Mentioned in This Week’s Report
| EXCHANGES | UNDERLYING ASSETS & INDICES |
|---|---|
| Binance • Bitget • Bybit • Coinbase • Dreamcash • Hyperliquid • Kalshi • Kraken • Lighter • MEXC • Nasdaq • NYSE • NYSE American • OKX • Ostium • Polymarket • Trade[XYZ] • Ventuals | AAOI • AMAT • AMD • AMZN • APLD • ARM • BE • CBRS • CRDO • GME • GOLD • GOOGL • GS • HOOD • HYUNDAI • INTC • IREN • KLAC • LITE • MCD • MELI • META • MP • MSFT • MSTR • MU • NBIS • NDX • NVDA • OKLO • PANW • PLTR • RDDT • SBUX • SILVER • SKHYNIX • SNDK • SPACEX • SPX • STX • WTI |
Over the weekend, Hyperliquid launched its first prediction market on the HIP-4 protocol upgrade, with about 6M contracts traded in its opening 24 hours, for about $6M in notional volume (compare 546M on Kalshi and 190M on Polymarket), per Binance News.
Meanwhile, equity perps surged on the AI trade and Magnificent 7 earnings. Exchanges moved to catch up or get ahead: Coinbase added AI-adjacent blue chips and Bitget listed more net-new equity perps in data center and chip companies. Commodity perps volume grew too, but MEXC delisted four industrial metal pairs.
Trade[XYZ] listed its first pre-IPO perpetual, in CBRS, aka Cerebras Systems, a chip design company expected to IPO later this month on the Nasdaq.
Tweet of the Week
First ever tweet of the week goes to crypto OG Spencer Bogart (of Blockchain Capital) for surfacing a deep dive on Trade[XYZ] user activity, pushed out last week by market maker Arrakis Finance.
Other posts of note: Kraken’s Ink account called out an impressive stat from CoinGecko’s RWA Report 2026: more volume in 2026 Q1 than in all of 2025 | @futurenomics broke down the mechanics of Ostium’s back-end upgrade and partnership with Jump Trading | @will__price put up some charts showing compelling MAU growth for Lighter.
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This issue covers the week ending May 3, 2026, and draws on volume data from Aster, Binance, Bitget, Bybit, Coinbase International, Dreamcash and Trade[XYZ] on Hyperliquid, EdgeX, grvt, Lighter, MEXC, and OKX. If there's something you’d to see covered, reach out at [email protected], or reply to this email.
Daily Volume by Category
Last Monday, RWA perps markets hit their first $15B+ daily volume since Apr 7, as traders positioned for a week heavy with tech earnings and fueled by a resurgent AI bull trade, with AI revenue cited in both GDP and Google earnings. Those factors drove equity perps volume, while other categories’ volume grew alongside.
Weekly Volume by Category
Still nowhere close to volume heights reached at the peak of Iran war volatility, but RWA perps markets handled $69.4B in weekly volume, up 11.26% over the prior week, their heaviest trading since the week beginning April 13. Commodities grew, but not at the same rate as equity perps, which reached nearly 11%, crossing 10% of the market for the first time since January (basically a different era in RWA perps markets).
Top Assets by Volume
NVDA surged into the top 10 assets by RWA perps volume on the same narratives that drove equity volume across the market, replacing MSTR, with the leading market listed on Bitget. Up higher on the chart, it was a similar story of Binance and MEXC trading top spot in reported volumes on leading commodity perps GOLD, SILVER and WTI oil, while Trade[XYZ] continued to dominate indices with their SPX and NDX listings. HOOD perps bubbled under the top 10 after an earnings miss last week, trading $399B in volume (leading market on Bitget with $98.7B).
Top Assets by Growth
Every single asset on the top markets by growth is an AI-adjacent stock, except for RDDT. Honestly, not sure what that one’s doing on here, but its top market is MEXC. Here’s a quick breakdown.
IREN: IREN Ltd., a data center operator focused on Bitcoin mining and high-performance computing infrastructure for AI workloads. Top market on MEXC.
STX: Seagate Technology, a manufacturer of hard disk drives and data storage solutions used in cloud, enterprise, and AI data centers. Top market on MEXC.
SNDK: SanDisk, spun out of Western Digital in 2024, makes NAND flash memory and solid-state storage products. Top market on Trade[XYZ].
NBIS: Nebius Group, AI cloud and infrastructure company that emerged after Yandex restructured and sold its Russian operations. Top market on MEXC.
