Key Highlights
- ARK Invest’s Lorenzo Valente said RWAs accounted for 54% of Hyperliquid’s weekly trading volume.
- Single equities now represent 61% of all RWA trading volume on Hyperliquid’s HIP-3 markets.
- Hyperliquid processed $50 billion of the $79 billion in weekly DEX perpetual volume, including $26 billion from RWA trading.
Lorenzo Valente, Director of Research for Digital Assets at ARK Invest, shared an analysis of recent market data stating Hyperliquid generated more trading volume from real-world assets (RWAs) than from crypto assets in a single week for the first time.
In an X post on Thursday, Valente said RWAs represented 54% of Hyperliquid’s total trading volume in a single week. He also pointed out that since June, individual stocks have overtaken indices and commodities on the platform’s HIP-3 markets. According to the latest figures, single equities accounted for 61% of all RWA trading volume on Hyperliquid.
How Hyperliquid compares with broader market
Valente questioned whether RWA trading would continue to consolidate on the same platforms as traditional crypto assets. He suggested that specialized category leaders may emerge within the RWA sector. As a result, dominance in major crypto tokens such as Bitcoin, Ethereum, and Solana may prove less influential for overall platform success than previously expected.
Valente provided context on broader market volumes; total DEX perpetual trading volume reached $79 billion last week. Hyperliquid accounted for $50 billion of that total, with $26 billion coming specifically from HIP-3 RWA trading.
He concluded that traders focused exclusively on crypto token trading may be focusing on the wrong market.
Open interest reaches its highest level this year
Hyperliquid’s total open interest reached approximately $11.07 billion on July 13, marking its highest level so far in 2026, according to data from DeFiLlama.
A portion of this growth came from the platform’s HIP-3 markets, which feature tokenized equities and commodities. These real-world asset (RWA) markets contributed around $3.69 billion to the total open interest as RWA trading activity achieved a new all-time high.
Hyperliquid’s official X account shared the figures, showing 24-hour open interest at $11.071 billion. The 30-day open interest stood at $288.294 billion, while weekly open interest increased by 9.71%.
Daily revenue race favors Pump.fun
Despite the surge in trading activity, recent data showed Hyperliquid trailing Pump.fun in 24-hour revenue generation.
Pump.fun recorded $1.21 million in revenue during the period, compared with Hyperliquid’s $1.03 million.
Pump.fun’s pseudonymous co-founder Sapijiju attributed the platform’s performance to its broad user base. He noted that the platform has hundreds of thousands of active users, most of whom operate outside the main crypto Twitter community.
Growing RWA activity brings new risks
Despite the reported growth in RWA trading on Hyperliquid, significant concerns remain about the sustainability and risks of this trend. Tokenized real-world assets on decentralized platforms often face challenges related to regulatory compliance, custody arrangements, and underlying liquidity.
The increase in single-stock tokenized trading raises questions about potential market manipulation, inadequate disclosures, and the introduction of traditional equity risks into crypto environments.
In addition, many RWAs still lack standardized legal frameworks, which could lead to disputes over ownership and settlement during periods of stress. The concentration of volume on a single platform like Hyperliquid may create new systemic vulnerabilities.
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