Hyperliquid’s RWA Trading Volume Overtakes Crypto Assets on Platform

During the week of 13 – 19 July, tokenized real‑world assets (RWAs) on Hyperliquid’s decentralized perpetuals market generated roughly $25 billion in trading volume, representing about 52 % of the exchange’s total weekly volume of $48 billion. That RWA activity surpassed the combined volume of all other asset categories on the platform, making RWAs the largest driver of trade for that period.

ARK Invest research director Lorenzo Valente noted that the RWA volume on Hyperliquid exceeds the total crypto perpetual volume of every other decentralized exchange. The most traded RWAs included tokenized stocks such as SK Hynix and pre‑IPO assets linked to firms like SpaceX, Anthropic and OpenAI. Hyperliquid also reported weekly revenue of $7.6 million, ranking it third among crypto applications by revenue.

The milestone highlights a shift in DeFi trading toward tokenized claims on real assets, signaling growing liquidity and investor interest in RWA markets.