Hyperliquid Surpasses Cryptocurrencies in Trading Volume

The decentralized exchange Hyperliquid has reached a milestone in its trading volume, surpassing that of cryptocurrencies for the first time. According to ARK Invest's director of digital assets research Lorenzo Valente, RWAs (tokenized versions of traditional financial instruments) accounted for 54% of Hyperliquid's weekly trading volume during July 13-19.

The total RWA trading volume on Hyperliquid was $25.1 billion during that week, or 52% of the platform's $48.2 billion in weekly volume. However, Valente put this number at $26 billion and 54%, citing Blockworks data.

This is significant because it surpasses the combined crypto perpetual volume of every other decentralized exchange on earth. Total perpetual DEX volume across the industry last week was $79 billion, with Hyperliquid processing $50 billion of it. The $26 billion in RWA trading alone was larger than this combined figure.

The mechanism behind this is HIP-3, a framework launched by Hyperliquid in October 2025 that lets outside teams build their own perpetual markets using the platform's existing infrastructure. Builders stake 500,000 HYPE tokens to access the system.