Wall Street Journal Highlights How Traders are Using Hyperliquid to Trade Oil Futures

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March 17, 2026

The Wall Street Journal (WSJ) recently published an article highlighting how traders are using the decentralized crypto exchange Hyperliquid to trade oil futures specifically perpetual contracts tracking West Texas Intermediate crude on a 24/7 basis.

The piece, titled “The Hottest New Crypto Trade Is 24/7 Oil Futures,” discusses this amid escalating geopolitical tensions in the Middle East including U.S.-Israel strikes on Iran, which caused traditional futures markets like the CME to close over weekends while volatility surged. Key points from the WSJ coverage include: Hyperliquid’s oil perpetual futures allow continuous trading without expiration or downtime, enabling price discovery even when conventional markets are offline.

For example, on a Saturday evening about 20 hours before mainstream markets reopened, WTI perpetuals on Hyperliquid jumped to around $96 per barrel, compared to the prior Friday close of $90.90 on regular futures.

Cumulative trading volume for these oil contracts exploded from $339 million on February 28, 2026, to $7.3 billion by March 12 or 13, 2026 depending on exact tracking. This reflects a broader trend where crypto platforms are becoming venues for macro asset speculation, especially during off-hours or crises, with high leverage amplifying both gains and risks.

The article frames Hyperliquid’s oil perps as a glimpse into a future where traditional and digital finance converge, allowing any asset to trade anytime. This story gained traction in crypto communities, with X users noting Hyperliquid’s mainstream media mentions as a sign of growing legitimacy for on-chain derivatives trading.

Hyperliquid has positioned itself as a “house of all finance” through features like its HIP-3 permissionless markets, which have seen oil become one of the top-traded assets sometimes surpassing Ether in volume during peaks. Note that U.S. residents currently cannot access Hyperliquid directly, per the reporting.

Hyperliquid’s HIP-3 markets refer to permissionless perpetual futures markets enabled by Hyperliquid Improvement Proposal 3 (HIP-3), also known as “Builder-Deployed Perpetuals.” This upgrade, activated on mainnet in October 2025, marks a major step toward decentralizing market listings on Hyperliquid.

Traditionally, adding new perpetual futures contracts on centralized or semi-centralized exchanges requires approval from the platform team. HIP-3 changes this by making the process fully permissionless on Hyperliquid’s core infrastructure (HyperCore), which handles high-performance on-chain order books, margining, liquidations, funding rates, and settlement.

Builders (deployers) can now launch their own perpetual markets — or even dedicated “perp DEXs” — without centralized gatekeeping. This allows trading of virtually any asset class as perpetual futures, including exotic or niche ones that centralized venues might not support quickly (or at all).

To deploy, a builder must stake a significant amount of HYPE tokens; Hyperliquid’s native token as collateral and bond. This acts as a spam deterrent and security mechanism with potential slashing for bad behavior. The exact threshold has been reported as 500,000 HYPE in most sources roughly $15–25M+ depending on HYPE price at deployment time.

Qualified deployers can launch markets directly on HyperCore. Early adopters often get a limited number of free markets, after which additional slots may involve a Dutch auction process bidding in HYPE every ~31 hours to secure them. The builder defines key parameters like oracle sources for price feeds, leverage limits, contract specs, and potentially custom fees.

They earn a share of trading fees often ~50% split with the protocol in many cases, aligning incentives to promote healthy, liquid markets. For users, HIP-3 markets trade seamlessly via Hyperliquid’s unified API and interface — same order books, margin system, discounts, and 24/7 availability as native markets.

However, they carry a disclaimer: independent deployment means potentially higher risks like lower liquidity, volatility, or incomplete oracle setups. Later enhancements like “HIP-3 Growth Mode” allow deployers to slash taker fees dramatically e.g., 90%+ reductions to as low as ~0.0015–0.009% on new markets to bootstrap liquidity.

HIP-3 has driven explosive growth in non-crypto asset trading on Hyperliquid. It enables markets for: Commodities. Traditional finance assets. Bonds, pre-IPOs, or even novelty items. Open interest in HIP-3 markets has hit records; $1.2B+ reported in early 2026, with volumes sometimes rivaling or exceeding native crypto perps during hype cycles.

It positions Hyperliquid as a “house of all finance” — infrastructure where anyone can permissionlessly create and monetize derivatives markets. HIP-3 turns Hyperliquid from a single DEX into modular, community-driven derivatives infrastructure — democratizing access to perpetuals for any asset imaginable, while leveraging the chain’s speed and on-chain transparency.

Africa’s Startup Ecosystem Settles Into a Steady Funding Growth Phase

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Ojukwu Emmanuel

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March 17, 2026

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After years of dramatic highs and sharp pullbacks, Africa’s startup ecosystem is entering a more measured and stable phase of growth. Funding levels, once fueled by global liquidity and rapid investor expansion, have now found a steadier rhythm, signaling a shift from hyper-growth to sustainability.

