Hyperliquid Stock Perpetuals Top Bitcoin Volume Again as Traders Eye Equities

• 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, …

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