Arca Sees Binance, Hyperliquid as Stock Trading Platforms

Hyperliquid’s HIP-3 markets posted average daily trading volume of approximately $2.6 billion in the week ending Oct. 28, 2026, outpacing about $2.4 billion a day for Bitcoin perpetual futures on the same platform, as Arca Chief Investment Officer Jeff Dorman characterized Binance and Hyperliquid as stock trading platforms.

“Binance and Hyperliquid now function mainly as stock trading platforms,” Dorman said on Nov. 12, 2026. His explanation was behavioral: crypto exchanges were built to trade crypto, but many traders have walked away from crypto assets that failed to deliver and turned to assets with more substance behind them.

What does the volume data show?

Hyperliquid provides the clearest evidence for Dorman’s argument because its decentralized exchange runs HIP-3 markets that list real-world assets such as equities and commodities. The week ending Oct. 28 therefore captured activity extending beyond crypto and into a broader set of real-world assets.

As of Nov. 9, 2026, HIP-3 markets accounted for 44% of Hyperliquid’s total seven-day trading volume, showing that the shift persisted after the earlier measurement week. In the week ending Oct. 28, Bitcoin perpetual futures remained substantial at roughly $2.4 billion per day, while HIP-3 markets averaged approximately $2.6 billion.

The 44% figure needs a technical qualifier. HIP-3 markets include equities and commodities, not only stocks, so the metric does not isolate equity trading from all other real-world asset activity. It does show that those markets occupied a substantial share of a decentralized exchange’s weekly volume.

Dorman placed Binance in the same category, but no comparable volume breakdown was available for Binance. His view of that exchange therefore rests on his characterization rather than a like-for-like activity measure.

Where does Dorman still see growth on-chain?

The Arca CIO did not present the pivot as an endpoint for blockchain adoption. In a broader discussion of where on-chain technology has found traction, he identified three areas:

• Stablecoins and payments.
• Tokenization of assets.
• Decentralized finance.

Within that assessment, Dorman said DeFi now represented 25% of total volume, compared with under 1% previously. The figure shows DeFi’s expanding role, but he gave no measurement period or comparable volume series, which limits how precisely it can be tested.

What does Hyperliquid monetize?

Hyperliquid’s business model gives that shift a direct revenue channel. Dorman described three revenue streams: the platform’s own Layer 1 blockchain, decentralized exchange fees, and stablecoin-related income. He called the combination the “three crowns.”

Those streams connect network operation, trading activity and stablecoin flows to the platform’s economics. Hyperliquid has also directed a significant portion of revenue toward buying back its own token. That policy ties a significant part of the revenue stream to token repurchases, although the source disclosed neither a percentage nor a time frame.

The model also explains why Hyperliquid offers the strongest evidence for Dorman’s argument. Its HIP-3 markets produced the disclosed volume, while the Layer 1 chain, exchange fees and stablecoin income provide separate ways to monetize broader participation.

For Binance, the implication is broader and less measurable. Dorman’s thesis would place more of the exchange’s user demand, and potentially associated revenue, outside crypto assets. The source did not identify the relevant Binance products or provide comparable activity figures, so that expansion remains unquantified.

What comes next?

The next checkpoint is disclosure: comparable Binance figures and subsequent Hyperliquid volume data will show whether real-world asset trading is replacing crypto activity or running alongside it. Until then, the most concrete marker remains Hyperliquid’s $2.6 billion average daily HIP-3 volume for the week ending Oct. 28, 2026, and its 44% share of seven-day volume as of Nov. 9.