Written by Zoltan Vardaistaff writerReviewed by Yohan Yunstaff editor

Written by Zoltan Vardaistaff writer

Reviewed by Yohan Yunstaff editor

RWAs become Hyperliquid’s largest trading category

Latest NewsPublishedJul 24, 2026

Tokenized RWA trading became Hyperliquid’s largest trading category for the first time, accounting for more than half of the decentralized exchange’s weekly trading volume.

Perpetual decentralized exchange (DEX) Hyperliquid’s weekly trading volume in tokenized real-world assets (RWAs) exceeded that of all other asset categories combined for the first time.

RWAs generated $25.1 billion in trading volume from July 13 to July 19, accounting for 52% of Hyperliquid’s total weekly volume of $48.2 billion, as reported by Blockworks data.

“Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX,” wrote ARK Invest’s research director for digital assets, Lorenzo Valente, in a Thursday X post.

The milestone reflects growing demand for tokenized assets on Hyperliquid. Over the past month, RWA holders grew by 32% to 1.25 million users, while the total value of tokenized RWAs rose by 3.5% to $36.7 billion, as reported by data aggregator RWA.xyz.

Hyperliquid generated $7.6 million in revenue over the past week, as reported by DefiLlama. The perp DEX ranked third among crypto applications by weekly revenue, behind stablecoin issuers Tether and Circle, which generated $112 million and $45 million, respectively.

Hyperliquid: Perpetual Futures Volume, 2-year chart. Source: Blockworks

Related: Hyperliquid launches prediction markets for real-world events

Major “structural shift” for crypto markets: Circle co-founder

Crypto-native firms and traditional financial institutions have expanded tokenized asset offerings as they bring more financial assets onto blockchain networks. In March, the NYSE partnered with tokenization platform Securitize to develop blockchain-based stock trading infrastructure with 24/7 trading and settlement.

Circle co-founder and CEO Jeremy Allaire stated growing RWA trading on Hyperliquid marks a “major structural shift” in crypto markets, moving “away from speculating on endogenous digital commodities,” in a Friday X post.

Earlier in July, Pantera Capital stated perpetual futures could become a dominant trading instrument beyond crypto, as perps offer structural advantages over traditional derivatives, including 24/7 trading, no contract expiries, simpler position management and continuous price discovery.

Hyperliquid’s growth has drawn attention from Wall Street institutions, including NYSE parent Intercontinental Exchange (ICE), whose CEO, Jeffrey Sprecher, urged regulators to create a “level playing field” for launching 24/7 onchain perpetual futures contracts.

Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Decentralized Exchange
• Web3
• RWA
• RWA Tokenization
• Tokenization
• DeFi
• Trading
• Blockchain

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