Hyperliquid Sees Tokenized Stocks Overtake Crypto as Top Volume Driver

The shift follows an open-builder program that let third parties list single-stock and pre-IPO perpetuals, signaling a possible reordering of where DeFi liquidity concentrates.

Overview

Hyperliquid, which between July 13 and July 19 processed about $48.2 billion in total volume, recorded roughly $25.1–26 billion from real‑world‑asset perpetuals that week, equal to about 52%–54% of platform volume.
The HIP-3 framework that launched in October 2025 lets outside teams build markets by staking HYPE and is the main driver of the recent surge in tokenized stock and pre-IPO markets on the exchange.
Single-stock perpetuals made up about 61% of RWA trading, with South Korea’s SK Hynix cited as the platform’s most‑traded stock during the surge.
Hyperliquid generated about $7.6 million in weekly revenue as RWA holders rose roughly 32% month over month to about 1.25 million, and tokenized asset values increased modestly to roughly $36.7 billion.
Industry observers such as ARK Invest’s Lorenzo Valente have called the milestone a potential structural shift for DeFi, saying dedicated RWA venues could emerge even though onchain RWA derivatives remain small compared with traditional financial markets.