Tokenized RWAs Overtake Crypto on Hyperliquid

Hyperliquid activated HIP-3 in October 2025, allowing independent builders that stake 500,000 HYPE tokens to deploy perpetual-futures markets on its infrastructure. The framework has expanded the decentralized exchange beyond crypto into equities, commodities, foreign exchange and other real-world assets. That growth broadens Hyperliquid’s addressable market, but carries a trade-off for HYPE: HIP-3 deployers retain 50% of trading fees, reducing the share available to support protocol revenue and token buybacks.

RWA perpetuals rose from 0.1% of onchain derivatives volume in October 2025 to 10.1% in March 2026, when monthly turnover reached $67 billion. Trade.xyz remains the dominant HIP-3 operator, accounting for more than 90% of open interest. Paragon has entered the race by staking 500,000 HYPE, worth about $18.5 million at the time, and securing the TOTAL2, OTHERS and BTCD tickers, using crypto-native index products to differentiate itself from Trade.xyz’s equity and commodity-heavy lineup.

Hyperliquid is a decentralized exchange focused on onchain derivatives, with its HIP-3 markets offering perpetual contracts tied to real-world assets, or RWAs. The products give traders exposure to prices associated with traditional assets through blockchain-based markets. Their expansion is significant because it points to growing overlap between decentralized finance and tokenized assets, a segment seeking to move more conventional market activity onchain.

HIP-3 RWA perpetual-contract volume reached $213 billion in the second quarter of 2026, Hyperliquid said in a report. The contracts accounted for 32.2% of the platform’s total trading activity during the period. RWA trading generated 6.6% of the protocol’s quarterly revenue, showing that the category has developed substantial volume while contributing a smaller share of income, as demand for onchain exposure to traditional assets accelerated.