Phemex TradFi Crude Oil Volume Soars 300% After Ceasefire

APIA, Samoa — April 9, 2026 — Phemex reported a more than 300% week-over-week increase in crude oil perpetual futures volume on its TradFi platform following the US–Iran ceasefire announcement, which produced the largest single-day oil price swing since the 1991 Gulf War.

Phemex TradFi lists WTI (XTI) and Brent (XBR) perpetual futures settled in USDT. These contracts trade 24/7 with no expiry, allowing traders to respond to geopolitical events outside standard commodity exchange hours. During the crisis week, weekly crude oil trading on Phemex TradFi topped $300 million, and crude’s share of total TradFi volume rose from roughly 3% to about 12% — a fourfold increase.

On April 7, daily crude oil volume hit an all-time high of $85 million, a 4.6x jump as WTI fell more than 15% within hours of the ceasefire news. Over the 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 went from a niche product to one of our fastest-growing asset classes almost overnight,” said Federico Variola, CEO of Phemex. “When WTI dropped roughly $12 after hours on the ceasefire announcement, traditional commodity markets were closed. Our continuous, crypto-native infrastructure let traders act in real time.”

Phemex says the spike underscores growing demand for always-on market access as cross-asset volatility increasingly tracks real-time geopolitical developments. The company plans further expansion of its TradFi offering to provide faster, more flexible access to traditional assets through crypto-native systems.

About Phemex
Founded in 2019, Phemex is a crypto exchange serving over 10 million users worldwide. The platform provides spot and derivatives trading, copy trading, and wealth management products, with a focus on user experience, transparency, and product innovation. For more information, visit https://phemex.com/