Last week, Hyperliquid’s RWA trading volume surpassed its crypto asset trading volume for the first time, accounting for 54% of the platform’s total trading volume.

ARK Invest Research Head Lorenzo Valente published a report noting Blockworks data indicates Hyperliquid’s real-world asset (RWA) transactions built on the HIP-3 protocol are growing rapidly. Last week, Hyperliquid’s RWA trading volume surpassed crypto asset trading for the first time, accounting for 54% of the platform’s total trading volume. Individual stock trading emerged as the fastest-growing segment: since June, its volume has outpaced indices and commodities, now making up roughly 61% of Hyperliquid’s total RWA volume, signaling on-chain financial markets are expanding beyond pure crypto assets to traditional assets. Data shows last week, total perpetual contract trading volume across decentralized exchanges (DEXs) hit ~$79 billion, with Hyperliquid contributing ~$50 billion. Of that, HIP-3 RWA volume reached $26 billion—even exceeding the combined crypto perpetual contract volume of all other DEXs. RWA trading may not fully consolidate around existing crypto trading platforms; distinct asset classes could develop their own leading players, and future competition among trading platforms may shift from vying for crypto asset traffic (such as BTC, ETH, SOL) to competing for on-chain trading demand for real assets like stocks and commodities.