Hyperliquid's Tokenized Real-World Assets Boom to 32.2% of Trading Activity
Hyperliquid's Q2 trading activity saw a significant shift towards tokenized real-world assets (RWAs), with RWA contracts growing from 1.8% to 32.2% of platform trading activity.
The rapid growth is attributed to the adoption of Hyperliquid's HIP-3 permissionless market framework, which allows approved builders to deploy perpetual futures markets on the platform by staking 500,000 HYPE tokens.
Introduced in October 2025, HIP-3 has fueled growing demand for 24/7 perpetual contracts tracking traditional financial assets such as US equities, stock indices, commodities, foreign exchange pairs and pre-IPO companies.
The surge in RWA trading has been driven by new users, with DefiLlama Research finding that RWA-first users accounted for 169,514 new wallets during the first half of 2026, representing 31.7% of all new users joining Hyperliquid.