Phemex, a user-centric cryptocurrency exchange platform, reported that the volume of perpetual crude oil futures on its TradFi platform increased by more than 300% compared to the previous week, as the announcement of the ceasefire between the United States and Iran caused the largest fluctuation in the price of oil in a single day since the Gulf War of 1991.

Phemex TradFi offers perpetual futures of crude oil WTI (XTI) and Brent (XBR) settled in USDT, available 24 hours a day, 7 days a week, with no expiration dates, allowing traders to react to geopolitical events regardless of traditional market schedule. The weekly volume of crude oil trading at Phemex TradFi exceeded $300 million, and the share of the asset in TradFi's total volume quadrupled, from approximately 3 to 12% during the week of the crisis. On April 7, the daily volume of crude oil reached an all-time high of 85 million dollars (an increase of 4.6 times), since the WTI plummeted more than 15% a few hours after the announcement of the ceasefire was announced. More than 8,000 unique operators participated in oil contracts during the last week, and active users in a single day exceeded 2,000 for the first time.

"Raw oil has gone from being a niche product to one of our fastest growing asset classes practically overnight," said Federico Variola, CEO of Phemex. "When the WTI fell $12 after the announcement of the ceasefire, the bags of traditional raw materials were closed. Our operators didn't have to wait; they were already positioned and took advantage of the movement in real time."

As volatility between different assets is increasingly influenced by geopolitical events in real time, an increase in demand for continuous market access is expected. The recent boom of Phemex TradFi in crude oil trading shows a broader trend towards an always-active trading infrastructure, where traditional assets are accessed through cryptocurrency-based systems. Phemex will continue to expand its TradFi offering, allowing traders to respond to global events more quickly, flexibly and accurately across all asset classes.