Tokenized Brent crude triggers $17M Hyperliquid liquidation, rivaling bitcoin as Trump Iran threats spike oil past $107

$515M OI in BRENTOIL-USDC — bigger than most mid-cap token market caps, all sitting on a permissionless perp DEX. Second time in under a month a single oil position out-liquidated every BTC trade on Hyperliquid, and JPMorgan already called it the dominant commodity venue during off-hours. When a DEX is functioning as the weekend oil pricing oracle for tradfi desks, the RWA narrative stops being theoretical.

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