Stocks Just Topped Crypto on Hyperliquid. ARK Says That Changes Everything
Hyperliquid posted a milestone in which real-world assets (RWAs) generated more weekly trading volume than crypto for the first time. During July 13–19, RWA perpetuals reached about $25.1 billion, or 52% of Hyperliquid’s $48.2 billion weekly volume, with estimates later put at $26 billion and 54%. The broader industry saw $79 billion in perpetual DEX volume, and Hyperliquid alone handled $50 billion. Its RWA volume exceeded all other decentralized exchanges’ combined crypto perpetual volume. The shift is tied to HIP-3, Hyperliquid’s framework for outside teams to launch perpetual markets on its infrastructure by staking 500,000 HYPE. Since June, single-stock markets have overtaken indices and commodities, now making up 61% of RWA trading. The most traded stock is SK Hynix, and HIP-3 has hosted pre-IPO markets for SpaceX, Anthropic, and OpenAI. ARK’s Lorenzo Valente argues RWA trading may increasingly move to specialized venues rather than sharing liquidity with crypto.
