- Real-world asset perpetuals took 32.2% of matched volume on Hyperliquid in the second quarter, worth US$213 billion, according to the Hyperliquid Research Collective.
- The share climbed from 1.8% to 20.7% to 32.2% over three quarters, and hit 52% of weekly volume in the week of 13 July.
- Those markets generated 6.6% of the protocol’s US$169 million quarterly revenue, and all of that record volume runs through a single deployer.
Real-world asset perpetuals accounted for 32.2% of matched trading volume on Hyperliquid in the second quarter, worth US$213 billion (AU$302.46 billion), the third straight quarter the category has roughly doubled its share of the exchange.
According to a report, the share climbed from 1.8% of matched volume to 20.7% and then to 32.2% across three quarters, which the report describes as nearly a third of everything the exchange traded.
The report opens by saying the first quarter proved the venue could house all of finance, and the second quarter showed the rest of finance beginning to catch up. Analysts have previously called Hyperliquid a “crypto super-app rewriting global finance”.
The contracts are perpetual futures priced on shares, commodities and pre-IPO names, deployed by independent teams under the HIP-3 framework CNA covered at launch, which lets a builder stake 500,000 HYPE and run its own perpetual market on the exchange.
Read more: Ethereum Researchers Propose Reward Burn to Curb Excessive Staking
Volume Share Beats Revenue Share
Trading in those contracts generated 6.6% of Hyperliquid’s quarterly revenue, which the report puts at US$169 million (AU$240.5 million), with US$141 million (AU$200.6 million) returned to holders through buybacks. Cumulative protocol revenue has passed US$1 billion (AU$1.42 billion).
RWAs became the exchange’s largest category for the first time in the week of 13 July, taking 52% of weekly volume, after the quarter the report covers.
Revenue troughed in April and recovered to its strongest month since November.
Three HYPE exchange-traded funds began trading during the quarter, after four asset managers filed for them in the first quarter, and the protocol’s Assistance Fund and listed treasury companies now hold 7.7% of HYPE supply between them, with Hyperliquid Strategies holding 29.3 million tokens.
That record volume runs through a single deployer, and the US$5.6 billion (AU$7.95 billion) stablecoin float behind those markets has standardised on one issuer, which the report calls the concentration that comes with winning. It names neither party.
Trading hours are part of the appeal. A private rocket company was priced on the exchange on a Saturday with the New York Stock Exchange closed, a record trading surge, and by July a Chinese chipmaker traded on-chain above where its Shanghai listing had settled.
Read more: Caleb & Brown Targets UK Wealth Market with High-Touch Crypto Brokerage Expansion
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