Stocks on Hyperliquid Outperform Crypto

The trading volume of non-crypto assets on Hyperliquid has reached higher levels than that of the cryptocurrency markets. During the week of July 13-19, stocks, commodities, and market indices, classified as real-world assets (RWA), recorded a trading volume of $25.1 billion, accounting for 52% of Hyperliquid's total weekly volume of $48.2 billion. Users can trade not only cryptocurrencies but also company stocks, commodities like oil, and price movements of indices such as the S&P 500 through Hyperliquid. The growth in RWAs was facilitated by the HIP-3 update that Hyperliquid introduced in October 2025. HIP-3 allows third-party developers to create their own perpetual futures markets. With this system, Hyperliquid has evolved from being an exchange solely for crypto assets. Since June, the largest trading volume in HIP-3 markets has been observed in individual company stocks. Perpetual futures based on a single company's stock accounted for approximately 61% of real-world asset transactions. The most traded asset was the South Korean chip manufacturer SK Hynix.