Tokenized real-world assets became Hyperliquid's largest trading category for the first time, drawing more weekly volume than every other category combined. The milestone points to rising demand for tokenized assets on the perpetual exchange, and it is pulling Wall Street's attention toward onchain markets.
On Hyperliquid, tokenized real-world assets generated $25.1 billion in trading volume from July 13 to July 19, 52% of the exchange's total weekly volume of $48.2 billion, according to Blockworks. That made RWAs the perpetual decentralized exchange's largest trading category for the first time, outpacing every other asset type combined.
RWA demand grows
The milestone reflects growing demand for tokenized assets on Hyperliquid. RWA holders rose 32% to 1.25 million users over the past month, according to RWA.xyz, while the total value of tokenized RWAs climbed 3.5% to $36.7 billion.
The exchange itself generated $7.6 million in revenue over the past week, ranking third among crypto applications by weekly revenue behind Tether and Circle, according to DefiLlama.
Wall Street takes notice
Circle co-founder and CEO Jeremy Allaire said the growing RWA trade on Hyperliquid marks a "major structural shift" in crypto markets. Earlier in July, Pantera Capital said perpetual futures could become a dominant trading instrument beyond crypto, citing 24/7 trading and no contract expiries.
Hyperliquid's growth has drawn attention from Wall Street institutions. NYSE parent Intercontinental Exchange CEO Jeffrey Sprecher pressed regulators to create a level playing field for launching 24/7 onchain perpetual futures contracts.
Expanding beyond tokenized assets
The exchange is also pushing into new markets. On July 19, Hyperliquid said its HIP-4 outcome markets will let anyone staking 500,000 HYPE — roughly $31 million — deploy their own event contracts, positioning it against prediction-market rivals Kalshi, Polymarket and Robinhood. Prediction markets are having a moment: Q2 2026 notional volume across all prediction markets hit $113.8 billion, with June setting an all-time high of $50.7 billion.
One limit remains, however. Hyperliquid is not available to US users, so it cannot directly compete for market share there.
Sources: Cointelegraph, The Motley Fool
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