According to Arca Chief Investment Officer Jeff Dorman, many Binance and Hyperliquid users are turning away from disappointing crypto assets to trade stocks. Hyperliquid’s HIP-3 markets, which list assets including equities and commodities, recorded average daily trading volume of approximately $2.6 billion in the week ending October 28, 2026. Bitcoin perpetual futures generated an average of about $2.4 billion per day over the same period, while HIP-3 markets accounted for 44% of Hyperliquid’s total seven-day trading volume as of November 9, 2026. Arca has no comparable volume figures for Binance, so that exchange’s classification is based on Dorman’s assessment. He nevertheless remains optimistic about blockchain, pointing to stablecoins and payments, asset tokenization and decentralized finance, which now represents 25% of total volume compared with less than 1% previously.
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