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Commodities are the oldest traded asset class in human history and among the most consequential, given their impact on the real economy.
Yet for all their importance, the infrastructure they trade on has evolved incrementally at best. Markets are still shut on weekends and holidays, and access still runs through layers of intermediaries built for a pre-Internet world.
The next rails are onchain.
Tokenised spot commodity assets alone have grown from $1.9 billion to over $7 billion in one year, while Open Interest (OI) in commodities perps has reached over $1.4 billion on Hyperliquid alone.
This trend is extending beyond commodities, with the S&P 500 perp now available 24/7 on Hyperliquid, under an official licensing agreement between S&P Global and Tradexyz.
This report maps the state of commodity markets at this inflexion point. We trace the evolution of commodities, examine where traditional infrastructure still falls short, and assess how onchain alternatives are beginning to fill those gaps. To demonstrate the evolution of 24/7 onchain commodity markets, we conduct a comparative analysis using the Iran strikes as a case study to evaluate oil markets on Hyperliquid against the CME.
Sit tight, and enjoy the read, starting with a brief history of commodity infrastructure, to contextualise their broader evolution.
