Hyperliquid has crossed a significant threshold: for the first time, weekly trading volume in tokenized real-world assets (RWAs) surpassed its cryptocurrency trading volume. According to data shared by Lorenzo Valente, crypto research director at Ark Invest, RWA trading accounted for 54% of Hyperliquid's total volume over the past week – a figure reinforced by additional reporting showing $25.1 billion in RWA contract volume from July 13 to July 19, representing 52% of the platform's $48.2 billion weekly total.
The shift is largely credited to the HIP-3 implementation, which introduced single-stock trading products. Those stock-based RWA contracts now make up 61% of total RWA activity, overtaking index and commodity products since June. Over the month, the number of RWA holders rose 32% to 1.25 million, while the total value of tokenized real-world assets increased 3.5% to $36.7 billion.
Hyperliquid's $50 billion in weekly volume constituted the majority of the $79 billion decentralized exchange perpetual futures market. The platform also generated $7.6 million in revenue, ranking third among crypto applications behind stablecoin issuers Tether and Circle. Ark Invest's Valente noted that Hyperliquid's RWA market now exceeds the combined crypto perpetual futures volume of all other DEXs.
The milestone signals growing demand for tokenized traditional assets within DeFi infrastructure, potentially reshaping how decentralized exchanges compete with traditional finance. With institutional interest expanding and ICE CEO Jeffrey Sprecher calling for equal regulatory footing for on-chain perpetual futures, the development underscores a meaningful change in trader behavior and platform adoption.
