Hyperliquid RWA trading overtakes crypto, making up 54% of volume

Huo Xing Cai Jing reported that ARK Invest Research Director Lorenzo Valente said in a July 24 post that Blockworks data points to rapid growth in real-world asset (RWA) trading on Hyperliquid via the HIP3 protocol. Last week, RWA volume on Hyperliquid exceeded crypto-asset trading for the first time, accounting for 54% of the platform's total activity. Single-stock products are leading the expansion. Since June, trading in individual equities has surpassed indices and commodities and now represents about 61% of Hyperliquid's total RWA volume, signaling that on-chain markets are increasingly extending beyond crypto into traditional assets. Blockworks data also shows that total perpetuals volume across decentralized exchanges reached roughly $79 billion last week, with Hyperliquid contributing about $50 billion. Of that, HIP3 RWA perpetuals totaled $26 billion, exceeding the combined crypto-perpetuals volume of other DEXs. Valente noted that RWA trading may not concentrate solely on established crypto venues, as different asset classes could develop their own category leaders. Over time, platform competition may shift from fighting for BTC, ETH, and SOL flow to capturing on-chain demand for stocks, commodities, and other real-world assets.