Stock and oil bets outtraded crypto on Hyperliquid: $9.96 billion vs. $9.67 billion
CoinGecko's market data for Hyperliquid shows its 165 builder-run markets, almost all on stocks, indexes and commodities, did more volume than its 179 crypto perps as bitcoin fell 5%.
Key points
- Hyperliquid's builder-deployed markets traded $9.96 billion in 24 hours, slightly more than the $9.67 billion traded in its crypto perps, CoinGecko's per-market data shows.
- Those markets also held $4.55 billion of the exchange's $14.79 billion in open bets, about 31%.
- Leveraged and chip-stock markets fell hardest: KORU down 23.70%, SOXL down 23.47%, SNDK down 12.95%. Oil markets rose about 2%.
What moved
Hyperliquid is a crypto exchange for perpetual futures (perps), contracts that let traders bet on a price going up or down with borrowed money and no expiration date. Since its HIP-3 upgrade, outside builders can run their own markets on it. Those markets carry a prefix, such as xyz:, in front of the ticker.
We added up the 344 Hyperliquid markets CoinGecko lists (read November 6, 2026, 6:47 a.m. ET). The 165 builder-run markets traded $9.96 billion in 24 hours. The 179 crypto markets run by Hyperliquid itself traded $9.67 billion. In open interest, the value of bets still open, builder markets held $4.55 billion of $14.79 billion, about 31%.
Bitcoin was still the single busiest market at $5.03 billion, ahead of ether at $1.53 billion. But the next three were all builder markets: XYZ100 ($1.31 billion), SKHX ($1.01 billion) and SP500 ($1.01 billion).
Hyperliquid's busiest markets, 24-hour volume
US$ million
Source: CoinGecko derivatives API, Hyperliquid tickers, read November 6, 2026, 6:47 a.m. ET
Who runs these markets
Hyperliquid's HIP-3 documentation says any builder that stakes 500,000 HYPE can deploy its own perp exchange on the chain, with its own order books and settings. Almost all of the volume came from the xyz group: 118 markets with $9.80 billion of volume and $4.37 billion of open bets. trade[XYZ] says its perps sit on the xyz HIP-3 deployment and covers "stocks, equity indices, commodities, currencies, and pre-IPO markets." A handful of small builder markets list crypto tokens, but together they are a tiny share.
Stock markets fell harder than bitcoin
The builder markets moved more than crypto did. Over 24 hours, CoinGecko's data shows KORU down 23.70% and SOXL down 23.47%, the steepest drops among builder markets with more than $100 million of volume. The SNDK market fell 12.95%, MU 9.0%, SKHX down 8.05% and SP500 down 4.21%. Bitcoin's perp was down 5.32%. Oil went the other way: BRENTOIL rose 1.91% and CL 2.0%, while GOLD slipped 1.72%.
On CoinGecko at 6:48 a.m. ET, bitcoin traded at $76,090, down 5.2% in 24 hours, and ether at $2,242.62, down 7.2%.
Why it matters
On this day, a crypto exchange did more business in stock, index and commodity contracts than in crypto contracts. These markets trade around the clock on Hyperliquid, including when US stock exchanges are closed. The data does not show who traded or which way, only how much.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think a day when builder markets outtrade crypto on Hyperliquid is a real shift: the exchange is becoming a 24-hour venue for stock and commodity bets, not only coins.
- Many of the same traders use both kinds of market, so we think a sharp move in chip stocks could spill into crypto trading on Hyperliquid, and the other way around.
- One day is not a trend. The next calm day will show whether this share holds.
What's next
- Whether builder markets stay above 30% of Hyperliquid's open interest
- Chip-stock markets when US trading opens
- Funding on the oil markets
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
