Oil and natural gas on Hyperliquid: current routes and retired markets
A dated check of Brent, WTI and natural-gas contracts, including retired OIL and USOIL routes and changes to margin specifications.
Start with the benchmark and contract name
Energy contracts are not interchangeable. Brent crude, WTI crude and Henry Hub natural gas reference different commodities. This page was reviewed on September 25, 2026 against Hyperliquid metadata and the XYZ specification index. Old volume rankings and historical leverage limits have been removed.
Routes verified in the September 25 API check
xyz:BRENTOIL was active with a 20x maximum leverage cap. The current specification lists a Brent reference and cross margin. Earlier versions of this guide incorrectly described it as isolated-only.
xyz:CL was active with a 20x cap. The current XYZ documentation labels its WTI contract WTIOIL, while the API identifier checked here is CL. Confirm that mapping in the interface and current operator specification before using a saved trading link.
xyz:NATGAS was active with a 10x cap and isolated-only margin. Its reference is Henry Hub natural gas, with a quote per MMBtu. It is not another crude-oil contract. These leverage caps are limits, not recommendations.
Retired routes in older articles
flx:OIL and km:USOIL were delisted in the September 25 API check. This guide previously presented both as live alternatives. Their historical articles remain accessible, but their old links and margin instructions should not be used to open a new position.
The Ventuals ENERGY market also closed. Similar names do not make a new deployment the continuation of an old contract. Compare the underlying reference and settlement terms before comparing prices across venues.
Reference rolls and closed-session pricing
A futures-linked commodity reference can change as its underlying contract rolls. Check the operator’s roll schedule rather than assuming that a perpetual always follows the same listed futures month. This affects comparisons with a chart from another platform.
External commodity sessions have maintenance breaks and holidays. A perpetual’s internal market can behave differently when its external reference is closed. The oracle specification and mark specification explain the price inputs; the current order book determines an executable entry or exit.
Compare execution, not a stale volume claim
Inspect the live spread, depth, funding, margin mode and reference price for the exact contract. A large 24-hour volume number does not guarantee available depth for your order now. Market gaps and liquidation risk can dominate a small fee difference.
Use the NATGAS checklist, Brent hub or CL hub for the related routes and dated coverage.
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