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Since late February 2025, tensions in the Middle East have escalated dramatically. The United States and Israel launched large-scale airstrikes against Iran, sending shockwaves through global financial markets. During a weekend of relentless conflict, while traditional financial markets were closed and Wall Street traders could only wait anxiously for Monday’s opening, another wave of investors was trading frantically on-chain platforms. They weren’t trading cryptocurrencies; they were trading gold, crude oil, and silver. Prediction markets like Polymarket and Kalshi saw their trading volumes surge due to war-related contracts, becoming the focal point of the market. But on the other side of the lens, perpetual DEXs (perp DEXs), including Hyperliquid, also “profited handsomely from the war”: trading volumes for commodity contracts on these platforms skyrocketed, with on-chain derivatives for traditional assets like…# Analysis# bitcoin# crypto# defi# Exchange# Market# TokenPre
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