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HYPE Hyperliquid platform RWA trading volume surpasses cryptocurrencies for the first time
Traders on Hyperliquid are moving more funds through stocks and commodities than cryptocurrencies for the first time. Lorenzo Valente, director of digital assets research at ARK Invest, announced the milestone on the X platform on Thursday: "We are entering a new era of DeFi." He said Hyperliquid exceeded cryptocurrencies in trading volume from so-called real-world assets (RWA) for the first time in a single week.
RWA is a tokenized version of traditional financial instruments (such as company stocks, crude oil or the S & P 500 index) that is converted into blockchain-based contracts that traders can buy and sell around the clock. According to Blockworks, between July 13 and 19, RWA trading volume reached US$25.1 billion, accounting for 52% of Hyperliquid's total US$48.2 billion trading volume for the week. The latest rolling figures given by Valente are US$26 billion and 54%.
This background makes the numbers more impactful. Total industry-wide perpetual contract DEX trading volume last week was US$79 billion, of which Hyperliquid processed US$50 billion. Just $26 billion in RWA transactions-including stock bets, crude oil contracts, index operations-exceeds the combined volume of cryptocurrency perpetual contracts on all other decentralized exchanges on the market.
The driving force behind this mechanism is HIP-3, a framework launched by Hyperliquid in October 2025 that allows external teams to use Hyperliquid's existing infrastructure to build their own market for perpetual contracts-contracts that track asset prices and have no expiration date, and traders can borrow money to bet on price increases or decreases. Builders need to pledge 500,000 HYPE tokens (currently worth approximately US$30 million) to access the system.
Since June, individual stocks have outstripped indices and commodities in HIP-3, with individual equity perpetual contracts now accounting for 61% of all RWA transactions. The HIP-3 platform has hosted pre-market markets for SpaceX, Anthropic and OpenAI. "RWA accounts for 54% of total transaction volume," Valente pointed out.
The most traded stock is SK Hynix, a South Korean memory chip maker that competes with Samsung in the areas of DRAM and high-bandwidth memory needed for AI systems.
ARK has a long-standing interest in Hyperliquid. In September 2025, CEO Cathie Wood said on the Master Investor podcast that the platform "reminds me of the early days of Solana," adding that Solana has proven its worth and won its place among the big names in the cryptocurrency space. She called Hyperliquid a "new player," but ARK has not confirmed any positions since then.
Today, an ARK analyst is asking a more acute question for the entire industry. "I am no longer convinced that RWA fairs will naturally converge on the same platform as cryptocurrencies," Valente wrote, predicting that specialized category leaders could emerge in the RWA space and that a platform's control of Bitcoin and Ethereum traffic could prove to be "far less important than many people think."
He added that traders who still only focus on cryptocurrency tokens are "looking at the wrong market."
