APIA, Samoa, April 9, 2026 /PRNewswire/ — Phemex reported that crude oil perpetual futures activity on its TradFi platform rose more than 300% week-over-week following the US–Iran ceasefire announcement, which coincided with 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, available 24/7 with no expiration. That always-on structure let traders react to the geopolitical shock outside traditional exchange hours. During the crisis week, weekly crude oil trading on Phemex TradFi topped $300 million, and the asset’s share of total TradFi volume climbed from roughly 3% to about 12%.
On April 7, daily crude oil volume hit a record $85 million — a 4.6x increase — as WTI fell more than 15% within hours of the ceasefire news. More than 8,000 unique traders traded oil contracts over the week, and single-day active users exceeded 2,000 for the first time.
Federico Variola, Phemex CEO, said the episode showed how continuous market access matters: when WTI dropped sharply after hours on the ceasefire announcement and traditional commodity venues were closed, traders on Phemex were able to enter and manage positions in real time.
Phemex says the surge highlights growing demand for uninterrupted access to traditional assets through crypto-native infrastructure, and it plans to expand its TradFi offerings so traders can respond to global events with greater speed and flexibility.
About Phemex
Founded in 2019, Phemex is a crypto exchange serving more than 10 million users. The platform provides spot and derivatives trading, copy trading, and wealth-management products focused on user experience, transparency, and innovation.
For more information, visit: https://phemex.com/