Tokenized stocks and commodities drove 54% of Hyperliquid volume last week, with $26B in RWA trading alone. ARK Invest says the shift signals a new category leader dynamic.
Alpha Score of 57 reflects moderate overall profile with weak momentum, weak value, strong quality, moderate sentiment.
Real-world assets have overtaken cryptocurrencies in trading volume on Hyperliquid, the leading decentralized derivatives platform.
RWAs accounted for 54% of total trading volume on Hyperliquid last week, according to ARK Invest research director Lorenzo Valente. It was the first time that tokenized stocks, commodities, and other non-crypto assets outpaced digital tokens on the platform in a single week.
“Since June, single stocks have overtaken indices and commodities on HIP-3,” Valente wrote. “Today, 61% of all RWA trading volume is in individual equities.”
Hyperliquid’s HIP-3 framework enables perpetual futures trading on tokenized equities and commodities. The platform captured $50 billion of the $79 billion in overall decentralized exchange perpetual futures volume during the period, Valente said. HIP-3 RWA trading alone accounted for $26 billion of that total.
“Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX,” Valente said. “If you’re still only focused on crypto token trading, I think you’re focusing on the wrong market.”
The shift suggests that RWA trading may not naturally aggregate on the same venues as crypto, Valente added. He predicted category leaders will emerge within RWA, and that tracking BTC, ETH, and SOL flow could become far less important than many traders assume.
Hyperliquid has become a dominant venue for perpetual futures, a market structure that lets traders speculate on price moves without owning the underlying asset. The platform’s growth into tokenized equities broadens its user base beyond crypto-native traders and brings it into direct competition with traditional derivatives exchanges.
Valente did not specify which individual stocks drove the equity volume on HIP-3. Hyperliquid’s tokenized equity listings include major U.S. tech and energy names.
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