32.8% of @HyperliquidX 's Perps volume over the last 90 days came from RWAs; commodities, oil, and equities. That's more than ETH trading (11.9%). Over the last 30 days specifically, S&P 500 futures made up 9.4% of HIP-3 volume, silver 4%, oil 3.4%, gold 1.3%. This is the "breaking out of the crypto bubble" story everyone keeps pointing to: real-world assets trading on crypto-native infrastructure. But growth coming from commodities and equities raises a different set of questions than growth coming from crypto-native trading. Leveraged futures on real-world assets put Hyperliquid closer to the part of financial markets regulators traditionally supervise most aggressively. Regulators aren't likely to shut Hyperliquid down. But how much of trading volume gets impaired if venues end up requiring KYC? Our latest Hyperliquid Q2 update breaks down the RWA growth, HIP-3 economics, and the full regulatory risk picture. See the link in comments, if you'd like to access the free report👇