Traditional-asset perpetual futures — a contract format that originated in crypto markets and, unlike conventional futures, carries no expiry date — reached 60.3% of Bitcoin perp trading volume last week, according to figures published in Talos's State of the Market report on October 22, covering trading from October 15 to 21. The data shows demand for around-the-clock contracts on gold, equities and crude oil surging as artificial intelligence-related stocks sold off.

AI Selloff Pushed Traders Toward 24/7 Contracts

AI and memory stocks sold off across Asian and U.S. markets on Friday, after September inflation of 3.7% and a 10-year Treasury yield above 5% put the cost of debt-funded AI spending in focus. CoreWeave fell about 25% as its bond yields neared 16%. Technology shares later recovered part of the losses, leaving the Nasdaq 100 down 0.4% for week Talos covers.

Contracts that trade around the clock drew the displaced activity. Volume in traditional-asset perpetuals rose 26.2% to $55.3 billion, which Talos attributes to perps becoming a vehicle for trading AI volatility and earnings. Hyperliquid, a decentralized derivatives exchange, was the fastest-growing futures venue, with volume up 17.4%, while total futures volume tracked by Talos rose 4.8% to $1.03 trillion.

The $55.3 billion equalled 60.3% of Bitcoin perpetual volume over the same week. Talos notes that the comparison applies to turnover in the markets it tracks, not a share of all crypto derivatives trading.

Three exposures led the market: gold perps traded $11.5 billion, SpaceX perps on Binance $8.9 billion (up 35.8%), and crude oil $6.6 billion (up 25.9%). Together they accounted for roughly $27 billion, close to half the weekly total. Memory stocks drew the sharpest increases, with SK Hynix perp volume on Hyperliquid rising 75% and Micron perp volume on Binance climbing 22% as the sector fell.

SpaceX Earnings Were Priced Before the Opening Bell

SpaceX reported third-quarter results after the U.S. market closed on Tuesday, with revenue growing 161%. The perpetuals traded through the night. Binance's SPCX contract rose 8.5% by Wednesday's U.S. open, and SpaceX perps on Binance and Hyperliquid traded about $5.6 billion, more than eight times the previous day's volume. That event figure is separate from Binance's $8.9 billion weekly total.

Two details show how traders used the contract. Volume peaked in the hour spanning the U.S. open, when the stock itself began trading, meaning the regular session still drew the heaviest activity. Meanwhile, open interest — the value of positions still outstanding — fell about 8% from the earnings release. Heavy trading alongside fewer open positions suggests traders took positions around the news and then closed them, rather than building long-term exposure.

Holding through that overnight window carries its own costs. Funding payments accrue for every period a position stays open, and margin and liquidation rules apply while the stock market is shut, as Talos's guide to perpetuals infrastructure describes.

Bitcoin Stayed Calm

The equity fear gauge faded quickly, with the VIX gapping back to about 18.4 by Monday. Crypto-linked shares took more of the hit than Bitcoin itself: Strategy, Coinbase and Circle fell alongside miners.

Bitcoin positioning grew alongside the traditional-asset activity. Futures open interest rose 6% to $47.9 billion, with funding at 5.4% annualized — a mild bias toward longs. Taken together, the figures show no sign of traders abandoning Bitcoin to trade stocks and commodities.

What Comes Next

Talos points to two events ahead.

Fed decision. With Bitcoin's 30-day correlation to the Nasdaq at 0.6, Talos says its resilience faces a test here.

Big-tech earnings. Each report is another overnight event for stock perps, and investors will watch whether AI spending is turning into revenue and profit.

Together, the two will show whether traditional-asset perp volume holds near $55 billion after earnings season or fades along with the volatility that accompanied it.

This article is provided for informational purposes only and does not constitute financial or investment advice. Perpetual derivatives involve funding, margin and liquidation risks. Figures cover Talos's stated period and tracked markets.

Source: Coindoo