Equity-, index- and commodity-linked perpetuals on Hyperliquid now exceed 80% of the platform’s Bitcoin (BTC) perpetual volume, a shift that has unfolded as crypto trading and volatility cooled.
Their volume passed Hyperliquid’s Bitcoin perpetual for the first time in April. The same period brought cycle lows for crypto volume and volatility, alongside growth in stablecoin settlement and tokenized-equity holder numbers.
Market creation is open to platform users when a price feed is available for an asset.
Crypto turnover across the five largest exchanges totaled $2.28 trillion in July 2026. U.S. equities recorded $20.5 trillion, making the crypto figure about 11% of the equity total. The crypto count left out several major exchanges, so it did not capture the full amount of exchange activity. EconoTimes previously covered the July trading gap between major crypto exchanges and U.S. equities.
