According to data firm Dune , during Q3 2026 , the notional volume traded in stock perpetual contracts, ETFs, and indices on Hyperliquid reached $201 billion . This figure cements the rapid expansion of these decentralized derivative instruments in markets that did not even exist on the platform a year ago.
The boom in synthetic derivatives vastly outpaced the spot market for conventional tokenized stocks, which recorded just over $37 billion over the same period across all tracked protocols. Unlike 1:1 backed equities , perpetuals operate through leverage, on-chain settlement, and direct funding payments , without transferring shareholder rights or requiring physical custody of traditional shares by the investor.
The next step for the ecosystem lies in assessing the impact of institutional liquidity with the listing of new tokenized stocks under frameworks such as XLayer and regulatory openings, as well as the behavior of price spreads during weekends .
Source: https://www.globenewswire.com/news-release/2026/10/22/3386238/0/en/dune-launches-real-time-market-data-feeds-as-tokenized-u-s-stocks-move-onchain.html
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