Tokenized RWAs Top Hyperliquid Trading for First Time
Tokenized real-world assets on Hyperliquid recorded $25.1 billion in volume from July 13–19, making up 52% of the DEX’s $48.2 billion weekly trading.
Tokenized real-world assets generated $25.1 billion in trading volume on Hyperliquid from July 13–19, equal to 52% of the decentralized exchange’s $48.2 billion weekly volume and larger than the combined volume of all other asset categories on the platform.
“Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX,” wrote ARK Invest research director Lorenzo Valente on X in a post highlighting the weekly figures.
RWA holders on the platform rose 32% over the past month to about 1.25 million users. The total value of tokenized RWAs across tracked markets increased 3.5% to $36.7 billion, according to data from RWA.xyz.
The reported weekly trading produced roughly $7.6 million in revenue for Hyperliquid, placing the exchange third among crypto applications by weekly revenue. Stablecoin issuers reported approximately $112 million and $45 million in weekly revenue, respectively, over the same period, per DefiLlama data.
Circle co-founder Jeremy Allaire described the expanding RWA trading on Hyperliquid as a “major structural shift,” writing that markets are moving away from “speculating on endogenous digital commodities.” Pantera Capital has noted that perpetual futures offer 24/7 trading, no expiries and simpler position management compared with traditional derivatives.
Interest from traditional financial firms has increased. Intercontinental Exchange CEO Jeffrey Sprecher urged regulators to create a “level playing field” for launching 24/7 onchain perpetual futures. In March, the NYSE parent entered a partnership with a tokenization platform to develop blockchain-based stock trading infrastructure aimed at 24/7 trading and settlement.
Perpetual futures on tokenized RWAs combine mechanics used by crypto perpetuals with exposure to tokenized bonds, equities and other assets tied to real-world cash flows. Market participants have highlighted benefits including continuous price discovery and simpler risk management compared with time-limited derivative contracts.
During the reported week, tokenized RWAs accounted for a majority share of activity on Hyperliquid and generated fee revenue for the platform.
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