A recent report by Africa: The Big Deal, stated that startup funding across Africa has settled into a new phase of stability following years of volatility, signaling a maturing ecosystem after the dramatic highs and lows of the past half-decade.

After the funding level accelerated rapidly from mid-2021 and peaked at approximately $6.3 billion between July 2021 and June 2022, it declined sharply through 2023. This period marked a peak in investor enthusiasm, driven by a combination of global liquidity, growing interest in African tech innovations, and a wave of high-profile startup successes across fintech, e-commerce, and healthtech sectors.

However, the exuberance of this period proved difficult to sustain. Throughout 2023, the ecosystem experienced a sharp correction, with funding activity steadily declining as investors became more cautious amid economic uncertainties, global market volatility, and rising interest rates. By the period of July 2023 to June 2024, total startup funding had fallen to around $2 billion, representing a significant reduction from the previous peak.

Notably, since mid-2025, the market has found a steady rhythm. From August 2025 onward, 12-month rolling funding has hovered consistently around $3.1 billion, fluctuating within a narrow band of roughly $90 million. This level of stability is rare in the post-2020 period, with only a brief plateau in late 2022 offering a similar pattern before funding resumed its decline.

Importantly, this stability extends beyond total funding volumes. The number of startups raising significant rounds has also remained consistent. Ventures securing $1 million or more have stabilized at around 211 deals, while those raising $10 million or more stand at approximately 65 deals. These figures have remained largely unchanged since mid-2024, indicating a balanced and predictable investment environment.

A key structural shift underpinning this new equilibrium is the growing role of debt financing. Prior to the funding boom, Africa’s startup ecosystem was heavily equity-driven. Today, debt accounts for roughly 39% of total funding.

Since August 2025, equity funding has averaged about $1.8 billion, while debt financing contributes around $1.2 billion. This diversification reflects increasing sophistication in capital structures and a broader range of financing options available to founders.

At the early stage, however, there are signs of tightening. The volume of deals in the $100,000 to $1 million range has declined compared to peak years. Yet this contraction is not isolated to smaller deals alone.

The reduction in early-stage activity mirrors a proportional decline in larger funding rounds, suggesting a systemic slowdown rather than a collapse at the base of the ecosystem.

Outlook

If this current stable phase of growth represents Africa’s new trajectory, the ecosystem faces a critical test. Sustained growth will depend on its ability to continuously fund and nurture early-stage startups, ensuring a steady pipeline of ventures that can scale into larger deals over time.

Without another surge akin to the 2021–2022 heatwave, the focus will shift toward efficiency, capital discipline, and long-term value creation. The increasing role of debt and the consistency in deal activity suggest a more resilient and mature market.

Short Term Crypto Markets See $60M of Daily Volume on Polymarket

By

Paul Ugbede Godwin

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March 17, 2026

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Polymarket’s ultra-short-term crypto prediction markets—particularly the 5-minute “Up or Down” bets on Bitcoin and similar for other cryptos—have exploded in popularity since their launch around mid-February 2026.

These markets allow traders to wager on whether the price will be higher or lower just five minutes later, creating a high-frequency, almost gamified trading loop with near-instant resolutions. Daily trading volume in these 5-minute crypto markets has hit up to $60 million or exceeded it in peaks.

This accounts for a dominant share—around 67%—of Polymarket’s total crypto binary/up-down prediction volume. For context, Polymarket’s longer-term daily crypto markets; end-of-day price targets often see far less, sometimes under $1 million per day. The platform offers 288 such 5-minute windows in a 24-hour period, fueling continuous activity.

Overall platform volumes are much higher; recent single-day totals reached $478 million, driven heavily by politics/geopolitics like Iran-related events, but these short-term crypto bets stand out as a breakout segment in the crypto category.

This trend highlights traders’ appetite for instant gratification and rapid sentiment plays in volatile crypto markets, often described as addictive or akin to high-speed speculation. It’s drawing in automated bots and fast-executing participants, though volumes remain modest compared to major crypto exchanges’ spot/futures trading (tens of billions daily).

On Polymarket’s homepage right now, you can see live examples like “BTC 5 Minute Up or Down” with volumes in the $42 million range for active windows, aligning with this momentum. Note that speed (low latency) and oracles for resolution play a big role in edge here.

Polymarket relies on oracles to determine the real-world outcomes of events once a market resolves, bridging off-chain information like election results, sports scores, or crypto prices to on-chain smart contracts. This allows winning outcome tokens to be redeemed for $1 each with losing ones becoming worthless.

