Key Takeaways:
A crypto trader realized a $2 million profit on a $5 million oil short early Wednesday after a surprise U.S.-Iran ceasefire announcement sent crude prices tumbling more than 15 percent. The trade highlights the growing use of decentralized platforms for speculating on traditional assets.
The trader, identified by the on-chain alias “Loracle,” closed the profitable short position on crude oil perpetual futures on Hyperliquid, a decentralized derivatives exchange, according to data from Arkham Intelligence. Loracle’s crypto holdings are valued at over $8 million, primarily in USDT, USDC, and ETH, Arkham data shows.
The geopolitical de-escalation served as a direct catalyst for the trade. Oil prices cratered below $100 per barrel, allowing Loracle to close the position opened last week for a multimillion-dollar gain. This event demonstrates the transmission chain from a major geopolitical event to a significant profit on a decentralized finance (DeFi) protocol.
The trade also underscores Hyperliquid’s emergence as a key venue for crypto-native traders to access traditional markets. In the last 24 hours, WTI crude oil perpetuals on the platform registered $2.45 billion in trading volume, exceeding the volume for perpetuals tied to ether (ETH), the second-largest cryptocurrency. Bitcoin (BTC) perpetuals held the top spot, while Brent oil futures saw $1.3 billion in volume, placing it fourth.
This article is for informational purposes only and does not constitute investment advice.
