Crypto derivatives analytics firm Block Scholes said on Friday that traders on Hyperliquid are rotating away from BTC and ETH perpetual futures toward equity-linked and pre-IPO perps.
Data in the note showed BTC perp volume on Hyperliquid near multi-quarter lows at about $2B daily, with ETH at $0.6–0.7B. The platform’s top non-crypto contracts, XYZ100, SP500, and CL (a WTI crude proxy), combined for $1.3B per day over the past 30 days.
Pre-IPO perp volumes rose from below $5M per day to above $50M per day, led by a SpaceX-linked contract launched in mid-May.
Block Scholes described the shift as an “attention / marginal-flow rotation, not dollar-for-dollar equivalence,” noting that pre-IPO notional is two orders of magnitude smaller than BTC’s daily volume.
The equity-index complex is closer to the scale needed to compete with BTC and ETH for risk budget.
The note tied broader weakness in BTC and ETH to Strategy Inc.’s sale of 32 BTC for about $2.5 million in late May and a 13-day spot Bitcoin ETF outflow streak totalling $4.37B, the longest since launch.
Hyperliquid’s HYPE token was the only major asset where Block Scholes’ Risk Appetite Index was still rising.
