Hyperliquid Sees Shift in Trading Volume as RWAs Dominate Crypto

The decentralized finance (DeFi) space has witnessed a significant shift in trading volume on Hyperliquid, a cryptocurrency exchange platform. According to data from Blockworks, real-world assets (RWAs), such as tokenized versions of traditional financial instruments like company stocks and commodities, accounted for 54% of the exchange's weekly trading volume during July 13-19.

This is the first time non-crypto assets have dominated the exchange, surpassing the combined crypto perpetual volume of every other decentralized exchange on earth. Hyperliquid processed $50 billion in total perpetual DEX volume last week, with RWA trading alone reaching $26 billion. This is a significant milestone, as it indicates that traders are increasingly focusing on traditional financial instruments rather than cryptocurrencies.

The HIP-3 framework, launched by Hyperliquid in October 2025, allows outside teams to build their own perpetual markets using the exchange's existing infrastructure. The most-traded stock on Hyperliquid's third-party market platform is SK Hynix, a South Korean chipmaker competing with Samsung in AI memory production.