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Hyperliquid sees real-world assets overtake crypto in weekly volume

RWAs accounted for 54% of Hyperliquid’s $48.2 billion weekly volume from July 13 to 19, totaling $25.1 billion, as ARK Invest highlighted $26 billion in RWA trading for the week.

Reported · Written up by our desk · Market Structure

Hyperliquid’s decentralized derivatives exchange has seen real-world assets, tokenized instruments such as stocks, crude oil, and market indices, overtake crypto for the first time by share of weekly trading volume, according to Decrypt.

Blockworks data cited by Decrypt shows RWAs made up 54% of Hyperliquid’s trading volume during July 13 to 19, with $25.1 billion in RWA trading out of $48.2 billion total weekly volume.

Decrypt also points to ARK Invest digital assets research director Lorenzo Valente, who said Hyperliquid’s RWA trading reached about $26 billion last week, and that this exceeded the combined crypto perpetual volume of every other decentralized exchange.

The shift is tied to Hyperliquid’s HIP-3 framework, launched in October 2025, which lets outside teams build their own perpetual markets using Hyperliquid infrastructure, with builders staking 500,000 HYPE tokens, worth about $30 million, to access the system.

Latest closeWTI crude $90.47 ▼1.9%

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