Hyperliquid stock, ETF, and index perpetuals generated $201 billion in trading volume in the third quarter, according to figures published by Dune — roughly five times the more than $37 billion traded in token stocks and ETFs across every venue the analytics platform tracks.

The numbers were released on October 22 as part of Dune's announcement of real-time market data feeds, a launch timed for the arrival of tokenized U.S. equities onchain.

A Data Feed Built for Tokenized Stocks

According to Dune, the U.S. Securities and Exchange Commission opened a path in September for tokenized U.S. stocks to trade onchain. Since then, a joint venture between OKX and Intercontinental Exchange has filed to list 63 tokenized stocks on XLayer, OKX's network, and the new feeds support XLayer from the first day of trading.

The pitch to hedge funds, market makers, and brokers rests on scale. Spot volume on decentralized exchanges more than doubled last year to $6.8 trillion, and roughly a quarter of spot crypto trading now takes place onchain. Dune's launch covers that market with three products: a spot feed spanning more than 200 venues across 12 chains, including Solana, Ethereum, Base, BNB Chain, and XLayer; a perpetuals feed covering Hyperliquid and Lighter; and reference data that assigns a stable identifier to every asset, venue, and market.

Each trade record carries price, size, and side, and links back to the transaction that settled it. Dune's launch post says trades arrive about one second after the block containing them, unpriced trades are flagged with a reason, and blockchain reorganizations trigger correction messages. Venues are screened for liquidity, pricing integrity, and registration, meaning some onchain activity is excluded by design.

Derivatives Outtraded Tokenized Shares About Five to One

In the third quarter, tokenized stocks and ETFs traded more than $37 billion across every venue Dune tracks. Stock, ETF, and index perpetuals on Hyperliquid alone turned over $201 billion — roughly five times as much.

Source: Dune, October 22 announcement.

The comparison pairs two unlike instruments. Perpetual futures have no expiry date; a position stays open on margin until it is closed or liquidated. Perpetual volume is notional: leverage allows a position to exceed the collateral behind it, and traders who repeatedly open and close the same contract add volume with each round trip. According to Dune's perpetuals dataset, Hyperliquid's figure counts each match once, not once per side, but it still measures turnover rather than money invested in companies. What the gap does show is which product traders reach for when they want stock exposure onchain. Both sides of that comparison now run through the same infrastructure: Dune's spot feed includes XLayer, where the 63 tokenized stocks are filed to list, and its perpetuals feed covers Hyperliquid and Lighter.

The two products also give holders very different things. Perpetuals trade around the clock on margin and can list names that are hard to buy directly. Dune's September 30 report found that Asian stocks made up 24% of equity perpetual open interest, much of it in memory stocks.

Outside Operators Write Most of the Contracts

Most of Hyperliquid's equity, commodity, index, and currency exposure sits in markets launched by outside teams under the HIP-3 framework, according to Dune. Those operators set leverage terms, supply the reference price, and take a share of fees. As a result, two contracts named after the same stock can use different price sources and leverage caps; Dune attaches a written contract specification to each market to tell them apart.

Institutions are reaching these markets through intermediaries as well. In October, Ripple Prime launched swaps referencing Trade.xyz perpetuals on Hyperliquid, giving its clients exposure linked to those markets through a swap with the prime broker.

The Weekend Gap

Pricing matters most when the stock market is closed. Hyperliquid's pricing documentation uses a mark price for margining and liquidation, with the oracle supplying the reference. Over a weekend, the last trade, the oracle, and the mark can drift apart, and how each updates depends on the contract's specification. A Saturday trade on Dune's feed shows what someone just paid — not necessarily the price used to liquidate positions, or where the stock opens on Monday.

Dune's September report argues that weekend trading reveals how traders are positioned while the underlying market is shut. Its enterprise perpetuals dataset rebuilds Hyperliquid's order book every minute, so the cost of that positioning, in spread and depth, is now measurable for subscribers.

This article is provided for informational purposes only and does not constitute financial or investment advice. Perpetual derivatives involve margin, funding, and liquidation risks.

Source: Coindoo