US equities, indices, commodities and even pre-IPO companies, trading on crypto rails, around the clock. What they actually are, how the plumbing works, and a live look at where the money is going.
Snapshot: 12 September 2026, 21:15 UTC · ANCHOR OFF · 94 live markets · $357.1m 24h volume · $3.95bn open interest
They are not the same thing, the differences matter enormously, and almost every article you'll read blurs them together.
A real share is bought and held by a licensed broker-dealer, and a token is issued against it. Coinbase and Ondo Global Markets both work this way. Dividends flow through. You own economic exposure to an actual share, and you can redeem it. This is the grown-up version.
A token that tracks a share price without necessarily holding the share. You are exposed to the issuer's solvency and their hedging as much as to the stock. Read the terms, and then read them again.
Perpetual futures on a stock price. No shares exist anywhere. No dividends, no ownership, funding paid every hour, leverage up to 50x. It is a derivative, and everything in the tables below is one of these.
The distinction that catches people out: a perp on Nvidia is not Nvidia. It is a bet on Nvidia's price, settled in stablecoins, on a venue with no connection to Nasdaq. When you hold it you pay or receive funding, you can be liquidated, and you have none of the rights a shareholder has. That's not a criticism. It's just a completely different instrument from the one with the same name.
Live from Hyperliquid's builder-deployed venues, where most on-chain equity derivatives volume currently sits. Funding is the hourly rate longs pay shorts (positive) or shorts pay longs (negative): it is the closest thing to a crowd-positioning gauge these markets have.
Perpetual futures on the big US benchmarks.
| Market | Price | 24h | 24h volume | Open interest | Funding | Max lev |
|---|---|---|---|---|---|---|
| S&P 500 | 7,661 | +0.10% | $20.9m | $399.0m | +0.0006% | 50x |
The most active tokenised single names by 24-hour volume.
| Market | Price | 24h | 24h volume | Open interest | Funding | Max lev |
|---|---|---|---|---|---|---|
| SKHX | 1,337 | -2.07% | $56.9m | $379.0m | -0.0059% | 10x |
| ORCL | 149.17 | -0.57% | $19.3m | $30.4m | -0.0037% | 10x |
| SNDK | 1,622 | -0.52% | $18.5m | $134.3m | -0.0057% | 10x |
| MU | 966.28 | -0.87% | $12.2m | $139.2m | -0.0034% | 10x |
| SMSN | 192.85 | -1.34% | $11.9m | $34.6m | -0.0058% | 10x |
| NVDA | 218.13 | -0.13% | $9.8m | $114.3m | -0.0079% | 20x |
| GOOGL | 341.44 | +0.87% | $9.0m | $106.4m | +0.0040% | 20x |
| SKHY | 187.03 | -1.49% | $8.5m | $226.8m | -0.0047% | 10x |
| TSLA | 367.16 | +0.58% | $7.8m | $43.8m | +0.0006% | 20x |
| MRVL | 233.61 | -0.96% | $5.2m | $16.4m | -0.0031% | 10x |
| INTC | 102.00 | -0.99% | $4.7m | $58.2m | -0.0027% | 10x |
| HOOD | 111.29 | -1.15% | $4.2m | $52.4m | -0.0067% | 10x |
| EWY | 188.50 | -0.20% | $4.0m | $8.9m | +0.0006% | 20x |
| CRCL | 90.98 | -0.16% | $2.9m | $115.8m | +0.0006% | 10x |
| ZHIPU | 96.91 | -0.47% | $2.5m | $18.4m | -0.0088% | 10x |
| SOXL | 121.33 | -0.36% | $2.4m | $8.3m | -0.0056% | 10x |
| AAPL | 333.06 | +0.17% | $1.4m | $84.0m | +0.0006% | 20x |
| NBIS | 222.36 | -0.95% | $1.3m | $27.8m | -0.0058% | 10x |
| MSTR | 130.19 | -0.74% | $1.2m | $38.2m | +0.0006% | 10x |
| DELL | 561.35 | -0.83% | $1.2m | $12.7m | -0.0120% | 10x |
Perps on companies that have not listed. Price discovery here is thin, opinionated, and occasionally mad.
| Market | Price | 24h | 24h volume | Open interest | Funding | Max lev |
|---|---|---|---|---|---|---|
| SpaceX (xyz) | 150.06 | -0.58% | $9.8m | $164.1m | +0.0006% | 20x |
| SpaceX | 2,110 | +0.00% | quiet | $0 | +0.0000% | 3x |
| OpenAI | 1,336 | -0.62% | quiet | $0 | +0.0000% | 3x |
| Anthropic | 1,619 | +0.00% | quiet | $0 | +0.0000% | 3x |
Sector baskets: one instrument, a whole theme.
