OIES Uses Allium On-Chain Data to Study Oil Perpetual Futures on Hyperliquid
The Oxford Institute for Energy Studies cited Allium's on-chain data in a July 2026 study of oil perpetual futures on Hyperliquid, using it for the paper's figures on open interest and trading volume.
The Oxford Institute for Energy Studies (OIES) cited Allium in a July 2026 Energy Comment, Decentralized Exchanges, Oil Perpetual Futures, and Implications for Oil Markets: A Hyperliquid Case Study, by Wu-Yen Sun (KAPSARC / Visiting Research Fellow, OIES).
What the paper covers
The study examines crude oil perpetual futures trading on Hyperliquid and what on-chain derivatives mean for oil market infrastructure. It reports notional open interest in non-crypto perps on Hyperliquid tripling over the 90 days ending May 19 to roughly $2.5B, and oil-perp open interest exceeding $10B with average business-day notional volume near $10B over the prior three months.
How Allium data was used
Allium's on-chain data, accessed through the Allium Academic Partnership Grant program, underpins two of the paper's core figures, open interest and daily notional trading volume in oil perpetuals, plus several statistics in the text, drawn from Allium's Hyperliquid dashboard.
An energy-sector research institute building its analysis on on-chain data is a signal that blockchain markets are becoming a primary source for commodities research.
Citation: Wu-Yen Sun (2026). Decentralized Exchanges, Oil Perpetual Futures, and Implications for Oil Markets: A Hyperliquid Case Study. OIES Energy Comment. As stated in the paper: "Source: Blockchain data provided by Allium Inc. (allium.so) through the Allium Academic Partnership Grant program."
