Hyperliquid recorded $26 billion in real-world asset (RWA) trading during July 13–19, marking the first time tokenized stocks and commodities surpassed crypto volume on the decentralized exchange. Lorenzo Valente, director of digital assets research at ARK Invest, announced Thursday on X that RWAs accounted for 54% of Hyperliquid's $48.2 billion weekly volume. The shift occurred through HIP-3, a framework launched in October 2025 that allows outside teams to build perpetual markets for traditional financial instruments like company stocks, crude oil, and market indices as blockchain contracts.
RWAs totaled $25.1 billion during July 13–19, or 52% of Hyperliquid's weekly volume, per Blockworks data. Valente put the latest running figure at $26 billion and 54%. Total perpetual DEX volume across the industry last week was $79 billion. Hyperliquid processed $50 billion of it. The $26 billion in RWA trading alone was larger than the combined crypto perpetual volume of every other decentralized exchange on the market.
HIP-3 Framework Enabled Stock Trading on Hyperliquid in October 2025
HIP-3 is a framework Hyperliquid launched in October 2025 that lets outside teams build their own perpetual markets using Hyperliquid's existing infrastructure. Perpetual markets are contracts that track an asset's price with no expiry date, letting traders bet on it going up or down with borrowed money. Builders stake 500,000 HYPE tokens, currently worth roughly $30 million, to access the system.
Since June, individual stocks have overtaken indices and commodities inside HIP-3. Single-stock perpetuals now make up 61% of all RWA trading. The HIP-3 platform has already hosted pre-IPO markets for SpaceX, Anthropic, and OpenAI.
SK Hynix Led Single-Stock Trading Volume Since June
The most-traded stock on Hyperliquid is SK Hynix, the South Korean memory chipmaker that competes with Samsung in supplying DRAM and high-bandwidth memory for AI systems. SK Hynix drove most of the interest on Hyperliquid's third-party market platform.
ARK Invest Compared Hyperliquid to Early Solana in September 2025
ARK's interest in Hyperliquid goes back further. In September 2025, CEO Cathie Wood told the Master Investor podcast that the platform "reminds me of Solana in the earlier days," adding that Solana had proven its worth and earned its place with the biggest names in crypto. She called Hyperliquid "the new kid on the block." ARK has not confirmed any position since.
Lorenzo Valente wrote on X: "I'm no longer convinced RWA trading will naturally aggregate on the same venue as crypto." He added that traders still focused only on crypto tokens "are focusing on the wrong market."
FAQ
What did Hyperliquid achieve during July 13–19?
Hyperliquid recorded $26 billion in real-world asset (RWA) trading during July 13–19, accounting for 54% of its $48.2 billion weekly volume. This marked the first time tokenized stocks and commodities surpassed crypto volume on the decentralized exchange.
How does HIP-3 enable stock trading on Hyperliquid?
HIP-3 is a framework Hyperliquid launched in October 2025 that allows outside teams to build perpetual markets for traditional financial instruments using Hyperliquid's infrastructure. Builders stake 500,000 HYPE tokens, currently worth roughly $30 million, to access the system and create contracts tracking assets like company stocks, crude oil, and market indices.
Which stock led trading volume on Hyperliquid?
SK Hynix, the South Korean memory chipmaker competing with Samsung in AI memory production, was the most-traded stock on Hyperliquid's HIP-3 platform. Single-stock perpetuals accounted for 61% of all RWA trading since June.
