On-Chain Perps Hit $18.2B Daily Volume as Hyperliquid Closes GapBitcoin / TetherUSBINANCE:BTCUSDTfinpulse360FINPULSE 360 Macro Telemetry & Quantitative Desk Review 1. Regime & Structural Overview: 2026-10-31, FP360 — Hyperliquid's on-chain perpetuals volume surged to $18.2B in the past 24 hours, now 18% of Binance's $98B, as traders migrate for transparency and self-custody. The shift pressures CEX fee models and signals a structural power transfer in derivatives markets, with liquidity rotating toward decentralized rails. 2. Quantitative Model Signal: Long Hyperliquid's HLP token and short CEX tokens as volume migration accelerates. Risk Note: Macro telemetry reflects quantitative model observations and systemic collateral dynamics. Always practice disciplined risk and position sizing. FINPULSE 360 Quantitative Macro Desk | Institutional Research