Hyperliquid’s Stock Market Hits $201B – Zero Shares Owned

On Oct. 22, Dune announced real-time market data feeds for tokenized U.S. stocks and reported that tokenized stocks and ETFs traded more than $37 billion in the third quarter across venues it tracks, while stock, ETF and index perpetuals on Hyperliquid alone traded $201 billion. Dune said the $201 billion represents notional turnover, not money invested or shares held; perpetuals are leveraged long or short price positions with no shares delivered, funded through payments between traders. The launch follows the SEC’s September move creating a route for tokenized U.S. equities to trade onchain, and an OKX-Intercontinental Exchange venture’s filing to list 63 such stocks on OKX’s XLayer network.