Phemex Crude Oil Trading Jumps 300% After Ceasefire

APIA, Samoa, April 9, 2026 — Phemex reported a dramatic rise in crude oil perpetual futures activity on its TradFi platform after the US‑Iran ceasefire announcement, which triggered the largest single‑day oil price swing since the 1991 Gulf War. Week‑over‑week crude oil perpetual volume rose more than 300% as traders reacted to the geopolitical shock outside regular market hours.

Phemex TradFi lists WTI (XTI) and Brent (XBR) perpetual futures settled in USDT, available 24/7 with no expiry, allowing continuous access when traditional commodity exchanges were closed. Weekly crude oil trading on the platform surpassed $300 million, and the asset’s share of total TradFi volume climbed from roughly 3% to 12% during the crisis week. On April 7, daily crude oil volume hit an all‑time high of $85 million — a 4.6x increase — as WTI plunged more than 15% within hours of the ceasefire news. Over the past week, more than 8,000 unique traders engaged in oil contracts, and single‑day active users exceeded 2,000 for the first time.

"Crude oil has gone from a niche offering to one of our fastest‑growing asset classes virtually overnight," said Federico Variola, CEO of Phemex. "When WTI dropped $12 after hours on the ceasefire announcement and traditional commodity exchanges were closed, our traders were able to react in real time."

Phemex says the surge highlights growing demand for continuous market access as real‑time geopolitical events drive cross‑asset volatility. The exchange plans to expand its TradFi product set to give traders faster, more flexible, and more precise access to traditional assets through crypto‑native infrastructure.

About Phemex
Founded in 2019, Phemex is a user‑first crypto exchange serving more than 10 million traders. The platform offers spot and derivatives trading, copy trading, and wealth management products focused on user experience, transparency, and innovation. For more information, visit: https://phemex.com/