Traders hold $4.96B in open bets on traditional markets that now trade as perpetual futures on crypto venues, across 234 instruments in the Nov 7 read. These contracts track stocks, gold and similar assets but trade around the clock.

The largest single pile sits in SPCX at $494.20M. Gold (XAU) comes next at $437.88M, then SK Hynix, the Korean chipmaker, at $403.05M.

Trading in these contracts reached $18.22B over 24 hours. Open interest counts the value of positions still open, so it shows where money stays committed. Volume counts what changed hands in the day.