Traditional-Asset Perpetuals Exceed 80% of Hyperliquid's Bitcoin Perpetual Volume

Perpetual contracts tied to traditional assets on Hyperliquid now trade at more than 80% of the volume in the platform’s own Bitcoin (BTC) perpetual, extending a shift that began when the traditional-asset markets first surpassed the Bitcoin contract in April.

Hyperliquid lets users launch perpetual markets for assets with a price feed. The contracts include markets tied to equities, indexes and commodities. Across major crypto venues, perpetuals tied to stocks, indexes, gold and oil were little traded last autumn but have since become a sizable part of perpetual trading.

The growth came as crypto trading volumes and volatility fell to cycle lows. Over the same stretch, stablecoin settlement and the number of tokenized-equity holders increased. Bitcoin had fallen from its all-time high in October 2025 as capital left the network.

The gap between crypto and traditional markets also showed up in July 2026 trading totals. The five largest crypto exchanges recorded $2.28 trillion in volume, about 11% of the $20.5 trillion traded in U.S. equities. The crypto figure excludes several large venues, making it a floor for exchange activity.