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BTC 
HYPE The trading volume of tokenized real-world assets on Hyperliquid surged, accounting for more than 33%
On the decentralized exchange Hyperliquid, the trading volume of tokenized real-world assets (RWA) has increased significantly and now accounts for more than 33% of the platform's total trading volume. This significant increase suggests that demand among cryptocurrency traders for blockchain-based versions of traditional assets is steadily increasing.
RWA trading volume and share growth
Hyperliquid revealed in its second quarter 2026 report that RWA perpetual contracts labeled HIP-3 RWA accounted for 32.2% of the exchange's total trading volume. This figure increased significantly from 20.7% in the first quarter and 1.8% in the fourth quarter of 2025. In the second quarter alone, RWA transaction volume reached US$213 billion.
Small Dictionary: Real-world assets (RWAs) refer to physical or traditional financial instruments such as real estate, stocks or commodities, which are presented on the blockchain in the form of digital tokens to facilitate the transfer and realization of partial ownership.
As of the end of July, the trading volume of RWA perpetual futures contracts has approached the level of Bitcoin (BTC), reaching 99.2% of the trading volume of BTC perpetual contracts on the exchange.
Revenue and Token Allocation
Hyperliquid reported that RWA transactions contributed 6.6% of its quarterly revenue, with total revenue of $169 million in the second quarter, of which RWA-related revenue was $11.2 million. The platform allocated $141 million to HYPE token holders through a repurchase program. Hyperliquid also revealed that its cumulative agreement revenue has exceeded US$1 billion.
Between July 13 and July 19, tokenized RWA became the largest trading category on Hyperliquid, accounting for 52% of the exchange's total trading volume for the week. The decentralized exchange, which focuses on trading perpetual contracts, has seen this category rise to the top of the list for the first time, reflecting a major shift in the market towards an on-chain representation of traditional assets.
User Growth and Market Trends
In the past month, the number of RWA holders surged 56% to 1.6 million investors. RWA.xyz data also showed that as of the end of July, the total value of monetized assets on the blockchain increased by 3.3% to US$37.8 billion. In the second quarter of 2026, demand for tokenized RWAs continued to grow, and both the user base and the value of assets on the chain jumped significantly.
These trends suggest that trading traditional off-chain assets based on blockchain infrastructure is increasingly accepted as institutional and retail investors seek new opportunities in the decentralized finance space.
