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According to the quarterly report released by the Hyperliquid agreement on August 6, the transaction volume of tokenized real world assets (RWA) under the agreement reached US$213 billion in the second quarter of 2026.
Under the HIP-3 framework, real-world asset (RWA) perpetual contracts accounted for 32.2% of the platform's total trading volume in the quarter, compared with 20.7% in the first quarter of 2026 and only 1.8% in the fourth quarter of 2025. This rate of expansion has made RWA one of the fastest-growing categories of all major decentralized exchanges (DEX).
US$213 billion in RWA transaction volume contributed 6.6% to Hyperliquid's total revenue of US$169 million in the second quarter. The agreement returned $141 million of that to HYPE token holders through token buybacks, a mechanism for its allocation of agreement benefits. Hyperliquid also revealed that its cumulative agreement revenue exceeded US$1 billion during this period.
RWA contracts surpass all other categories on the platform
In July 2026, tokenized real-world assets became Hyperliquid's largest single transaction category for the first time. Between July 13 and July 19, RWA accounted for 52% of Hyperliquid's total trading volume for the week. As of the end of July, RWA perpetual futures trading volume has reached 99.2% of the platform's Bitcoin (BTC) perpetual futures trading volume. Data from data providers show that in the past month, the total value of tokenized assets on the chain increased by 3.3% to US$37.8 billion; during the same period, the number of RWA holders increased by 56% to 1.6 million investors.
Analysts at JPMorgan said that Hyperliquid's overall growth makes HYPE the fourth-largest asset held in cryptocurrency companies 'corporate financial reserves, behind Bitcoin, Ethereum (ETH) and Solana (SOL). The protocol runs as a first-layer blockchain, combining high-performance DEX with an Ethereum Virtual Machine (EVM) environment. This architecture has attracted institutional capital and corporate finance buyers over the past year.
JPMorgan notes that ETF inflows are stagnant and facing competitive pressures
In May and June 2026, HYPE exchange-traded funds (ETFs) led all non-Bitcoin cryptocurrency ETFs in terms of inflows relative to the size of assets under management (AUM), but then stalled in July and early August. JPMorgan noted this trend in a report released August 6. Analysts led by Nikolaos Panigirtzoglou wrote that they believe that "decentralized platforms such as Hyperliquid face significant market share challenges," and pointed out that the launch of U.S. regulated cryptocurrency perpetual futures products may attract trading activity away from offshore decentralized platforms.
The bank also pointed to the forecasting market as a new area of competition. Hyperliquid has entered this space, trying to diversify its business beyond perpetual futures trading-it is transaction fees that support most of the value of HYPE tokens. JPMorgan said that given the specific risks posed to offshore decentralized platforms such as licensing requirements, compliance standards and investor protection issues, whether the agreement could gain market share in competition with large competitors such as Solana and XRP remains uncertain. Bitcoin and Ethereum still account for the majority of the cryptocurrency ETF market, with assets under management of approximately US$77 billion and US$10 billion respectively. The total asset management scale of ETFs linked to SOL, XRP and HYPE is only US$2 billion to US$3 billion.
