• Glassnode’s latest chart put combined stock-market volume at 126% of Bitcoin’s.
  • HIP-3 accounted for 44% of Hyperliquid’s weekly volume by Nov. 9 across broader RWA markets.
  • Shared collateral supports cross-asset trades, but volume alone cannot confirm capital shifts.

Stock-linked perpetual markets on Hyperliquid recorded higher trading volume than Bitcoin perpetuals in the latest Glassnode reading, renewing questions about where crypto traders are directing their activity.

The data shows the combined stock markets at 126% of Bitcoin’s volume after a rise in November. A similar ratio spike appeared in August, before Bitcoin later rallied, but that sequence does not show that equity trading predicted the move.

The data tracks the seven-day average of daily notional volume from February through November 2026. Its stock categories include SK Hynix, SanDisk, Micron, the XYZ100 Index and the S&P 500. Their combined volume reached 275% of Bitcoin’s in August, then dropped below 50% in September. Bitcoin’s price ended the period shown near $75,000.

A Bigger Market Share Raises Questions About the Flow

A separate figure shows growth across Hyperliquid’s HIP-3 markets, which include real-world asset perpetuals such as equities and commodities. For the week ending October 28, those markets averaged about $2.6 billion in daily volume, compared with $2.4 billion for Bitcoin perpetuals.

By November 9, HIP-3 accounted for 44% of Hyperliquid’s volume over the prior seven days. Total perpetuals volume reached nearly $13.73 billion in the 24 hours to that date.

The measures cover different market groups and timeframes. The Glassnode ratio compares selected stock markets with Bitcoin, while the HIP-3 figures cover a broader set of real-world asset markets.

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Shared Collateral and Market Access Add Another Layer

HIP-3 lets third-party builders deploy perpetual markets by staking HYPE. Listed products include individual stocks such as Nvidia, Tesla, and SK Hynix, along with the S&P 500. Hyperliquid’s shared margin system allows stablecoin or crypto collateral to support positions across digital assets and these other markets.

That setup gives traders a way to hold cross-asset positions without moving collateral to a traditional brokerage. The volume data, however, does not confirm the extent to which traders shifted collateral between Bitcoin and equities. Nor does it separate longer-term use of new markets from short-lived trading around volatility.

Equity perpetuals also remain active while underlying stock exchanges are closed. During those periods, prices rely on the market deployer’s pricing and oracle mechanisms, alongside trading activity on Hyperliquid. This can create price differences from the underlying stocks and potential dislocations when traditional exchanges reopen.

The growing volume of stock-linked perpetuals highlights Hyperliquid’s expanding role in connecting crypto trading with traditional financial markets. However, higher activity does not necessarily indicate capital shifting away from Bitcoin. Whether this trend persists will depend on sustained demand for tokenized market exposure and the platform’s ability to support these markets reliably.

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Related: $22B Daily Volume: How Hyperliquid Is Expanding Beyond Crypto

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