Real-world asset (RWA) perpetuals have overtaken crypto perps on Hyperliquid for the first time, accounting for more than half of the exchange's trading volume for two consecutive weeks in July.
In the week of July 13–19, RWA perps tied to stocks, commodities and indexes did $25.1 billion in volume, representing 52% of Hyperliquid's total. That marks the first time RWA perps have out-traded crypto on the decentralized exchange.
The numbers
Hyperliquid's volume data shows RWA perps consistently above 50% for two weeks running. The $25.1 billion figure for the July 13–19 week is the most recent available. The exchange did not break down the split between individual asset classes within the RWA category, but the overall share is clear: RWA perps now dominate Hyperliquid's volume.
RWA perps are derivative contracts that track the price of traditional assets like stocks, commodities, and indexes. They allow traders to gain exposure to these markets without holding the underlying asset, using crypto infrastructure.
A first for Hyperliquid
Hyperliquid, a decentralized exchange known for its crypto perpetuals, has seen RWA perps gain share over the past months. The two-week stretch in July is the first time they have surpassed crypto perps in volume. This shift reflects growing interest in tokenized real-world assets and the convergence of traditional and crypto markets.
The milestone comes as traders increasingly use crypto platforms to access traditional market exposure. Hyperliquid's data suggests that RWA perps are becoming a significant part of the exchange's activity, a trend that may continue as more assets are tokenized.
