Hyperliquid

Gold

Bitcoin

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 <h2 style="margin: 0 0 14px; font-size: 0.95em; letter-spacing: 0.1em; text-transform: uppercase; color: #b91c1c;" id="key-takeaways">Key Takeaways</h2>
 <p style="margin: 0 0 10px;"><span style="display: inline-block; width: 30px; font-weight: 800; color: #b91c1c;">1</span><strong>Traditional-asset perps: 60.3% of Bitcoin perp volume</strong></p>
 <p style="margin: 0 0 10px;"><span style="display: inline-block; width: 30px; font-weight: 800; color: #b91c1c;">2</span><strong>SK Hynix perp volume up 75% on Hyperliquid</strong></p>
 <p style="margin: 0 0 10px;"><span style="display: inline-block; width: 30px; font-weight: 800; color: #b91c1c;">3</span><strong>SpaceX perp rose 8.5% before U.S. open</strong></p>
 <p style="margin: 0;"><span style="display: inline-block; width: 30px; font-weight: 800; color: #b91c1c;">4</span><strong>Bitcoin futures open interest up 6% to $47.9B</strong></p>
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<p>Talos published the figures in its <a href="https://www.talos.com/insights/state-of-the-market-2026-10-22" rel="noopener noreferrer nofollow">State of the Market report on October 22</a>, covering trading from October 15 to 21.</p>
<h2 id="an-ai-selloff-sent-traders-to-24-7-contracts">An AI selloff sent traders to 24/7 contracts</h2>
<p>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%. Tech later recovered part of the losses, leaving the Nasdaq 100 down 0.4% for the week Talos covers.</p>
<p>Contracts that trade around the clock drew the activity. Volume in traditional-asset perpetuals rose 26.2% to $55.3 billion, which Talos attributes to perps becoming a way to trade the AI volatility and earnings. Hyperliquid was the fastest-growing <a rel="noopener noreferrer nofollow">futures</a> venue, with volume up 17.4%, while total futures volume tracked by Talos rose 4.8% to $1.03 trillion.</p>
<p>The $55.3 billion equalled 60.3% of Bitcoin perpetual volume over the same week. That compares turnover in the markets Talos tracks; it is not a share of all crypto derivatives trading.</p>
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  <p style="margin: 0; font-size: 0.8em; text-transform: uppercase; letter-spacing: 0.08em; color: #fca5a5;">Gold</p>
  <p style="margin: 4px 0 0; font-size: 1.5em; font-weight: 800;">$11.5B</p>
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  <p style="margin: 0; font-size: 0.8em; text-transform: uppercase; letter-spacing: 0.08em; color: #fca5a5;">SpaceX on Binance</p>
  <p style="margin: 4px 0 0; font-size: 1.5em; font-weight: 800;">$8.9B <span style="font-size: 0.55em; color: #86efac;">+35.8%</span></p>
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 <div style="flex: 1 1 150px; padding: 16px 18px; background: #111827; color: #ffffff; border-radius: 6px;">
  <p style="margin: 0; font-size: 0.8em; text-transform: uppercase; letter-spacing: 0.08em; color: #fca5a5;">Crude</p>
  <p style="margin: 4px 0 0; font-size: 1.5em; font-weight: 800;">$6.6B <span style="font-size: 0.55em; color: #86efac;">+25.9%</span></p>
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<p>Those three exposures accounted for about $27 billion, close to half the weekly total. Memory stocks drew the sharpest increases: SK Hynix perp volume on Hyperliquid rose 75% and Micron perp volume on Binance 22% as the sector fell.</p>
<h2 id="spacex-s-earnings-were-priced-before-the-opening-bell">SpaceX’s earnings were priced before the opening bell</h2>
<p>SpaceX reported third-quarter results after the U.S. market closed on Tuesday while the <a href="https://coindoo.com/teslas-bitcoin-gain-was-all-price-spacex-talks-begin/" rel="noopener noreferrer nofollow">revenue grew 161%</a>.</p>
<p>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.</p>
<p>Two details show how traders used the contract. Volume peaked in the hour spanning the U.S. open, when the stock itself began trading, so the regular session still drew the heaviest activity. 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, instead of building long-term exposure.</p>
<p>Holding through that overnight window has 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 <a href="https://www.talos.com/insights/the-perpification-of-everything-what-brokers-need-to-offer-perps" rel="noopener noreferrer nofollow">guide to perpetuals infrastructure</a> describes.</p>
<h2 id="bitcoin-stayed-calm">Bitcoin stayed calm</h2>
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    <th style="padding: 12px 14px; border-bottom: 3px solid #111827;" scope="col">Gauge</th>
    <th style="padding: 12px 14px; border-bottom: 3px solid #111827; color: #b91c1c;" scope="col">Equities</th>
    <th style="padding: 12px 14px; border-bottom: 3px solid #111827; color: #b45309;" scope="col">Bitcoin</th>
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   <tr>
    <td style="padding: 12px 14px; border-bottom: 1px solid #e5e7eb;"><strong>Volatility</strong></td>
    <td style="padding: 12px 14px; border-bottom: 1px solid #e5e7eb;">VIX up 21% at Friday’s close</td>
    <td style="padding: 12px 14px; border-bottom: 1px solid #e5e7eb;">Implied volatility index comparatively calm</td>
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   <tr>
    <td style="padding: 12px 14px;"><strong>Weekly move</strong></td>
    <td style="padding: 12px 14px;">Nasdaq 100 down 0.4%</td>
    <td style="padding: 12px 14px;">Up 3.3%, above $84,000 on Wednesday</td>
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  </tbody>
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<p>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 did: Strategy, Coinbase and Circle fell alongside miners.</p>
<p>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. The figures show no sign of traders abandoning Bitcoin to trade stocks and commodities.</p>
<h2 id="what-comes-next">What comes next</h2>
<p>Talos points to two events ahead.</p>
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  <div style="flex: 0 0 64px; text-align: center; background: #b91c1c; color: #ffffff; border-radius: 6px; padding: 8px 0; line-height: 1.1;"><span style="display: block; font-size: 0.75em; text-transform: uppercase;">Oct</span><br><span style="display: block; font-size: 1.5em; font-weight: 800;">28</span>
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  <p style="margin: 0;"><strong>Fed decision.</strong> With Bitcoin’s 30-day correlation to the Nasdaq at 0.6, Talos says its resilience faces a test here.</p>
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  <div style="flex: 0 0 64px; text-align: center; background: #111827; color: #ffffff; border-radius: 6px; padding: 8px 0; line-height: 1.1;"><span style="display: block; font-size: 0.75em; text-transform: uppercase;">Next</span><br><span style="display: block; font-size: 1.1em; font-weight: 800;">Weeks</span>
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  <p style="margin: 0;"><strong>Big-tech earnings.</strong> Each report is another overnight event for stock perps, and investors will watch whether AI spending is turning into revenue and profit.</p>
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<p>Together they will show whether traditional-asset perp volume holds near $55 billion after earnings season or fades with the volatility that accompanied it.</p>
<p style="text-align: center; font-size: 0.9em;"><em>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.</em></p>
<p>The post <a href="https://coindoo.com/gold-oil-and-stock-perps-hit-60-of-bitcoin-trading/" rel="noopener noreferrer nofollow">Gold, Oil and Stock Perps Hit 60% of Bitcoin Trading</a> appeared first on <a href="https://coindoo.com" rel="noopener noreferrer nofollow">Coindoo</a>.</p>

Gold, Oil and Stock Perps Hit 60% of Bitcoin Trading

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