State of Perp Trading, Q3 2026: volatility, funding and weekend moves
BRVX State of Perp Trading, Q3 2026: 41 perpetual markets from July 1, 2026 to September 30, 2026. Median annualized volatility: crypto 70%, stocks 66%, Nasdaq-100 20%. The Nasdaq-100 moved with Bitcoin at r = +0.39. 12 weekends on the tape, stocks kept their weekend direction at the Monday open in 149 of 183 stock-weekends that moved at least 0.1% (21 of 204 moved less and are not counted).
- 41 perpetual markets
- 92 calendar days of daily candles
- 12 weekends measured
Five findings
- Crypto perps swung hardest: median annualized volatility 70% against 66% for the 17 stocks. The most volatile market was Pump.fun at 136%.
- The largest single-day move of the quarter was VVV, +39.86% on Sep 9 (UTC day).
- The Nasdaq-100 (XYZ100) moved with Bitcoin at r = +0.39 on daily returns. Among non-crypto markets, Strategy was closest to Bitcoin at r = +0.84.
- Funding in force on October 15, 2026: median annualized rate for a long, crypto 40.0%, stocks 30.0%. By the API both long and short pay a positive rate.
- Over 12 weekends, stocks opened Monday in the direction of their weekend move 149 of 183 times (81%), counting only stock-weekends with a move of at least 0.1%. Median absolute Weekend Index: 1.20%.
What is listed: 41 markets by class
Share of the BRVX listing by asset class, from the live tariff. Crypto includes XAUT, a gold token.
| Class | Share |
|---|---|
| Crypto (18) | |
| Stocks (17) | |
| Commodities (4) | |
| Forex (1) | |
| Index (1) |
Volatility by asset class
Median annualized volatility of daily log returns per class, √365 because every BRVX market quotes 7 days a week.
| Class | Volatility |
|---|---|
| Crypto | |
| Stocks | |
| Commodities | |
| Forex | |
| Index |
Ten most volatile markets
Largest single-day moves
Open to close of one UTC day, the ten biggest in either direction.
Funding: what holding a position cost
Annualized funding for a long, median per class, from the rate in force on October 15, 2026. BRVX charges funding every hour, the Nasdaq-100 every 3 hours. Rates are a snapshot, not a quarter average.
| Class | a year, long |
|---|---|
| Crypto | |
| Stocks | |
| Commodities | |
| Forex | |
| Index |
Weekend moves
BRVX Weekend Index per weekend: equal-weight stock basket, Friday NYSE close to Sunday 24:00 New York time, and the Monday gap to the next NYSE open.
| Weekend | Weekend Index | Monday gap |
|---|---|---|
| Sep 26–27, 2026 | −1.52% | −1.23% |
| Sep 19–20, 2026 | +1.59% | +2.88% |
| Sep 12–13, 2026 | −1.92% | −3.01% |
| Sep 5–6, 2026 | +1.09% | +1.29% |
| Aug 29–30, 2026 | −0.92% | −0.43% |
| Aug 22–23, 2026 | −1.18% | −1.05% |
| Aug 15–16, 2026 | +1.21% | +0.92% |
| Aug 8–9, 2026 | +0.48% | −0.49% |
| Aug 1–2, 2026 | +0.59% | −1.52% |
| Jul 25–26, 2026 | +1.63% | +2.00% |
| Jul 18–19, 2026 | +0.16% | +1.28% |
| Jul 4–5, 2026 | +3.05% | +3.17% |
Biggest single-stock weekend move: Samsung +11.48% over the weekend of Jul 4–5, 2026.
Correlation with Bitcoin and the Nasdaq-100
Pearson correlation of daily returns over the quarter, median per class. 1 moves in step, 0 unrelated, −1 opposite.
| Class | vs Bitcoin | vs Nasdaq-100 |
|---|---|---|
| Crypto | +0.59 | +0.33 |
| Stocks | +0.26 | +0.59 |
| Commodities | +0.33 | +0.44 |
| Forex | +0.09 | +0.02 |
| Index | +0.39 | — |
All 41 markets
Every market in the report. Quarter move is first open to last close; not a forecast.
