Hyperliquid's RWA Perpetual Futures Volume Approaches Bitcoin Levels

Real‑world‑asset (RWA) perpetual futures on the crypto exchange Hyperliquid recorded $61.7 billion in seven‑day volume from July 13‑19, equal to 99.2 % of Bitcoin perpetual futures traded on Hyperliquid and Binance. Tokenized equity contracts made up 57.8 % of the total, while commodities accounted for 28.2 %. Hyperliquid alone saw $25.1 billion of RWA perpetual trading, surpassing all other perpetual categories on its platform. Circle co‑founder and CEO Jeremy Allaire highlighted the data as a sign that crypto markets are shifting away from purely digital speculation toward tokenized stocks and commodities.

The surge follows a similar spike earlier in the month when crude‑oil perpetual futures on Hyperliquid jumped to $1.7 billion after the United States and Israel launched bombing campaigns against Iran. Analysts note that perpetual contracts are primarily attractive to retail traders, raising questions about their competitive impact on traditional commodity‑derivatives markets such as ICE and CME. Intercontinental Exchange CEO Jeffrey Sprecher called for regulators to ensure a level playing field for 24/7 on‑chain perpetual products.