Key facts
- Tokenized real-world asset (RWA) trading now accounts for over 33% of trading activity on Hyperliquid.
- RWA perpetual contracts' share of trading volume increased to 32.2% in Q2 2026, up from 1.8% in Q4 2025.
- RWA trading volume reached $213 billion during Q2 on Hyperliquid.
- RWA trading generated 6.6% of the protocol’s quarterly revenue of $169 million.
- Hyperliquid returned $141 million to token holders through HYPE token buybacks.
- RWA holders increased 56% to 1.6 million investors over the past month.
Tokenized real-world asset (RWA) trading has significantly increased its share of activity on the decentralized exchange Hyperliquid, now accounting for over 33% of all trading. During the second quarter of 2026, RWA perpetual contracts saw their trading volume share rise to 32.2%, a substantial jump from 1.8% in the fourth quarter of 2025 and 20.7% in the first quarter of 2026. This surge in RWA trading volume reached $213 billion in Q2. The growth in RWAs also contributed to Hyperliquid's protocol revenue, generating 6.6% of the $169 million earned in the quarter. The platform utilized a portion of its cumulative $1 billion in protocol revenue to return $141 million to token holders through buybacks of its native HYPE token. Last month, RWAs became Hyperliquid's largest trading category for the first time, representing 52% of the total weekly trading volume between July 13 and July 19. Furthermore, RWA perpetual futures volume reached 99.2% of Bitcoin perpetuals volume on the exchange. The number of RWA holders has also seen a significant increase, growing by 56% to 1.6 million investors in the past month, while the total value of onchain tokenized assets rose by 3.3% to $37.8 billion.