Hyperliquid’s Stock Perps Hit $201B—Zero Shares, All Onchain

According to data firm Dune , during Q3 2026 , the notional volume traded in stock perpetual contracts, ETFs, and indices on Hyperliquid reached $201 billion . This figure cements the rapid expansion of these decentralized derivative instruments in markets that did not even exist on the platform a year ago. The boom in synthetic derivatives vastly outpaced the spot market for conventional tokenized stocks, which recorded just over $37 billion over the same period across all tracked protocols. Unlike 1:1 backed equities , perpetuals operate through leverage, on-chain settlement, and direct funding payments , without transferring shareholder rights or requiring physical custody of traditional shares by the investor.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Economy.