KLAC: KLA Corp., a maker of semiconductor process control and inspection equipment essential to chip manufacturing yield. Top market on MEXC.
AMAT: Applied Materials, the largest semiconductor equipment company by revenue, supplying deposition, etch, and inspection tools to chipmakers globally. Top market on MEXC.
GOOGL: Alphabet Inc., on a strong earnings report revealing demand for its AI products and infrastructure. Top market on Trade[XYZ]
LITE: Lumentum, a photonics and optical components company whose transceivers and laser products are critical to AI data center networking at scale. Top market on Bitget.
NVDA: Nvidia, needs no introduction; it’s not often an equity perp traded in NVDA’s volume makes it into the growth chart.
META, AMZN, and MSFT all bubbled under on week-over-week growth, as did PANW (Palo Alto Networks) on an AI security narrative and GS, for no known reason at all other than the relative dearth of financial sector equity perps out here. GOOGL saw its odds jump on a Polymarket prediction market for largest company by end December 2026—above 30% from around 10%, while Nvidia fell below 60% from near 80%.
New Listings
EdgeX with the top three new markets by average daily volume, as the DEX brought in INTC, AVGO, and MSFT, helping them to become one of the only DEXs to share in volume growth this week (see below).
Trade[XYZ] reported brisk volume in its first pre-IPO offering, CBRS, totaling $9.3B on the week. XYZ’s docs on pre-ipo markets are here, and HYPE bull Shaunda Devens broke down how the method differs from pre-ipo perps on Ventuals, a competing HIP-3 operator.
Bitget jumped out with two net new listings in APLD (Applied Digital, a mid-cap data center operator) and CRDO (Credo Technology, a large-cap semiconductor company). That followed Bitget’s listing of AAOI and BE, the week prior. Other new listings from Bitget this week include OKLO in nuclear energy and MP in rare earths.
Coinbase shored up its chip-sector offering with a batch of listings on Wednesday: SNDK, INTC, ARM, MU, and AMD; so far, SanDisk is the most successful launch of the five, with $694K in average daily volume, but trailing Bybit, which reported a $1.7M daily average in its new SNDK perp.
MEXC delisted markets in ALUMINUM, LEAD, NICKEL, and ZINC.
If you want to go venti on SBUX in either direction, MEXC has got you covered, though it’s a skim-milk market at $122K in average daily volume.
Top Exchanges
Binance and MEXC traded top spots in reported volume, while Hyperliquid (including Dreamcash and Trade[XYZ]), Bitget, and OKX didn’t move in the rankings as all posted significant volume gains. As usual, commodity perps were the top market by volume on all leading exchanges, with GOLD and WTI. Among all 11 exchanges this report tracks, only Coinbase had an equity perp as its top market, with $21.9M in volume reported in NVDA.
DEXs by Volume
Hyperliquid was the main beneficiary of this week’s volume growth, adding over $1B in weekly RWA perps volume. All the other perp DEXs tracked here actually shed RWA volume, except EdgeX with a modest gain of $50 million. Top markets on all five DEXs remained unchanged from last week.
Situations to Monitor
Three IPOs are expected this week; watch these for signals on SPACEX and other pre-IPO markets: Hawkeye 360, satellite telecom (HAWK, NYSE); Susa Life, fruit drinks (SUJA, Nasdaq); Rare Earths Americas, mining (REA, NYSE American).
GME started the week with an unsolicited bid for EBAY that could drive some attention toward HOOD and other meme stock perps.
South Korea’s KOSPI index started the week at a record high; look out for volume in Lighter’s markets on HYUNDAI and SKHYNIX.
Earnings this week: PLTR is set to report after market close Monday, with perps markets on Binance, Bitget, EdgeX, GRVT, Hyperliquid, Lighter, MEXC, and OKX. AMD comes in Tuesday, with listings on Bitget, Coinbase, EdgeX, Hyperliquid, Lighter, MEXC, and OKX. MCD (Wednesday) is on Bitget and MEXC, and MELI (MercadoLibre, LatAm e-commerce giant) is listed on MEXC with $6M in volume last week.
Not to mention, earnings are coming in this week from a bunch of stocks that should be perpified by somebody on our list, but aren’t yet: Pfizer, Marriott, Disney, Arista Networks and Duke Energy 👀
If you have questions about methodology or other data you’re seeking, please get in touch: [email protected].