Here's a dirty workaround --
import argparse
p = argparse.ArgumentParser()
p.add_argument('--arg', action='store_true')
s = p.add_subparsers()
s.add_parser('test')
def my_parse_args(ss):
    #parse the info the subparser knows about; don't issue an error on unknown stuff
    namespace,leftover=p.parse_known_args(ss) 
    #reparse the unknown as global options and add it to the namespace.
    if(leftover):
        s.add_parser('null',add_help=False)
        p.parse_args(leftover+['null'],namespace=namespace)
    return namespace
#print my_parse_args('-h'.split())  #This works too, but causes the script to stop.
print my_parse_args('--arg test'.split())
print my_parse_args('test --arg'.split())
This works -- And you could modify it pretty easily to work with sys.argv (just remove the split string "ss").  You could even subclass argparse.ArgumentParser and replace the parse_args method with my_parse_args and then you'd never know the difference -- Although subclassing to replace a single method seems overkill to me.
I think however, that this is a lit bit of a non-standard way to use subparsers.  In general, global options are expected to come before subparser options, not after.