Real-world assets accounted for 54% of Hyperliquid’s weekly trading volume, marking the first dominance of non-crypto assets on the exchange.
Tokenized real-world assets (RWAs) surpassed crypto trading on Hyperliquid for the first time, generating $26 billion in volume during the week of July 13–19. RWAs, including stocks, crude oil, and market indices, represented 54% of the exchange’s $48.2 billion weekly volume, per data from ARK Invest and Blockworks.
The shift follows growing trader interest in traditional financial instruments converted into blockchain-based contracts. SK Hynix, a South Korean chipmaker, drove much of the activity on Hyperliquid’s third-party market platform. Prior weeks had seen crypto perpetuals dominate decentralized exchange volumes.
ARK Invest’s digital assets research director called the milestone a sign of a “new era for DeFi,” as RWAs outpaced crypto across all decentralized exchanges combined.