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EsHyperliquid RWA perpetuals top other markets for first time
From July 13–19, Hyperliquid’s tokenized RWA trading reached $25.1 billion, 52% of $48.2 billion in total volume, surpassing all other categories on the exchange for the first time.
Hyperliquid’s tokenized real-world asset (RWA) markets generated $25.1 billion in trading volume in the week of July 13–19, equal to 52% of the decentralized exchange’s $48.2 billion total for the period. It is the first week in which RWA activity on the platform outpaced the combined volume of all other asset categories.
The change played out on Hyperliquid’s on-chain perpetual futures venue, where contracts linked to tokenized versions of off-chain financial instruments drew the most activity. Perpetual futures trade continuously and do not expire, allowing around-the-clock pricing and simplified position management, while enabling traders to use leverage.
Participation and supply on tokenized rails expanded alongside volumes. Over the past month, the number of RWA holders increased 32% to 1.25 million, while the total value of tokenized RWAs rose 3.5% to $36.7 billion, data from RWA.xyz show.
Industry figures highlighted the changing market mix. In a Thursday post on X, ARK Invest’s digital assets research director Lorenzo Valente wrote that “Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX.” In a Friday post on X, Circle co-founder and CEO Jeremy Allaire called the growth in RWA trading on the platform a “major structural shift” in crypto markets, describing a move “away from speculating on endogenous digital commodities.”
Hyperliquid generated $7.6 million in revenue over the past week, DefiLlama data show. By weekly revenue, the exchange ranked third among crypto applications, trailing stablecoin issuers Tether at $112 million and Circle at $45 million.
Traditional market firms have advanced work on tokenized markets and continuous trading. In March, the New York Stock Exchange partnered with tokenization platform Securitize to develop stock trading infrastructure designed for 24/7 operation. The chief executive of NYSE parent Intercontinental Exchange, Jeffrey Sprecher, urged regulators to create a “level playing field” for launching 24/7 on-chain perpetual futures contracts.
Earlier in July, Pantera Capital argued that perpetual futures could become a dominant trading instrument beyond cryptocurrencies because they operate without contract expiries or roll costs while keeping familiar margining and risk parameters.
