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Agent-ready, real-time onchain data accross 150+ chains.
Together, US-backed funds represent 90% of the total $15.7B onchain rates universe.
Non-US government debt (Bunds, Gilts, EU T-bills) makes up the remaining $1.49B.
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What share of tokenized equity trading is in perps vs spot?
Perps now drive 13-20x more monthly volume than spot equity trading. Combined perp volume reached $24B in March 2026.
Spot equity volume is nearly invisible at this chart scale, despite $1.67B in spot mcap.
Perp indices/ETFs and perp stocks together dominate all tokenized equity activity by volume.
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Perp equity holders launched in February 2026 with a smaller base, but grew 2x in the last 90 days vs spot's 1.5x.
Spot has 7.4x more wallets today. Perps have the faster growth rate.
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Treasury/gov-bond funds ($10.7B) lead. Money market funds ($3.5B) have grown steadily underneath.
The steepest acceleration came in 2026. AUM added more than $4B in the first half of the year alone.
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How concentrated is equity perp supply across Hyperliquid builders?
trade.xyz runs $1.6B in equity perp OI, or 96.1% of the $1.67B total across 109 HIP-3 markets.
No other builder is within an order of magnitude. Cash ($39.7M) and Ventuals ($16.6M) are the nearest.
trade.xyz operates 59 equity markets. The equity perp infrastructure is a single-builder market.
Read more: allium.so/reports/tokeniβ¦
Weekend volume added $6.2B. Combined, 60% of perp volume happened outside US market hours.
Only 9.1% of volume occurred on weekends alone. After-hours weekdays are the primary extended window.
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Who controls the $14.2B tokenized fund market?
Four issuers hold 76% of total AUM: Hashnote ($2.96B), Ondo Finance ($2.84B), Franklin Templeton ($2.49B) and BlackRock ($2.43B).
Two of the top four are crypto-native; two are traditional asset managers. Neither camp has pulled away.
The second tier. WisdomTree ($901M), Anemoy/Janus Henderson ($876M) and Superstate ($737M). Each sits well below $1B.
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We asked our MCP to estimate the value of $LIT using our onchain data. This is what it said:
"Lighter trades at a $305M circulating Mcap and $1.22B FDV against $24M annualized fees and $792M open interest, which prices the token at
a @Polymarket account bought a US-Iran peace deal in size on June 12-13, two days before it was announced, then sold half into the spike at 90c.
$13.6K into $24.6K - Smart money?
How much of Hyperliquid open interest is now tied to real-world assets?
Non-crypto perps grew from 15% to 28% of Hyperliquid's total perp OI in 90 days, a 1.9x share increase.
Equity-linked perps alone account for 19% of total HL OI at the latest reading.
The non-crypto share has risen consistently since launch with no meaningful pullback.
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Indices/ETFs lead at $935M, followed by Commodities ($810M, primarily CL, Brent and NatGas) and Stocks ($696M).
FX and Bonds are present but early. The non-crypto perp stack spans 6 asset categories.
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