Hyperliquid Stock Perpetuals Reach 126% of Bitcoin Trading Volume in November, Glassnode Reports
Trading activity in selected stock-linked perpetual futures on Hyperliquid rose sharply in November, reaching 126% of Bitcoin perpetual trading volume, according to an analysis published byAccording to Glassnode on X. The increase highlights the growing share of equity derivatives within the platform’s expanding range of markets.
Glassnode tracked seven-day average daily notional volume from February through November 2026 across selected equity perpetual markets. The assets and benchmarks included SK Hynix, SanDisk, Micron, the XYZ100 Index, and the S&P 500.
Equity Perpetual Volume Shows Significant Swings
The relationship between equity perpetuals and Bitcoin trading activity has fluctuated considerably during the period. In August, combined volume across the selected equity markets climbed to 275% of Bitcoin perpetual volume. The figure subsequently fell below 50% in September before rising again to 126% in November.
Bitcoin also rallied following the August increase in equity perpetual activity. However, the available data does not establish a direct relationship between the two developments or demonstrate that higher stock-linked derivatives volume caused Bitcoin’s subsequent price movement.
Hyperliquid HIP-3 Markets Expand Beyond Equities
Trading activity across Hyperliquid’s HIP-3 ecosystem has also increased across multiple asset categories, including commodities and other real-world asset derivatives.
For the week ending October 28, HIP-3 markets recorded approximately $2.6 billion in average daily trading volume, compared with around $2.4 billion for Bitcoin perpetuals over the same period.
By November 9, HIP-3 accounted for 44% of Hyperliquid’s trading volume over seven days. The platform’s total perpetual trading volume also approached $13.73 billion within a 24-hour period.
These figures measure different segments of the market. Glassnode’s equity comparison covers selected stock-linked instruments, while HIP-3 includes a broader range of real-world asset markets. The figures therefore describe related but distinct measures of activity.
HYPE Staking and Shared Margin Support New Markets
Hyperliquid enables independent developers to introduce HIP-3 perpetual markets by staking HYPE tokens. This model has expanded the range of available instruments, including markets linked to Nvidia, Tesla, SK Hynix, and the S&P 500.
The platform also offers shared margin functionality, allowing traders to use cryptocurrency or stablecoins as collateral across different markets. This structure provides access to equity-linked derivatives through cryptocurrency-based trading infrastructure.
Another feature is the ability to trade equity perpetuals outside traditional stock exchange hours. When the underlying exchanges are closed, prices in these derivatives may differ from those of the corresponding assets in conventional markets.
Although the latest figures show growing participation in stock-linked and other real-world asset derivatives, they do not establish that investors have directly moved capital from Bitcoin into equity perpetuals. The data indicates expanding cross-asset activity on Hyperliquid, but does not confirm a sustained shift away from Bitcoin trading.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.