RWAs become Hyperliquids largest trading category

WikiBit|2026-07-24

abstrak:In the week ending July 19, Hyperliquid's tokenized real-world asset (RWA) trading volume reached $25.1 billion, surpassing all other asset categories and accounting for 52% of the platform's $48.2 billion total, according to Blockworks. ARK Invest's Lorenzo Valente noted that Hyperliquid's RWA market alone exceeded the combined crypto perpetual volume of every other DEX. Over the past month, RWA holders grew 32% to 1.25 million, while total value rose 3.5% to $36.7 billion (RWA.xyz). Hyperliquid generated $7.6 million in weekly revenue, ranking third behind Tether and Circle. Circle CEO Jeremy Allaire called this a major structural shift, and Pantera Capital highlighted perpetual futures as potentially dominant trading instruments beyond crypto. NYSE parent ICE's CEO urged regulators to create a level playing field for onchain perps.

Perpetual decentralized exchange (DEX) Hyperliquids weekly trading volume in tokenized real-world assets (RWAs) exceeded that of all other asset categories combined for the first time.

RWAs generated $25.1 billion in trading volume from July 13 to July 19, accounting for 52% of Hyperliquids total weekly volume of $48.2 billion, according to Blockworks data.

“Hyperliquid‘s RWA market alone was larger than the combined crypto perpetual volume of every other DEX,” wrote ARK Invest’s research director for digital assets, Lorenzo Valente, in a Thursday X post.

The milestone reflects growing demand for tokenized assets on Hyperliquid. Over the past month, RWA holders grew by 32% to 1.25 million users, while the total value of tokenized RWAs rose by 3.5% to $36.7 billion, according to data aggregator RWA.xyz.

Hyperliquid generated $7.6 million in revenue over the past week, according to DefiLlama. The perp DEX ranked third among crypto applications by weekly revenue, behind stablecoin issuers Tether and Circle, which generated $112 million and $45 million, respectively.

Hyperliquid: Perpetual Futures Volume, 2-year chart. Source: Blockworks

Major “structural shift” for crypto markets: Circle co-founder

Crypto-native firms and traditional financial institutions have expanded tokenized asset offerings as they bring more financial assets onto blockchain networks. In March, the NYSE partnered with tokenization platform Securitize to develop blockchain-based stock trading infrastructure with 24/7 trading and settlement.

Circle co-founder and CEO Jeremy Allaire said growing RWA trading on Hyperliquid marks a “major structural shift” in crypto markets, moving “away from speculating on endogenous digital commodities,” in a Friday X post.

Earlier in July, Pantera Capital said perpetual futures could become a dominant trading instrument beyond crypto, as perps offer structural advantages over traditional derivatives, including 24/7 trading, no contract expiries, simpler position management and continuous price discovery.

Hyperliquids growth has drawn attention from Wall Street institutions, including NYSE parent Intercontinental Exchange (ICE), whose CEO, Jeffrey Sprecher, urged regulators to create a “level playing field” for launching 24/7 onchain perpetual futures contracts.

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