Hyperliquid Sees Record Growth in Tokenized RWA Trading Volumes

Tokenized real-world assets have become an increasingly popular choice for traders on Hyperliquid, according to its quarterly report published this week. In Q2, tokenized RWA perpetual contracts accounted for a record-breaking 32.2% of the platform's trading volume, up from 20.7% in Q1 and a mere 1.8% in Q4 2025.

RWA trading reached $213 billion during Q2 on Hyperliquid, while the protocol's revenue jumped to $169 million. The platform returned $141 million to token holders through HYPE token buybacks, representing 6.6% of its quarterly revenue.

The growth in RWA trading has been remarkable, with RWAs becoming Hyperliquid's largest trading category for the first time last month. Between July 13 and July 19, RWA accounted for 52% of the platform's total weekly trading volume. The popularity of tokenized assets on decentralized exchanges like Hyperliquid is evident, as RWA perpetual futures reached 99.2% of Bitcoin perpetuals volume by the end of July.