RWAs Account for Over 50% of Hyperliquid's Volume for Two Weeks in July

Real-world asset (RWA) markets represented more than half of Hyperliquid's trading volume for two consecutive weeks in July, marking the first instance where perps linked to stocks, commodities, and indexes outperformed crypto on the platform. RWA perps generated 25.1 billion dollars in the week of July 13-19, accounting for 52% of Hyperliquid's total volume of 48.2 billion dollars. This share remained above 50% the following week. Lorenzo Valente, director of digital asset research at ARK Invest, noted that Hyperliquid generated more volume from RWAs than crypto in a single week for the first time. Single stocks comprised 61% of RWA volume, surpassing indexes and commodities. Circle CEO Jeremy Allaire described this as a 'major structural shift' in crypto markets, indicating a move away from speculation on digital commodities. Nine months post the launch of Hyperliquid's permissionless market deployment, growth is attributed to traditional assets rather than crypto pairs, which is obscuring a decline in the crypto perps business. The RWA markets operate on HIP-3, Hyperliquid's framework for builder-deployed perps, which went live in October 2025 and requires deployers to stake 500,000 HYPE. The share of HIP-3 in Hyperliquid's perp volume increased from approximately 2% at the start of the year to around 50% by mid-July. The dominant deployer, trade.xyz, accounts for over 90% of HIP-3 volume, listing single stocks like Nvidia and Tesla, as well as commodities like gold. Hyperliquid's quarterly volume has decreased by about half from its peak of approximately 1 trillion dollars in Q3 2025 to around 550 billion dollars in Q2 2026, with RWA growth compensating for the decline in crypto pairs.

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