Rune Christensen, co-founder of the decentralized finance protocol Sky (formerly MakerDAO), has opened nearly $5.9 million in crude oil long positions on the decentralized derivatives platform Hyperliquid (HYPE), according to on-chain data monitored by blockchain analytics account EmberCN.
The trade comes as oil prices surge to their highest levels since April 2024, driven by the ongoing U.S.-Israel war against Iran.
Christensen transferred approximately 4.01 million USDC to Hyperliquid's perpetuals platform on Saturday before establishing the positions, EmberCN said.
What Happened
The position consists of roughly $5.71 million in WTI crude (CL) longs at an entry price near $92.08 per barrel, and approximately $180,000 in Brent crude (BRENTOIL) longs at around $92.16.
The total exposure of $5.89 million against $4.01 million in collateral implies leverage of roughly 1.47x - a conservative ratio by perpetuals trading standards.
The trade data is attributable to on-chain monitoring and has not been independently confirmed by Christensen.
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Why It Matters
The trade is notable for two reasons. First, a prominent DeFi founder is using a decentralized perpetuals venue - rather than a traditional commodity broker - to express a macro geopolitical view.
Second, it illustrates Hyperliquid's growing appeal for large-scale, non-cryptocurrency trades. WTI crude has risen more than 20% since U.S. and Israeli strikes on Iran began February 28, as traffic through the Strait of Hormuz - which normally handles about 20% of global seaborne oil - has fallen to near-zero.
Analysts at TD Securities have said Brent could breach $100 per barrel if tanker traffic through the strait remains halted. Christensen's bet effectively wagers that disruption persists long enough to push prices further from current levels.
Hyperliquid has rapidly become the largest decentralized perpetuals exchange by volume, processing over $106 million in monthly revenue as of early 2026. The addition of commodity contracts like WTI and Brent has extended its reach beyond cryptocurrency markets into traditional energy derivatives - a development that Christensen's trade underscores in dollar terms.
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