Hyperliquid's RWA perp volume hits 33% of trades — tokenized stocks quietly eat the order book 🥩

Tokenized real-world asset (RWA) trading now accounts for more than 33% of trading activity on decentralized exchange Hyperliquid, according to the protocol's quarterly report published Wednesday. HIP-3 RWA perpetual contracts saw their share of trading volume rise to 32.2% in the second quarter of 2026, up from 20.7% in Q1 and 1.8% in Q4 of 2025.

RWA trading volume reached $213 billion on Hyperliquid during Q2, the report said. The category generated 6.6% of the protocol's quarterly revenue of $169 million, of which Hyperliquid returned $141 million to token holders through Hyperliquid (HYPE) buybacks. The platform reported over $1 billion in cumulative protocol revenue.

RWAs became Hyperliquid's largest trading category for the first time last month, when they accounted for 52% of the platform's total weekly trading volume between July 13 and July 19. By the end of July, RWA perpetual futures reached 99.2% of Bitcoin (BTC) perpetuals volume on the exchange.

RWA holders increased 56% to 1.6 million investors over the past month, according to data provider RWA.xyz, while the total value of onchain tokenized assets rose 3.3% to $37.8 billion.