Tokenized RWAs Become Hyperliquid’s Largest Trading Category

Tokenized real-world assets, or RWAs, bring exposure to traditional instruments such as equities and bonds onto blockchains. Their rise on Hyperliquid, a decentralized exchange best known for perpetual futures, matters because it suggests onchain derivatives demand is broadening beyond crypto-native tokens. The shift could deepen liquidity for tokenized markets and strengthen the case for round-the-clock trading and settlement of conventional financial assets.

From July 13 to July 19, RWA contracts generated $25.1 billion of volume on Hyperliquid, or 52% of the platform’s $48.2 billion weekly total, according to Blockworks data. It was the first time the category exceeded all others combined. ARK Invest digital-assets research director Lorenzo Valente said Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume across every other DEX.