This past Saturday evening, about 20 hours before mainstream derivatives markets opened, WTI perpetual futures on Hyperliquid rocketed to about $96 a barrel, up from the $90.90 closing price for regular oil futures on Friday afternoon. Perpetual futures, or perps, never expire and don’t have a strike price, the point at which contracts are exercised. They also give traders access to extreme leverage that can amplify their profits—or cost them their entire investment.