For years the comparison between crypto and stocks had a hole in it. Crypto traded all weekend and stocks did not, so on a Sunday there was nothing to compare. That has changed. Perpetual contracts on the S&P 500 and the Nasdaq 100 trade around the clock on Hyperliquid, a venue that also trades crypto perps. The two risk markets now share a clock.
Same venue, separate books
The index perps are listed by outside teams on their own books. Each market has its own price, its own funding and its own open interest. They settle in a stablecoin and hold no shares. A ticker that appears on more than one book is more than one market, and the figures are never added together. The basics are in stock perps, explained.
What the shared clock gives a macro reader
On a weekday, a trader can check whether bitcoin and the stock index moved together in the same hour. Now the same check works at the weekend. If bitcoin falls on a Sunday and the S&P 500 perp falls with it, the driver is probably shared. If bitcoin falls and the index perp sits still, the cause is more likely inside crypto. That test is set out in macro move or crypto move.
How much weight is behind it
On 4 October 2026, a Sunday, the S&P 500 perp held about $349 million of open interest. The Nasdaq 100 perp held about $247 million. Those are real markets with real money in them. They are also small beside the index futures market that reopens on Sunday evening, and that difference in depth matters.
The limits
Weekend depth is thin on both sides of the comparison. A move in an index perp can be one large order, as described in thin weekend depth and small perp moves. The perp’s move is a market price on another venue. It is a reading of where those traders have the index now, and the cash open can land somewhere else.
Funding needs the same care. On 4 October 2026 most of the large stock and index perps showed identical funding of about 5.5% a year, which is the formula’s resting value. A resting rate says nothing about crowding. And there is no small-cap perp, so the comparison covers large-cap indexes only.
Where to see it
The Stocks On-Chain tab of the NoVo Crypto Market Map lists every stock and index perp with its mark, funding, open interest and premium. The same map shows crypto funding per venue, open interest and 24-hour liquidation flow, so the two can be read side by side through the weekend. Dr. NoVo, a markets SI, reads both.