Polymarket uses multiple oracles depending on the market type: Markets Team (internal and centralized for some simpler or early markets). Chainlink (for price feeds and verifiable data sources). UMA Optimistic Oracle (the primary decentralized oracle for most markets, especially complex or subjective ones).

UMA Optimistic Oracle

Most Polymarket markets including high-profile political, crypto, and event-based ones use UMA’s Optimistic Oracle (OO) for resolution. This is a decentralized, “optimistic” system designed for arbitrary real-world questions. Market closes — When the event ends or the resolution time arrives, anyone can initiate resolution by proposing the correct outcome.

A user submits the proposed outcome, posts a bond typically around $750 in USDC.e on Polygon, and provides supporting evidencen and references in the request’s ancillary data. The proposal is submitted to the UMA Oracle. If no one disputes the proposal during a challenge and dispute window usually a set period like hours or days, depending on the market, the proposal is accepted as correct.

The proposer gets their bond back plus a reward from dispute bonds or fees. If someone believes the proposal is wrong, they can challenge it by posting their own bond. This escalates the issue. The dispute moves to UMA’s Data Verification Mechanism (DVM), a Schelling-point voting system where UMA token holders stake their tokens to vote on the correct outcome.

Votes are incentivized game-theoretically: correct majority voters earn rewards, while incorrect ones can face slashing or penalties. Once resolved the outcome is finalized on-chain. Polymarket’s custom adapter contract (UmaCtfAdapter) connects this to its conditional token framework, enabling redemption of winning shares for collateral usually USDC.

This “optimistic” design keeps most resolutions fast and cheap—assuming honesty—while economic incentives and decentralized voting handle rare disputes. For ultra-short crypto bets like the popular 5-minute BTC Up or Down markets which see massive daily volume, resolution is automated and near-instant using Chainlink’s high-frequency price feeds not UMA.

Chainlink continuously monitors BTC/USD prices and compares the price at the window’s start vs. end to determine “Up” or “Down” automatically. This enables instant settlement without manual proposals or disputes, making high-frequency trading feasible.

Bonds and staking align incentives against bad behavior. In disputed cases, concentrated UMA token ownership has led to manipulation concerns in some past incidents. For most markets, though, disputes are rare, and the system has resolved thousands successfully.

Resolution rules are predefined per market—always check them before trading, as they override the title and question. This setup is what enables Polymarket to handle everything from elections to crypto ticks in a mostly trust-minimized way.

Coinbase in Talk with Bybit for a Potential Strategic Partnership

By

Paul Ugbede Godwin

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March 17, 2026

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Coinbase is in talks with Bybit for a potential strategic partnership, centered on an investment deal. The discussions involve Coinbase potentially taking a minority equity stake in Bybit. Bybit is described as the world’s second-largest offshore crypto exchange particularly strong in derivatives trading.

This is not a full acquisition but a strategic investment and cooperation agreement. The primary goal for Bybit appears to be gaining a compliant entry into the regulated U.S. market, leveraging Coinbase’s established federal licenses, regulatory infrastructure, and status as a publicly listed U.S. company.

In return, Coinbase could gain better access to offshore derivatives markets and high-volume global liquidity flows that it doesn’t currently dominate. Bybit’s valuation in these talks is reportedly in the range of around $25 billion; comparable to recent benchmarks like OKX’s funding events.

Neither Coinbase nor Bybit has officially confirmed the talks, so details remain preliminary and unverified. No timeline for a potential deal has been shared, and it’s still in the discussion phase. This comes amid broader trends in crypto where offshore exchanges are increasingly pursuing regulated pathways via partnerships or compliance shifts rather than resisting them, especially as U.S. crypto policy evolves.

If it materializes, it could be a significant move reshaping competition between regulated U.S.-based platforms and global and offshore ones, potentially boosting institutional adoption and liquidity flows. For context, Coinbase has been active in expansions, while Bybit has focused on global growth outside heavy U.S. restrictions.

A potential Coinbase-Bybit partnership via Coinbase taking a minority equity stake in Bybit, valued around $25 billion remains unconfirmed but carries significant implications if it materializes. The talks, reported around March 14, 2026, reflect a broader industry shift toward collaboration between regulated U.S. platforms and high-volume offshore exchanges.

A compliant pathway into the lucrative U.S. market. Bybit; Dubai-based, second-largest offshore exchange, especially in derivatives currently restricts U.S. users due to regulatory barriers. Partnering with Coinbase’s federal licenses, infrastructure, and public-company status could enable regulated access without building everything from scratch or facing direct SEC enforcement risks.

This mirrors trends like offshore exchanges seeking legitimacy amid evolving U.S. policy and potential regulatory clarity in 2026. Bybit retains operational independence while tapping institutional capital flows and the world’s largest crypto market by institutional demand.

