HIP-3 perpetual contracts for real-world assets (RWAs) accounted for 32.2% of Hyperliquid’s total trading volume in the second quarter of 2026. This figure grew from 20.7% in the first quarter, and from just 1.8% in the fourth quarter of 2025. Over this three-month period, trading volume for the RWA category reached $213 billion.
The share of RWAs peaked during the week of July 13 to 19, 2026, when this asset class captured 52% of Hyperliquid’s total weekly volume. By late July, the trading volume share of RWA futures contracts nearly rivaled Bitcoin, reaching 99.2% of BTC perpetual contract volume on the same platform. Out of Hyperliquid’s quarterly revenue of $169 million, the RWA sector contributed 6.6%.
Expansion into Corporate Treasuries
Interest in these tokenized assets has directly spilled over to investor numbers. Data from RWA tracker RWA.xyz shows that RWA asset holders increased by 56% to 1.6 million entities in the last month alone. At the same time, the total value of on-chain tokenized assets rose by 3.3% to $37.8 billion.
Hyperliquid has now become one of the top choices in wealth storage portfolios. The platform ranks as the fourth-largest asset in the corporate treasuries of crypto companies, securing a position just below Bitcoin, Ethereum, and Solana.
Why is JPMorgan Starting to Doubt?
Behind these trading volume figures, a shadow of stagnation is instead visible in exchange products. A report by JPMorgan analysts notes that inflows into the Hyperliquid (HYPE) ETF have practically stopped heading into July and the early weeks of August. This comes even though the investment product had previously led inflows for assets other than Bitcoin throughout May and June.
The price of HYPE immediately reacted to these conditions. The native Hyperliquid token fell by more than 3% over the past 24 hours and is now trading around the $55.30 level.
JPMorgan analyst, Nikolaos Panigirtzoglou, sees major challenges for the market share of this decentralized platform in the coming months. The biggest potential shift comes from traditional exchanges. The launch of fully regulated crypto perpetual futures products in the United States could draw trading activity away from offshore platforms like Hyperliquid to licensed exchanges.
The hundreds of billions of dollars in volume in the second quarter proves that Hyperliquid has a proven system capable of handling large transactions. But the next chapter demands more than just technology. The battle ahead is a liquidity showdown against regulated US exchanges that are preparing to capture their corporate user base. Reported by CoinDesk.
Also read: What is DeFi (Decentralized Finance)?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
