Foreign media reports indicate that for the first time, non-crypto asset contract trading volume surpassed that of crypto assets on Hyperliquid during the week of July 13-19. Lorenzo Valente, Head of Digital Asset Research at ARK Invest, stated that RWA contracts, including those for stocks, crude oil, and indices, accounted for 54% of the platform's total trading volume that week.
The $2.6 billion transaction volume accounted for more than half.
According to data disclosed by Valente, Hyperliquid's total trading volume that week was approximately $50 billion, with RWA-related trading volume reaching $26 billion. The article states that this figure exceeds the combined trading volume of all other decentralized exchanges' crypto perpetual contracts that week.
During the same period, the total trading volume of the entire perpetual contract DEX industry was approximately $79 billion, with Hyperliquid accounting for the majority of that. This means that the newly added stock and commodity contracts on the platform are no longer just supplementary categories, but have become the main source of trading volume in the short term.
HIP-3 drives stock contract expansion
This change is related to HIP-3, launched by Hyperliquid in October 2025. This framework allows external teams to build their own perpetual contract markets based on Hyperliquid infrastructure. Participants need to stake 500,000 HYPE tokens, currently worth approximately $30 million according to the article.
Since June, single-stock contracts have surpassed indices and commodities to become the largest RWA trading category within HIP-3, accounting for 61% of all RWA trading. The platform has previously launched pre-IPO markets for SpaceX, Anthropic, and OpenAI.
SK Hynix was the most actively traded stock.
The article states that the most actively traded stock contract currently is for South Korean chipmaker SK Hynix. This company is a direct competitor of Samsung in the AI memory chip field, and its business involves DRAM and high-bandwidth memory supply.
Valente also pointed out that RWA trading may not naturally concentrate on the same platforms as crypto assets. In his view, on-chain contracts for stocks, commodities, and other commodities may form their own leading platforms in the future, and the advantage of one platform in Bitcoin and Ethereum trading may not directly extend to all RWA categories.
