Hyperliquid Sees Tokenized Stocks Outperform Crypto in Milestone Week

For one week in July, tokenized stocks and metals outperformed crypto on Hyperliquid, the world's largest decentralized derivatives exchange. According to data from ARK Invest researcher Lorenzo Valente, real-world assets generated $25.1 billion in trading volume, surpassing crypto's $23.1 billion.

The growth of tokenized equity perps is being driven by Trade[XYZ], which accounts for over 90% of Hyperliquid's HIP-3 activity and has seen a surge in popularity since its initial launch in October 2025. The protocol offers perpetual contracts for major stocks, including Apple, Amazon, Tesla, and Nvidia.

Single-stock contracts now represent 61% of all real-world asset volume on the platform, having overtaken index products and commodities since June. The number of wallets holding RWA positions on Hyperliquid rose roughly 35% over the past month to around 1.3 million, with total tokenized asset value climbing to $36.7 billion.

Hyperliquid's weekly revenue for the period was $7.6 million, ranking third among all crypto applications behind only Tether and Circle. The platform processes roughly $50 billion of the $79 billion in total weekly DEX perpetual volume across the entire sector.