Hyperliquid Sees Stocks Surpass Crypto Trading Volume

For the first time, traders on Hyperliquid moved more money through stocks and commodities than through crypto. Lorenzo Valente, director of digital assets research at ARK Invest, announced this milestone, stating that Hyperliquid generated more trading volume from real-world assets (RWAs) than from crypto in a single week. RWAs, which include tokenized versions of traditional financial instruments, totaled 25.1 billion dollars during July 13-19, accounting for 52% of Hyperliquid's 48.2 billion dollars in weekly volume. The current figure for RWA trading is 26 billion dollars, representing 54%. Last week, total perpetual DEX volume across the industry was 79 billion dollars, with Hyperliquid processing 50 billion dollars. The 26 billion dollars in RWA trading surpassed the combined crypto perpetual volume of all other decentralized exchanges. This shift is attributed to HIP-3, a framework launched in October 2025 that allows external teams to build perpetual markets using Hyperliquid's infrastructure. Since June, individual stocks have made up 61% of all RWA trading, with SK Hynix being the most-traded stock. Valente raised concerns about the future of RWA trading, suggesting that dedicated leaders may emerge and that a platform's control over Bitcoin and Ethereum may be less significant than previously thought.

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