Real-World Assets Now Outpace Crypto Trading on Hyperliquid (HYPE) Exchange Platform
Real-world assets (RWA) have overtaken cryptocurrencies in trading volume on the leading decentralized derivatives platform Hyperliquid (HYPE). According to ARK Invest research director Lorenzo Valente, RWAs accounted for 54% of total trading volume on Hyperliquid last week, marking the first time RWAs have outpaced crypto in a single week.
Valente highlights that since June, single stocks have overtaken indices and commodities on the platform’s HIP-3 framework, which enables perpetual futures trading on tokenized equities, commodities, and other assets. Today, 61% of all RWA trading volume on Hyperliquid is in individual equities.
The analyst notes that Hyperliquid captured $50 billion of the $79 billion in overall decentralized exchange (DEX) perpetual futures volume during the period. HIP-3 RWA trading alone accounted for $26 billion of Hyperliquid’s total trading volume.
“In other words, Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX. If you’re still only focused on crypto token trading, I think you’re focusing on the wrong market. I’m no longer convinced RWA trading will naturally aggregate on the same venue as crypto. There will likely be category leaders within RWA, and owning BTC/ETH/SOL flow may become far less important than many people assume,” Valente said.