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Hyperliquid RWA perpetuals reach 32.2% of Q2 trading volume

Tokenized real-world asset trading hit $213 billion in Q2 and contributed 6.6% of Hyperliquid’s $169 million quarterly revenue.

Reported · Written up by our desk · Market Structure

Tokenized real-world asset (RWA) trading accounted for more than a third of trading activity on decentralized exchange Hyperliquid in the second quarter, with HIP-3 RWA perpetual contracts taking a 32.2% share of volume.

Cointelegraph reports that Hyperliquid said RWA trading volume rose to $213 billion during Q2 2026. The platform also attributed 6.6% of its protocol’s $169 million quarterly revenue to RWA activity.

Of the $169 million quarterly revenue, Hyperliquid reported returning $141 million to token holders via HYPE token buybacks. It also said RWAs became its largest trading category for the first time last month, when RWAs made up 52% of weekly trading volume between July 13 and July 19.

Hyperliquid added that RWA perpetual futures reached 99.2% of Bitcoin perpetuals volume on the platform by the end of July. It also reported that RWA holders increased 56% to 1.6 million investors over the past month, while the total value of onchain tokenized assets rose 3.3% to $37.8 billion, citing RWA.xyz data.

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