| Market | Price | 24h | 24h volume | Open interest | Funding | Max lev |
|---|---|---|---|---|---|---|
| XYZ 100 | 29,340 | -0.11% | $22.3m | $254.8m | +0.0006% | 30x |
| DRAM / Memory | 58.15 | -1.40% | $12.9m | $72.1m | -0.0057% | 20x |
| Magnificent 7 | 63.66 | -1.05% | quiet | $0 | +0.0000% | 20x |
| Semiconductors | 661.10 | +0.00% | quiet | $0 | +0.0000% | 20x |
| Robotics | 38.32 | +0.00% | quiet | $0 | +0.0000% | 20x |
| Info Tech | 191.30 | -0.01% | quiet | $0 | +0.0000% | 20x |
| Nuclear | 128.05 | +0.00% | quiet | $0 | +0.0000% | 20x |
| Defence | 62.01 | +0.00% | quiet | $0 | +0.0000% | 20x |
| Energy | 54.60 | +0.00% | quiet | $0 | +0.0000% | 20x |
| Biotech | 140.88 | +0.00% | quiet | $0 | +0.0000% | 20x |
| Gold Miners | 124.00 | +0.00% | quiet | $0 | +0.0000% | 20x |
The same rails applied to metals and energy.
| Market | Price | 24h | 24h volume | Open interest | Funding | Max lev |
|---|---|---|---|---|---|---|
| WTI Crude | 95.85 | -0.57% | $43.5m | $234.9m | -0.0017% | 20x |
| Brent Crude | 99.95 | -0.48% | $32.8m | $247.3m | +0.0006% | 20x |
| Silver | 64.51 | -0.08% | $6.1m | $126.1m | -0.0004% | 25x |
| Gold | 4,353 | +0.05% | $4.6m | $352.6m | +0.0006% | 25x |
| Copper | 6.5150 | -0.98% | $4.0m | $17.2m | -0.0011% | 20x |
| Palladium | 1,312 | +0.65% | $178k | $2.8m | +0.0006% | 20x |
| Platinum | 1,792 | -0.04% | $166k | $4.2m | -0.0081% | 20x |
| Crude | 76.40 | +0.00% | quiet | $0 | +0.0000% | 15x |
| Natural Gas | 3.2429 | +0.00% | quiet | $0 | +0.0000% | 5x |
This is the number a stock trader has never had and should not ignore. A stock quote tells you the price. Funding tells you what it costs to hold a position, and therefore which side of the boat everyone is standing on. Persistently positive funding means longs are paying to stay long: the crowd is bullish and is being charged rent for the privilege. Sharply negative funding means the opposite. Extreme readings in either direction have a habit of preceding the unwind, because that is when it becomes expensive to be right slowly.
Tokenised markets never close. The stock market does. So for roughly two and a half days every week, these instruments trade with no underlying market to anchor them. The arbitrageurs who normally keep the token pinned to the real share price cannot hedge at the weekend, so they stand back. What is left is a thin book that any decent-sized order can shove around.
You can watch it happen on tokenised gold: on a Saturday, PAXG can trade a few hundred ounces in an entire day, the spread yawns open, and one order moves the price further than a whole normal session would. Then the metal reopens on Sunday night and the price snaps to wherever the real market has repriced. Weekend charts on these instruments are not analysis. They are noise with a candlestick drawn on it.
The 1:1-backed side is growing fast enough that it stopped being a novelty some time ago. Ondo Global Markets holds the majority of tokenised-equity assets and now lists hundreds of stocks and ETFs; Coinbase has launched 1:1-backed tokenised US stocks with on-chain dividends for customers outside the United States; Binance, Kraken, Robinhood and others all have versions. Tokenised equities went from nothing to a billion dollars of value locked faster than stablecoins or tokenised Treasuries managed the same trick.
The pitch is genuinely reasonable: fractional shares, near-instant settlement, no brokerage account, and access to US markets for people who have historically had none. The catch is equally real: you are trusting a chain of custody you cannot see, in a market that is a rounding error next to the real one, under rules that are being written as we speak.
Most of this is not available to UK retail investors, and that is deliberate. Tokenised equity products are typically offered only in "eligible jurisdictions outside the United States", and the UK is frequently excluded. Offshore crypto derivatives on equities are not FCA-authorised products, they carry no FSCS protection, and the retail crypto-derivatives ban applies to UK consumers.
If a platform is happy to hand a UK retail trader 50x leverage on the S&P, ask yourself which rules it thinks it is following, and what your recourse is when something breaks. "It's on-chain" is not a consumer protection.
Data: Hyperliquid public API (builder-deployed perp venues), refreshed daily. Prices are perpetual-futures marks, not cash-equity prices, and can differ from the real share price, especially when the underlying market is closed. Education only. Nothing here is financial advice, and nothing here is a recommendation to trade tokenised equities, crypto derivatives, or anything else. Leveraged derivatives can lose you more than your deposit. Most retail traders lose money. Trade nothing you have not understood, on no venue you have not checked.