Hyperliquid's RWA Volumes Surge Past $213B as Competition Intensifies
Hyperliquid's tokenized real-world asset (RWA) perpetual contracts reached $213 billion in Q2 2026 volume, accounting for 32.2% of platform share.
This represents a significant increase from Q1 2026 and Q4 2025, where RWAs accounted for 20.7% and 1.8%, respectively.
The $213 billion in RWA volume contributed 6.6% to Hyperliquid's total Q2 revenue of $169 million, with the protocol returning $141 million to HYPE token holders through token buybacks.