Hyperliquid RWA volume exceeds crypto assets, accounting for 54% of total perpetual contracts.

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Last week, Hyperliquid’s RWA trading volume surpassed that of crypto assets, accounting for 54% of the platform’s total perpetual contract volume. Network-wide DEX perpetual contract transaction volume reached $79 billion, with Hyperliquid contributing $50 billion. RWA volume under HIP-3 alone hit $26 billion, exceeding all other DEX crypto perpetual contracts. Since June, individual stock trading volume has dominated RWA, now representing 61%. ARK’s Lorenzo Valente notes that RWA and crypto trading may emerge as separate category leaders, with BTC/ETH/SOL flows potentially overestimated.

According to a post by Lorenzo Valente (@LorenzoARK), Director of Crypto Research at ARK Invest, last week Hyperliquid’s RWA trading volume surpassed that of crypto assets for the first time, accounting for 54% of the platform’s total trading volume. Data shows that last week, the total trading volume of perpetual contracts across all DEXs was $79 billion, with Hyperliquid contributing $50 billion—of which HIP-3 RWA trading alone reached $26 billion, exceeding the combined trading volume of all other DEX crypto perpetual contracts. Structurally, since June, individual stock trading volume has surpassed indices and commodities, now representing 61% of total RWA trading volume. Lorenzo concludes that RWA trading and crypto asset trading may eventually develop separate category leaders on different platforms, and the market may be overestimating the importance of BTC/ETH/SOL trading volumes.

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