Phemex Sees 300% Surge in Crude Oil Trading Amid Ceasefire Volatility

Phemex, a cryptocurrency exchange based in Samoa, reported a significant increase in crude oil perpetual futures trading on its TradFi platform. Following a US-Iran ceasefire announcement, trading volumes surged over 300% compared to the previous week. This marks the largest single-day oil price movement since the Gulf War in 1991.

The platform recorded a weekly trading volume of over $300 million, with crude oil's share of total volume rising from 3% to 12%. On April 7, Phemex hit a daily trading volume peak of $85 million, driven by a 15% drop in WTI prices. Over 8,000 traders engaged in oil contracts, with daily active users surpassing 2,000 for the first time.

This surge reflects a growing trend toward continuous market access, allowing traders to react to geopolitical developments outside traditional market hours. Phemex plans to expand its TradFi offerings, enabling faster and more flexible trading.