Gains exposure to Bybit’s massive global liquidity and derivatives volume often dominating spot and futures offshore. This complements Coinbase’s 2025 Deribit acquisition for options/derivatives and its “Everything Exchange” vision — aiming to capture more global trading flows beyond U.S.-only limits.

Could boost revenue through shared liquidity, cross-platform products, and higher transaction volumes. Coinbase’s U.S.-centric model gets a global boost without full acquisition costs. Positions Coinbase as a bridge between compliant and offshore worlds, potentially accelerating institutional adoption and on-chain finance integration.

Signals the end of strict “compliant vs. liquid” divide. Offshore players increasingly choose cooperation over resistance, driven by regulatory evolution potential SEC case resolutions or clearer frameworks in 2026. Enhanced global liquidity pools, expanded derivatives and spot access, reduced fragmentation, and possibly new offerings. This could drive institutional inflows and mainstream adoption.

Positive for adoption but risks SEC scrutiny; history of blocking offshore access loopholes or antitrust concerns. If approved, it sets precedents for similar deals; if blocked, highlights ongoing U.S. barriers. U.S. users might access more Bybit-style products compliantly; global users gain better regulated options.

Could lead to shared features, improved compliance tools, or broader availability. This deal if finalized would be a landmark move reshaping crypto exchange competition — favoring integration, liquidity depth, and regulatory alignment over pure rivalry. It aligns with trends toward tokenized assets, stablecoins, and global capital flows on-chain.

Starlink Expands Into Central African Republic, Marking A New Era for Connectivity

By

Ojukwu Emmanuel

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March 17, 2026

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Elon Musk-owned satellite internet provider Starlink has officially launched its services in the Central African Republic (CAR), marking a significant milestone in Africa’s digital transformation.

The launch makes CAR the 27th African country to welcome the satellite service and the second on the continent to do so in 2026.

Announcing the expansion, Starlink wrote, “Starlink’s high-speed, low-latency internet is now available in the Central African Republic”.

The agreement was formalized during a ceremony hosted by CAR President Faustin-Archange Touadéra. The event had key stakeholders, including representatives from the CAR Ministry of Post, Telecommunications, and Digital Economy, U.S. Embassy Chargé d’Affaires Dr. Melanie Anne Zimmerman, Starlink officials, as well as the CAR Prime Minister, Minister of Foreign Affairs, and Minister of Post, Telecommunications, and Digital Economy.

Starlink’s entry is expected to play a pivotal role in improving connectivity in a country where internet access remains highly limited, particularly in rural and remote areas.

The Central African Republic continues to rank among the least digitally connected nations globally. As of 2025, only about 15.5% of the population, approximately 839,000 people have access to the internet, leaving more than 80% offline.

Internet access in CAR is predominantly mobile-based, with minimal fixed broadband infrastructure. Most users rely on 2G and 3G networks, while 4G services are only beginning to emerge in urban centers such as Bangui.

In this context, Starlink aims to expand coverage and enable citizens to access reliable, high-quality internet services for digital payments, business operations, and social media use.

Despite its entry, Starlink will face competition from established mobile network operators such as Telecel and Orange, which currently dominate the market. These operators are also accelerating efforts to expand 4G coverage across the country.

However, Starlink’s low-Earth orbit (LEO) satellite network provides a distinct advantage. Unlike traditional telecom providers that depend on ground-based infrastructure such as cell towers, fiber-optic cables, and stable electricity resources often scarce outside major cities Starlink delivers internet directly via satellite.

This infrastructure independence allows users to connect using only a satellite dish and a power source, making it particularly effective in hard-to-reach and underserved regions. In a country where building and maintaining telecom infrastructure is both costly and logistically challenging, this approach offers a transformative solution.

Ultimately, Starlink’s launch in the Central African Republic signals a major shift in how connectivity can be delivered in infrastructure-constrained environments. By bypassing traditional limitations, the service presents a promising pathway toward bridging the country’s digital divide and bringing millions of unconnected citizens online.

Outlook

Starlink’s success in the Central African Republic will likely depend on a combination of affordability, regulatory support, and infrastructure readiness on the ground. While its technology offers clear advantages, the cost of equipment and subscription may remain a barrier for widespread adoption among low-income populations unless supported by government initiatives or partnerships.

At the same time, its entry could accelerate competition within the telecom sector, pushing local operators like Telecel and Orange to expand 4G coverage and improve service quality like it did in Kenya. This competitive pressure could ultimately benefit consumers through better pricing and improved connectivity.

Notably, Starlink’s expansion reflects a growing trend of satellite-based solutions addressing connectivity gaps across Africa.

Wall Street Journal Highlights How Traders are Using Hyperliquid to Trade Oil Futures

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