Hyperliquid is commanding attention after on-chain data showed open interest in real-world asset (RWA) trading on the platform surged to a record $2.6 billion. The figure doubled in just two months, according to the Hyperliquid team, highlighting accelerating demand for 24/7 access to traditional financial products through decentralized infrastructure.
Against this backdrop, Bitwise Chief Investment Officer Matt Hougan argued that Hyperliquid is transforming into a financial “super app” far beyond crypto derivatives. In a recent memo, he noted the platform now derives nearly half of its trading volume from non-crypto assets — including commodities, S&P 500 futures, pre‑IPO stocks, and prediction markets — and could reach 70% by year-end. Hougan credited a friendlier regulatory tone under SEC Chairman Paul Atkins for enabling such multi-asset venues to flourish outside conventional frameworks.
The Bitwise CIO sees HYPE as one of the most mispriced tokens in crypto. He pointed to Hyperliquid’s design, which directs 99% of trading fees toward token buybacks, making HYPE a “Gen 2” token engineered for value accrual — a departure from the era of profitless governance tokens. Hougan also highlighted roughly $170 billion in monthly volume and called the platform one of the fastest-growing financial businesses he has encountered, despite remaining unavailable to U.S. users.
Institutional interest is accelerating. 21Shares recently introduced the first U.S. spot ETF tracking HYPE under ticker THYP, quickly followed by Bitwise’s own BHYP ETF listed on the New York Stock Exchange. Amid these catalysts, HYPE rallied more than 25% over the past week, outperforming most large-cap crypto assets.
