Hyperliquid says tokenized real-world asset trading hit $213 billion in Q2

Hyperliquid said tokenized real-world asset perpetual contracts generated $213 billion in trading volume in Q2 2026, accounting for 32.2% of all platform activity, up from 20.7% in Q1 2026 and 1.8% in Q4 2025. The contracts contributed 6.6% of second-quarter protocol revenue of $169 million, and the protocol said it returned $141 million of that revenue to HYPE holders through buybacks while cumulative protocol revenue crossed $1 billion during the period. The category kept gaining share in July, becoming Hyperliquid's single largest trading segment for the first time. RWAs accounted for 52% of weekly volume between July 13 and July 19, and by the end of the month RWA perpetual futures had reached 99.2% of Bitcoin perpetuals volume on the platform. Separate data from RWA.xyz showed on-chain tokenized assets rose 3.3% over the past month to $37.8 billion, while the number of holders climbed 56% to 1.6 million. JPMorgan analysts said HYPE has become the fourth-largest asset held in corporate treasury reserves among crypto companies, behind Bitcoin, Ethereum and Solana, but they also warned that momentum could face pressure. The bank said inflows into HYPE ETFs stalled in July and early August after strong demand in May and June, and argued that regulated U.S. crypto perpetual futures products, along with expanding prediction markets, could challenge decentralized offshore venues such as Hyperliquid. Bitcoin and ETH still dominate crypto ETF assets under management at about $77 billion and $10 billion, respectively, while SOL, XRP and HYPE ETFs together account for about $2 billion to $3 billion.