| Market | Volatility | Quarter move | Largest day | vs Bitcoin |
|---|---|---|---|---|
| Crypto | ||||
| Pump.fun | 136% | +305.40% | +27.66% | +0.23 |
| VVV | 121% | +118.03% | +39.86% | +0.26 |
| Ethena | 118% | +250.53% | +24.96% | +0.55 |
| Plasma | 105% | +5.99% | +23.20% | +0.59 |
| Worldcoin | 104% | +18.59% | −13.77% | +0.49 |
| NEAR | 99% | +171.55% | +20.03% | +0.46 |
| Ondo | 97% | +60.65% | +26.49% | +0.49 |
| Sui | 83% | +65.62% | +17.83% | +0.68 |
| Hyperliquid | 73% | +31.72% | +18.99% | +0.64 |
| XRP | 67% | +42.78% | +14.68% | +0.87 |
| Stellar | 66% | +20.16% | +11.07% | +0.74 |
| Dogecoin | 64% | +29.82% | +14.37% | +0.81 |
| Solana | 56% | +61.56% | +10.90% | +0.83 |
| Ethereum | 53% | +69.59% | +17.46% | +0.87 |
| Aster | 47% | +15.24% | −8.46% | +0.50 |
| Bitcoin | 38% | +42.43% | +7.28% | +1.00 |
| BNB | 34% | +38.57% | +6.26% | +0.71 |
| Gold | 24% | +4.15% | +4.90% | +0.55 |
| Stocks | ||||
| SK Hynix | 113% | −22.75% | +17.96% | +0.32 |
| Marvell | 98% | −3.90% | +19.64% | +0.28 |
| Samsung | 94% | −3.92% | +15.73% | +0.35 |
| Micron | 94% | −5.76% | +22.99% | +0.24 |
| Strategy | 84% | +78.55% | +16.32% | +0.84 |
| Intel | 84% | −16.86% | +17.13% | +0.27 |
| Circle | 83% | +32.79% | +12.54% | +0.67 |
| AMD | 71% | +4.50% | +16.75% | +0.26 |
| SPCX | 66% | −8.44% | +16.83% | +0.16 |
| Oracle | 57% | −6.37% | +9.37% | +0.20 |
| Meta | 52% | +31.99% | +10.10% | +0.23 |
| Tesla | 48% | −16.23% | −5.78% | +0.43 |
| NVIDIA | 37% | +14.54% | −4.34% | +0.26 |
| Amazon | 35% | +2.96% | +12.10% | +0.17 |
| Alphabet | 32% | −3.28% | −5.34% | +0.17 |
| Microsoft | 31% | +37.26% | +8.49% | +0.05 |
| Apple | 30% | +17.50% | −8.18% | +0.01 |
| Commodities | ||||
| WTI oil | 52% | +27.02% | +7.24% | −0.25 |
| Brent oil | 51% | +30.49% | −7.02% | −0.26 |
| Silver | 42% | +5.30% | +6.38% | +0.56 |
| Copper | 22% | +7.84% | −4.79% | +0.33 |
| Forex | ||||
| EUR/USD | 7% | −0.80% | −1.31% | +0.09 |
| Index | ||||
| Nasdaq-100 | 20% | +2.32% | +3.32% | +0.39 |
Methodology
Source
Daily UTC candles (open, high, low, close, mid price in USDT) from the public BRVX chart API, July 1, 2026 to September 30, 2026. The feed is synthetic: stocks, oil and the Nasdaq-100 keep quoting when their exchanges are closed.
Volatility
Sample standard deviation of daily log close-to-close returns, annualized with √365. Class figures are medians across the class.
Funding
Settlement fee and period from the public BRVX tariff on October 15, 2026, annualized as rate × (8,760 ÷ period hours). No quarter history of funding is published, so this is a point-in-time snapshot.
Weekends
BRVX Weekend Index weeks with Friday inside the quarter; a week is counted only when at least 10 stocks have a price at every checkpoint. The Monday-direction share counts a stock-weekend only when the weekend move is at least 0.1%.
What is not here
No trading volume, open interest, positions or client data. BRVX does not publish them, so the report does not estimate them.
Cite this report
Free to quote with a link. The sentence and the HTML carry the data date.
In Q3 2026, crypto perpetuals on BRVX ran a median annualized volatility of 70% against 66% for stocks, and the Nasdaq-100 moved with Bitcoin at r = +0.39 (BRVX State of Perp Trading, data July 1, 2026 to September 30, 2026).
About the report
What is the State of Perp Trading report?
A quarterly BRVX data report on 41 perpetual markets: volatility, the largest moves, funding, weekend moves and correlations, built only from the public BRVX API. This edition covers July 1, 2026 to September 30, 2026.
Why is there no trading volume?
BRVX does not publish volume, open interest or positions, so the report leaves them out rather than estimating them.
Which asset class was most volatile in Q3 2026?
Crypto, median annualized volatility 70%. The single most volatile market was Pump.fun at 136%.
Can I use the charts and numbers?
Yes. Quote them with a link to this page and the data date; the cite block has a ready sentence and HTML.
When is the next report?
After each quarter closes. The figures on this page refresh daily until September 30, 2026, then stay fixed.
Trade the markets in the report
Open BRVXLeveraged perpetuals are high risk: you can lose your whole margin. Past moves do not predict future ones. Not available in the US.