Hyperliquid RWA volume surpasses crypto assets, accounting for 54%.

Huo Xing Cai Jing reports that on July 24, Lorenzo Valente, Research Director at ARK Invest, published a post stating that Blockworks data shows real-world asset (RWA) trading on Hyperliquid, based on the HIP-3 protocol, is growing rapidly. Last week, RWA trading volume on the Hyperliquid platform surpassed crypto asset trading for the first time, accounting for 54% of the platform’s total trading volume. Among these, single-stock trading emerged as the fastest-growing category; since June, individual stock trading volume has exceeded that of indices and commodities and now represents approximately 61% of Hyperliquid’s total RWA trading volume, indicating that on-chain financial markets are expanding beyond purely crypto assets to include traditional assets. Data shows that last week, total perpetual contract trading volume across decentralized exchanges (DEXs) reached approximately $79 billion, with Hyperliquid contributing about $50 billion—of which HIP-3 RWA trading volume reached $26 billion, surpassing the combined trading volume of crypto perpetuals on other DEXs. RWA trading may not necessarily consolidate entirely within existing crypto platforms; different asset classes could develop their own standalone leaders. In the future, competition among platforms may shift from capturing traffic for crypto assets like BTC, ETH, and SOL to capturing on-chain trading demand for stocks, commodities, and other real-world assets.