This study investigates the interconnectedness of ASEAN-4, regional, and global financial markets by analyzing risk spillover layers using multilayer information spillover network topology across instruments including bonds, forex, and stocks. The findings uncover intricate relationships between markets. Extreme risk and volatility spillover layers may indicate early financial crises, while mean spillovers exhibit hysteresis, peaking during or after crises. ASEAN-4 interconnectedness remains relatively stable, while global markets demonstrate robust interconnectedness with high overlap. The findings improve understanding of global financial structure amid deglobalization, holding policymaker and participant implications by revealing complex connections during financial crises.