RWAs Surpass Crypto Perpetuals as Largest Trading Category on Hyperliquid

Tokenized real-world assets (RWAs) have become the largest trading category on decentralized derivatives exchange Hyperliquid, surpassing cryptocurrency perpetuals in a milestone that highlights the rapid growth of on-chain traditional finance.

According to BlockWorks data cited by ARK Invest's Director of Digital Assets Research Lorenzo Valente, RWAs generated $25.1 billion in trading volume between July 13-19, accounting for 54% of Hyperliquid's $48.2 billion weekly trading volume.

The figures indicate that more than half of all trades executed on Hyperliquid during the week were linked to tokenized real-world assets rather than cryptocurrencies.

The shift has been driven largely by tokenized equities, with single-stock perpetual contracts overtaking commodities and index products, accounting for 61% of all RWA trading volume on Hyperliquid since June 2026.