🔄 228% daily turnover: Hyperliquid’s “busiest” contract isn’t even crypto

Crypto Key Media posted a roundup of Hyperliquid data on X on October 22, and it’s pretty interesting:

Of the contracts with more than $50 million in open interest (OI), 11 of the 12 markets with the highest turnover were HIP-3 markets deployed by trade xyz—that is, perpetuals for non-crypto assets like stocks and commodities.

🔹 SPCX: OI of about $140 million, with daily trading volume at around 228% of OI
🔹 DRAM: 167%
🔹 SNDK: 144%
🔹 NVDA: 120%
🔹 The only native crypto contract to make the list was NEAR, at 84%

First, here’s how to read this metric. Trading volume divided by open interest gives a rough idea of how long positions are held. The higher the ratio, the more frequently the same money is moving in and out—in other words, more short-term trading back and forth, rather than people opening positions and holding them.

So here’s how I read it: these figures show that people are trading stock perpetuals, and doing so actively. But that doesn’t mean “traders are bullish on these assets.” High turnover actually suggests that most positions don’t last long.

There are also two risks beginners can easily overlook👇
1️⃣ SPCX represents a private company, so there’s no public-market price to compare it with. It’s worth asking how the price is anchored and who decides.
2️⃣ Trading continues on-chain while the U.S. stock market is closed. Prices could gap when the market opens, and your stop-loss may not execute at the price you set.

The original poster also said the key thing to watch next is whether daily turnover in the top HIP-3 markets can stay above 100% of OI. Only if the interest sticks around can it count as real demand.

Would you trade stock perpetuals on-chain, or does the lack of market-closure protection feel too risky? Let’s talk in the comments👇

#Hyperliquid #HIP3 #股票代币化 #PerpetualTrading