The characters of Stranger Things are more than familiar with being in potentially fatal situations. In fact, most of the characters have experienced dangerous supernatural entities far worse than Squid Game. Hawkins is, it seems, an extremely dangerous place to live.
Most of the characters in Stranger Things value human life and friendship, so it is unlikely many of them would play with dishonorable intentions like Oh Il-nam or play as brutally as Cho Sang-Woo or Jang Deok-su. But which Stranger Things character would win Squid Game and who would fall in the first round?
Max Mayfield
As one of the best newer Stranger Things characters, Max has been in some pretty dangerous, life-threatening situations. However, compared to the other characters of Strangers Things, she is a novice at fighting evil and is nothing if not skeptical and outspoken.
Max would probably challenge the guards when contestants start getting eliminated in the "Red Light, Green Light" round by being shocked and offended by the brutality of the game. However, standing up for what she believes in, and challenging the authority behind the Squid Game, would probably get her eliminated in the first round.
Will Byers
Will's traumatic time in the Upside Down, as well as his experience of being possessed by the Mind Flayer, certainly makes him familiar with situations that push him outside of his comfort zone. However, this doesn't mean that Will is calm and collected; in fact, he is actually very prone to becoming overwhelmed and panicking.
In Squid Game, Will would likely become anxious and shaky in the second round. His unsteady hand would cause him to break his honeycomb shape and get eliminated at this stage.
Billy Hargrove
Although he is one of Stranger Things' biggest villains, Billy goes through a lot of character development. For most of the series, he is bullish and hostile; however, after being controlled by the Mind Flayer, Billy apologizes to Max for his behavior and sacrifices himself to save Eleven.
Although Billy redeems himself before his demise on Stranger Things, Squid Game would probably bring out his brutish and aggressive side. He would play in a way similar to Jang Deok-su (by violently intimidating others), making himself a target and getting eliminated during the fight in the dorm.
Lucas Sinclair
Lucas is shown to be highly pragmatic and logical in Stranger Things. He doesn't believe in the supernatural at first until he has reasonable evidence that it exists. This would have Lucas playing Squid Game in a strategic and methodical way similar to Cho Sang-Woo (although without the betrayal).
However, although Lucas has the brains and strategy to go all the way in Squid Game, he would not be physically strong enough to make it through the Tug of War. Without this fatal flaw, Lucas would probably make it pretty far in the game, but his physical weakness dooms him to a relatively early exit.
Mike Wheeler
Mike is one of Stranger Things' most diligent and loyal friends. He would no doubt form alliances with his friends in Squid Game and they would work together in order to get through the first couple of rounds. Mike is also highly courageous and would be less intimidated by the games, using his bravery to empower him.
However, like Lucas, Mike is not physically strong and would not be a competitive opponent in the Tug of War. His kind nature would also have him forming a team of underdogs, giving him no chance of making it through the third round.
Joyce Byers
As one of the bravest Stranger Things characters, Joyce is incredibly determined and can become obsessive when it comes to protecting herself and her loved ones, as she showed numerous times when Will was in danger in Stranger Things. However, after Will's demise early on in the games, Joyce's kind and generous nature would have her sacrificing herself to save someone else.
Much like Ji-yeong, Joyce would intentionally lose the round of marbles in order to save someone she cares for, believing (after Will's demise) that they have more to live for.
Jim Hopper
Although Hopper is fairly unmotivated at the beginning of Stranger Things, after Eleven comes into his life, he makes it his mission to keep her safe. Hopper would certainly be a very strong contestant: he is intelligent, physically strong and his experience as a Police Chief would certainly serve as good training for Squid Game.
Although Hopper really could go all the way in Squid Game, his motivation would undoubtedly be keeping Eleven alive and he would definitely give away his marbles to her (much like when he sacrificed himself in series 3).
Steve Harrington
Although Steve is not a likable character at the beginning of Stranger Things, he grows to become kind, brave, and responsible. He develops friendships with the younger main characters and becomes a protective, paternal figure for them (kind of like their babysitter).
Steve would be motivated to protect his friends rather than prioritize his own survival in Squid Game, and would probably volunteer to do the Glass Hopscotch before Eleven or Dustin, giving him no chance of making it through this round.
Dustin Henderson
Dustin is a level-headed individual who is forever keeping the peace among his friends. He is the most intelligent of the group and would probably know to choose a simple shape in the Honeycomb Shapes round and know a scientific way to tell the difference between the two types of glass in the Glass Hopscotch.
Dustin would reach the final round with the support of his loved ones, particularly the sacrifice of Dustin's unlikely Stranger Things friend, Steve, but would sacrifice himself in the final round to ensure the safety of his final surviving friend.
Eleven
Eleven's telekinesis and telepathy would certainly come in handy, however, having lost these powers when battling the Mind Flayer in series 3 of Stranger Things, she would be left with merely human abilities for Squid Game. Nonetheless, Eleven is highly resilient and adaptable and has some relevant experience of fighting evil (and killing monsters from parallel worlds).
Eleven would not be the strongest or most intelligent contestant but her family and friend's sacrifices and support would get her all the way in Squid Game, and she would certainly make it her mission to take down those running the games.