Hyperliquid Sees Tokenized Real-World Assets Climb to 32% of Trading Volume in Q2

Tokenized real world asset trading has become a major driver of activity on Hyperliquid, now making up more than a third of the decentralized exchange’s overall trading volume.

Rapid Growth Across Recent Quarters

RWA perpetual contracts, built through Hyperliquid’s HIP-3 framework, climbed to 32.2% of trading volume during the second quarter of 2026. That’s a sharp jump from 20.7% in the first quarter and just 1.8% back in the fourth quarter of 2025. Total RWA trading volume hit $213 billion during Q2, according to the platform’s quarterly report released Wednesday.

Revenue and Buybacks

RWA trading contributed 6.6% of Hyperliquid’s total quarterly revenue of $169 million. The platform returned $141 million of that revenue to token holders through HYPE buybacks, while cumulative protocol revenue has now crossed $1 billion.

Demand Keeps Climbing

RWAs briefly became Hyperliquid’s top trading category in mid-July, making up 52% of weekly volume between July 13 and July 19. By the end of the month, RWA perpetual futures volume reached 99.2% of Bitcoin perpetuals volume. RWA holders grew 56% to 1.6 million over the past month, while total tokenized asset value rose to $37.8 billion, according to RWA.xyz.