Real-world assets (RWA) now generate more trading volume than cryptocurrencies on leading decentralized derivatives platform Hyperliquid (HYPE).
This development saw RWAs represent 54% of total trading volume on Hyperliquid last week, say ARK Invest research director Lorenzo Valente.
According to Valente, this is the first time that RWAs have surpassed cryptocurrency trading volume on the platform in a single week.
“An even more interesting trend: Since June, individual stocks have overtaken the indices and commodities on HIP-3. Today, 61% of all RWA trading volume is individual stocks.”
The platform’s HIP-3 framework enables perpetual futures trading on tokenized stocks, commodities and other assets. The analyst notes that Hyperliquid captured $50 billion of the $79 billion in total decentralized exchange (DEX) perpetual futures volume during the period, with HIP-3 RWA trading accounting for $26 billion of the platform’s total trading volume.
Says Valente,
“In other words, Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX. If you’re still just focusing on crypto token trading, I think you’re focusing on the wrong market. I’m no longer convinced that RWA trading will obviously play out in the same place as crypto. There will likely be category leaders within RWA, and owning the BTC/ETH/SOL flow may become much less important than many people think.”
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