Binance, Hyperliquid now seen as stock trading platforms: Arca CIO

Arca's Jeff Dorman says traders are using crypto's biggest venues to trade stocks after abandoning failed tokens

Crypto exchanges were built to trade crypto. According to Arca Chief Investment Officer Jeff Dorman, that is no longer what many of their users are doing.

Dorman said on November 12, 2026, that Binance and Hyperliquid now function mainly as stock trading platforms. His explanation: traders have walked away from crypto assets that failed to deliver, and they went looking for something with a little more substance behind it.

The numbers behind the shift

Hyperliquid offers the clearest data on what Dorman is describing. The decentralized exchange runs a set of markets under its HIP-3 framework, which lists real-world assets such as equities and commodities.

In the week ending October 28, 2026, HIP-3 markets posted average daily trading volume of approximately $2.6 billion. Over the same stretch, Bitcoin perpetual futures on the platform averaged about $2.4 billion per day.

The trend held into November. As of November 9, 2026, HIP-3 markets made up 44% of Hyperliquid’s total seven-day trading volume.

Dorman grouped Binance into the same category. The research available does not break out comparable volume figures for Binance, so the claim about that exchange rests on Dorman’s characterization.