Real Assets (RWA) now generate more trading volume than cryptocurrencies on leading decentralized derivatives platform Hyperliquid (HYPE).
This development saw RWAs represent 54% of last week’s total trading volume on Hyperliquid, He says ARK Invest Director of Research Lorenzo Valente.
According to Valente, this is the first time that RWAs have overtaken cryptocurrencies in trading volume on the platform in a single week.
“There is a more interesting trend: since June, individual stocks have outperformed indices and commodities in the HIP-3. Today, 61% of the total RWA trading volume is in individual stocks.”
The platform’s HIP-3 framework enables perpetual trading of futures contracts on stocks, commodities and other tokenized assets. The analyst notes that Hyperliquid accounted for $50 billion of the decentralized exchange’s (DEX) total perpetual futures volume of $79 billion during this period, with HIP-3 RWA trading accounting for $26 billion of the platform’s total trading volume.
Valente says,
“In other words, the RWA market for Hyperliquid alone was larger than the lifetime volume of combined cryptocurrencies of all other DEXs. If you are still solely focused on trading crypto tokens, I think you are focusing on the wrong market. I am no longer convinced that RWA trading will naturally accumulate in the same place as cryptocurrencies. There will likely be category leaders within RWA, and having a BTC/ETH/SOL flow may become much less important than many people assume.”
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