Hyperliquid Stock Perpetuals Overtake Bitcoin Trading Volume as Glassnode Reveals 126% Surge

What to Know

• Glassnode data shows Hyperliquid’s stock-linked perpetual trading volume reached 126% of Bitcoin’s volume, reflecting growing demand for equity derivatives.
• Hyperliquid’s HIP-3 markets captured 44% of platform trading volume, supported by expanding participation across equities, commodities, and other assets.
• Hyperliquid’s shared collateral system supports cross-asset trading, while available data cannot confirm whether investors shifted capital away from Bitcoin.

Stock-linked perpetual futures on Hyperliquid have exceeded Bitcoin perpetuals in trading volume, reflecting growing participation across traditional financial markets.

According to Glassnode’s latest X analysis, selected equity perpetual markets reached 126% of Bitcoin’s trading volume in November, reflecting growing activity in stock-linked derivatives as Hyperliquid expands beyond cryptocurrency trading.

Glassnode examined seven-day average daily notional volume between February and November 2026, covering major stock-linked markets, including SK Hynix, SanDisk, Micron, the XYZ100 Index, and the S&P 500.

During August, combined equity perpetual volume reached 275% of Bitcoin’s volume before dropping below 50% in September, while the November increase marked another period of stronger stock-linked trading activity.

Bitcoin subsequently rallied following August’s volume increase, although the available figures do not establish a direct connection between equity perpetual trading activity and Bitcoin’s price movements.

Hyperliquid HIP-3 Markets Gain Trading Share as Equity Perpetual Activity Expands

Hyperliquid’s HIP-3 ecosystem has recorded substantial trading activity, extending beyond equities into commodities and other real-world asset derivatives. For the week ending October 28, HIP-3 markets averaged approximately $2.6 billion in daily trading volume. Bitcoin perpetuals generated around $2.4 billion during the same period.

By November 9, HIP-3 represented 44% of Hyperliquid’s trading volume over seven days, reflecting broader participation across supported markets. Meanwhile, total perpetual trading volume approached $13.73 billion within 24 hours, demonstrating the platform’s substantial derivatives activity.

These measurements cover different asset categories, with Glassnode tracking selected stocks while HIP-3 includes additional real-world asset markets.

Shared Collateral Expands Access to Stock Perpetual Trading on Hyperliquid

Hyperliquid allows independent developers to launch HIP-3 perpetual markets by staking HYPE tokens, expanding available trading instruments. Supported markets include Nvidia, Tesla, SK Hynix, and the S&P 500, offering exposure through cryptocurrency-based infrastructure.

Additionally, shared margin functionality enables traders to support positions using cryptocurrency or stablecoin collateral across different markets. Equity perpetuals also operate outside traditional stock exchange hours, creating potential pricing differences when underlying exchanges remain closed.

Despite increasing trading activity, available figures cannot confirm whether investors transferred capital directly from Bitcoin into equity derivatives. Overall, Hyperliquid’s expanding stock perpetual markets demonstrate growing cross-asset trading activity without establishing a sustained shift away from Bitcoin.