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Hyperliquid’s RWA volume tops crypto for first time, ARK’s Valente says

Hyperliquid’s RWA volume tops crypto for first time, ARK’s Valente says

Updated figures show tokenized real-world assets accounted for 54% of Hyperliquid’s weekly trading volume, driven largely by single-stock perpetuals including heavy trading in SK Hynix.

HYPE

Fact Check
The primary source — the original X post from @LorenzoARK (Lorenzo Valente X post on Hyperliquid RWA volume exceeding crypto) — states verbatim that RWAs accounted for 54% of Hyperliquid's total weekly trading volume and that 61% of all RWA trading volume is in individual equities on HIP-3, exactly matching the claim. His ARK Invest affiliation as Director of Research, Digital Assets is confirmed by ARK's own site (The DeFi Quarterly: Q1 2026). The CryptoTimes report independently corroborates and cites the same post. All figures align precisely.
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Summary

Hyperliquid’s tokenized real-world asset market became the platform’s largest trading category for the first time, with updated figures from Lorenzo Valente of ARK Invest putting RWA volume at about $26 billion, or 54% of weekly activity, for July 13 to July 19. Blockworks data cited earlier showed $25.1 billion in RWA volume, equal to 52% of Hyperliquid’s $48.2 billion weekly total. Valente said Hyperliquid processed about $50 billion of the $79 billion in total perpetual decentralized exchange volume last week, and that its RWA market alone exceeded the combined crypto perpetual volume of every other decentralized exchange. The shift has been driven increasingly by HIP-3, Hyperliquid’s framework for third-party perpetual markets, where single-stock contracts have overtaken indices and commodities since June and now account for 61% of RWA trading. Valente said SK Hynix was the most-traded stock on the platform. He added that the trend may signal a more fragmented market structure in which dedicated RWA trading venues emerge rather than simply aggregating alongside crypto flow.

Terms & Concepts
  • real-world assets: Tokenized versions of traditional financial instruments such as stocks, commodities or indices that trade as blockchain-based contracts.
  • HIP-3: Hyperliquid’s framework that allows outside teams to launch perpetual markets on the exchange’s infrastructure.
  • single-stock perpetuals: Perpetual derivative contracts tied to the price of an individual stock rather than a crypto token, index or commodity.