Hyperliquid’s weekly RWA volume tops crypto volume for the first time

Lorenzo Valente, crypto research director at Ark Invest, said on X that Hyperliquid’s real-world asset, or RWA, trading volume has exceeded its cryptocurrency trading volume for the first time. Valente said RWA trading accounted for 54% of Hyperliquid’s total volume over the past week, marking the first time it has overtaken crypto trading. Since June, HIP-3-based single-stock trading volume has surpassed volume in index and commodity products, with stocks now making up 61% of total RWA volume, he added. Valente also said total decentralized exchange perpetual futures volume reached $79 billion last week, of which Hyperliquid accounted for $50 billion. Of that amount, $26 billion came from HIP-3-based RWA trading. Hyperliquid’s RWA market size now exceeds the combined cryptocurrency perpetual futures trading volume of all other decentralized exchanges, according to Valente.