For the first time in Hyperliquid’s history, trading volume of tokenized real-world assets exceeded crypto volume. RWA accounted for 52% of the exchange’s weekly volume.
During the week of July 13-19, 2026, RWA accounted for $25.1 billion–52% of the platform’s total $48.2 billion trading volume. ARK Invest Head of Digital Assets Research Lorenzo Valente called it “a new era for DeFi.”
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In his estimate, RWA trading on Hyperliquid (HYPE) alone was larger than the combined crypto perpetual volume across all other decentralized exchanges. Hyperliquid’s weekly revenue came to $7.6 million, ranking third among crypto apps after Tether (USDT) and Circle (USDC).
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A New Era for DeFi: Why RWA Overtook Crypto on Hyperliquid
According to Blockworks, no asset category had previously accounted for more than half of the exchange’s volume. Within RWA, individual stocks took the lead since June, overtaking indices and commodities on the HIP-3 mechanism. Individual securities now account for 61% of all RWA trading volume.
Over the past week, total perpetual volume across all DEXs reached $79 billion, with $50 billion coming from Hyperliquid. Of that, $26 billion came from RWA trading via HIP-3.
Valente revised his earlier view. It was once thought that real-world assets and crypto would trade on the same exchanges, but he now doubts that. In his view, RWA trading will have its own leaders–platforms that dominate their own niches. If that happens, control over bitcoin (BTC), Ethereum (ETH), and Solana (SOL) trading could lose its previous value.
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RWA Growth: 1.3 Million Holders and $36.7B in Value
RWA is growing beyond Hyperliquid. Over the past month, the number of RWA holders grew nearly 35% to 1.3 million. Total tokenized asset value rose 3.5% to $36.7 billion. Circle co-founder and CEO Jeremy Allaire called the RWA trading surge on Hyperliquid a “serious structural shift” in crypto, emphasizing that the industry is moving away from speculating on endogenous digital commodities.
In early July, Pantera Capital said perpetual futures could become the dominant trading instrument beyond cryptocurrency, offering advantages over traditional derivatives: 24/7 trading, no contract expiration, simplified position management, and continuous pricing.
Hyperliquid’s growth has attracted Wall Street institutions, including NYSE parent company Intercontinental Exchange. ICE CEO Jeffrey Sprecher called on regulators to create a “level playing field” for launching 24/7 on-chain futures.
Learn more: Is Hyperliquid (HYPE) Ready for a New All-Time High? Top 5 Catalysts That Could Send HYPE Soaring