10th business day of each month, shifting 20% of the weight per day. That keeps the perp near the liquid front of the curve without a single-day jump at expiry. The roll schedule lists the exact contract in use.
When you can trade, and what changes at night and on weekends
The perps trade around the clock, but the futures they track do not. External prices run from Sunday 6:00 PM to Friday 5:00 PM ET for WTI (6:00 PM Friday for Brent), with a daily maintenance gap from 5:00 to 6:00 PM ET, Monday to Thursday. Outside those hours the oracle switches to trade.xyz’s internal pricing, which follows Hyperliquid’s own order book.
To stop the weekend market from running away, trade.xyz applies discovery bounds: at 20x leverage, the mark can move ±5% from the last external price before the band re-anchors, and WTI allows two re-anchors per direction. trade.xyz’s own worked example puts the maximum weekend move at about +15.8% / −14.3% from Friday’s close. When futures reopen on Sunday evening, the oracle snaps back to the external price, so a position opened over the weekend can gap.
WTI or Brent: which one
Both have similar volume and the same 20x cap. WTI (xyz:CL) is the one most US-focused traders and news headlines quote; Brent (xyz:BRENTOIL) is the benchmark for Europe, the Middle East and most seaborne crude. If you’re trading a headline about OPEC or Middle East supply, the move usually shows up in both. Compare the live cards above for volume, open interest and funding before you pick.
Fees
Both markets run in HIP-3 growth mode as of November 2026, which cuts all-in fees by at least 90% versus standard HIP-3 rates: 0.009% taker and 0.003% maker at the entry tier, before HYPE staking and referral discounts (standard HIP-3 is 0.09% / 0.03%). Growth mode is set per market by the deployer and can change, so the live card shows whatever applies now. A referral code still takes 4% off what’s left: see our Hyperliquid referral code.
Other oil-linked markets
trade.xyz also lists a diesel perp (xyz:HO, NY Harbor ULSD) and an energy-sector ETF perp (xyz:XLE), both much smaller. For the gas side of energy, see natural gas on Hyperliquid. Every live market, sorted by volume, is on the markets hub.
Contract specs
xyz:CL · trade.xyz
| Tracks | The USD price of 1 barrel of WTI light sweet crude oil (trade.xyz’s docs call this market WTIOIL; the API ticker is xyz:CL). |
|---|---|
| Price source | A designated WTI futures contract, rolled from the front month to the next between the 5th and 10th business day of each month (20% a day). |
| External hours | External price 23/5: Sunday 6:00 PM to Friday 5:00 PM ET, with a daily 5:00–6:00 PM ET gap Monday to Thursday. |
| Outside those hours | During the daily gap, weekends and futures holidays the market keeps trading on internal pricing, limited by discovery bounds. |
| Max leverage | 20x (live from the API) |
| Margin mode | Cross or isolated (your choice); live from the API |
| Price limits | ±5% per band, 2 re-anchors per direction (about ±15.8% total from the last external price) |
| Settlement | Cash-settled in USDC; no shares, coins or barrels change hands. |
| Spec source | trade.xyz Specification Index (reviewed November 4, 2026) |
xyz:BRENTOIL · trade.xyz
| Tracks | The USD price of 1 barrel of Brent crude oil. |
|---|---|
| Price source | A designated Brent futures contract, rolled between the 5th and 10th business day of each month. |
| External hours | External price Sunday 6:00 PM to Friday 6:00 PM ET, with a daily 5:00–6:00 PM ET gap Monday to Thursday. |
| Outside those hours | During the daily gap, weekends and futures holidays the market keeps trading on internal pricing, limited by discovery bounds. |
| Max leverage | 20x (live from the API) |
| Margin mode | Cross or isolated (your choice); live from the API |
| Price limits | ±5% per band, 2 re-anchors per direction |
| Settlement | Cash-settled in USDC; no shares, coins or barrels change hands. |
| Spec source | trade.xyz Specification Index (reviewed November 4, 2026) |
How to trade it
- Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. If you're in a restricted place, stop here.
- Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
- Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
- Open the market. Use trade.xyz (its link applies the same Hyperliquid referral) or the official Hyperliquid app, which lists HIP-3 markets alongside core perps. Search for
xyz:CLorxyz:BRENTOIL. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first. - Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
- Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.
Risks
- It's a perp, not the commodity. You get cash-settled price exposure in USDC. No physical delivery, no futures account, and the price you trade can drift from the underlying, especially when its home market is closed.
- The deployer runs the oracle. trade.xyz publishes the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
- Outside market hours the price is set by traders here. When the underlying market is shut, the oracle follows this order book within discovery bounds. When the real market reopens, the price can jump to wherever it opens, and stops can fill far from where you set them.
- Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
- Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
- Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.
Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.
Questions people ask
Can you trade oil on Hyperliquid?
Yes. trade.xyz runs WTI (xyz:CL) and Brent (xyz:BRENTOIL) perpetuals on Hyperliquid through HIP-3. Both trade 24/7 with USDC margin and up to 20x leverage.
What is xyz:CL on Hyperliquid?
It is trade.xyz's WTI crude oil perpetual. trade.xyz's docs call it WTIOIL; one contract tracks the USD price of one barrel of WTI light sweet crude, taken from a designated futures contract that rolls monthly.
Can I trade oil on Hyperliquid on weekends?
Yes, the market never closes. From Friday 5 PM to Sunday 6 PM ET there is no futures price, so the oracle follows Hyperliquid's own order book within discovery bounds (±5% per band, at most about ±15.8% from Friday's close for WTI).
Is Hyperliquid oil available in the US?
No. Hyperliquid's terms restrict the United States, and trade.xyz's terms bar US persons. ICE announced on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet.
Sources
- trade.xyz docs: Commodities (external price derivation, roll schedule)
- trade.xyz docs: Specification Index
- trade.xyz docs: Roll Schedules
- trade.xyz docs: Discovery Bounds (WTIOIL worked example)
- trade.xyz docs: Fees and growth mode
- Hyperliquid info API (metaAndAssetCtxs, snapshot 2026-11-04 10:16 UTC)
- Hyperliquid Docs: HIP-3 builder-deployed perpetuals
- Hyperliquid Docs: Fees (HIP-3 and growth mode)