Abstract:
We’re coming into a brand new period of DeFi.
Creator: @lufeieth
Unique tweet: https://x.com/LorenzoARK/status/2080351645796614297
Picture: Hyperliquid: Composition of perpetual futures buying and selling quantity
The classes within the legend are HYPE, Bitcoin, different layer one tokens, real-world belongings, mission tokens, AI agent tokens, and meme cash.
I. Translation of the Unique Textual content
We’re coming into a brand new period of DeFi.
For the primary time in historical past, Hyperliquid has seen buying and selling quantity from real-world belongings (RWA) exceed that of crypto belongings inside a single week. RWA accounted for 54% of whole buying and selling quantity.
One other fascinating development is that since June, the buying and selling quantity of particular person shares on HIP-3 has surpassed that of indices and commodities. At the moment, 61% of all RWA buying and selling quantity comes from particular person shares.
I’m now not satisfied that RWA buying and selling will naturally think about the identical buying and selling platforms as crypto belongings. It’s seemingly that completely different main classes will emerge inside RWA. The significance of mastering BTC, ETH, and SOL order flows could also be far decrease than many anticipate sooner or later.
To raised perceive the size:
Final week, the entire perpetual contract buying and selling quantity throughout all DEXs was $79 billion.
Hyperliquid’s buying and selling quantity was $50 billion.
Of this, the HIP-3 RWA buying and selling quantity was $26 billion.
In different phrases, the RWA market on Hyperliquid alone has already surpassed the mixed perpetual contract buying and selling quantity of all different DEXs for crypto belongings.
If you’re nonetheless solely specializing in crypto token buying and selling, I imagine you’re looking on the fallacious market.
Supply: Blockworks.
II. What This Chart Actually Signifies
From the weekly buying and selling quantity construction within the chart, earlier than the top of 2025, Hyperliquid’s buying and selling quantity will primarily be contributed by Bitcoin and different layer one tokens. After coming into 2026, the proportion of RWA will proceed to rise, reaching about 54% in the newest week, changing into the biggest buying and selling class on the platform.
Because of this Hyperliquid’s product positioning is present process a major leap:
Hyperliquid is evolving from a “on-chain crypto perpetual contract change” to a “international, round the clock, multi-asset derivatives buying and selling platform.”
The strategic worth of this variation may be very excessive. The tradable varieties and whole market dimension of crypto belongings are comparatively restricted, whereas the derivatives markets for shares, indices, commodities, overseas change, and different conventional belongings present a a lot bigger potential buying and selling pool. Subsequently, Hyperliquid’s progress ceiling is now not fully constrained by the cryptocurrency market.
Notably, the core of RWA progress has shifted from macro belongings like gold, crude oil, and the S&P 500 to particular person shares. Present third-party market snapshots present that in Hyperliquid HIP-3’s every day buying and selling quantity, shares account for about 63%, indices for about 20%, and commodities for about 16%, which is mainly in keeping with the 61% talked about within the unique textual content.
This means that the strongest demand from on-chain customers could also be:
Leveraged worth publicity to U.S. particular person shares traded across the clock utilizing stablecoins as collateral.
What customers are actually buying is international entry, 24-hour buying and selling, leverage, low-friction capital switch, and a self-custody expertise.
III. The Time period “RWA Buying and selling” Wants Correct Understanding
The shares, indices, and commodities on HIP-3 are primarily perpetual contracts. Merchants acquire artificial publicity to the value of the underlying belongings, with no precise inventory supply, shareholder voting rights, or claims to firm belongings. Costs are saved near exterior markets by oracle and funding fee mechanisms.
Subsequently, this set of knowledge proves that:
On-chain artificial inventory derivatives have generated sturdy buying and selling demand.
It can’t immediately show that the tokenization of actual shares, on-chain fairness registration, and atomic settlement of securities have achieved the identical degree of adoption.
These are two completely different improvement paths:
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Artificial asset path: Customers commerce inventory costs utilizing USDC as collateral.
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Securities tokenization path: Customers truly maintain on-chain securities with authorized rights.
The previous has a sooner startup velocity and better capital effectivity, whereas additionally bearing dangers associated to oracles, funding charges, market manipulation, and regulation. The latter requires coordination amongst custodians, issuers, brokers, switch brokers, clearing programs, and securities laws, resulting in a slower development.
IV. The Unique Creator’s Judgment on “Platform Differentiation” is Solely Half Appropriate
The creator believes that RWA might type impartial main subcategories, and shares, commodities, and crypto belongings might not finally think about the identical platform. This judgment has some advantage, as completely different belongings require completely different oracles, market makers, buying and selling session dealing with, threat parameters, and regulatory preparations.
Nevertheless, the HIP-3 structure permits for this specialization to happen inside Hyperliquid.
HIP-3 permits third events to deploy their very own perpetual contract markets. Deployers are liable for defining contracts, oracles, leverage limits, and market operations, whereas inheriting HyperCore’s order e-book and margin infrastructure. The present deployment threshold is to stake 500,000 HYPE, and deployers obtain a set 50% of the associated buying and selling charges.
Thus, a two-tier construction might type sooner or later:
Backside-tier buying and selling infrastructure chief: Hyperliquid.
Phase asset operation leaders: HIP-3 deployers like commerce[XYZ].
Within the present snapshot, commerce[XYZ] contributed about $5.577 billion to HIP-3’s every day buying and selling quantity, whereas the entire HIP-3 buying and selling quantity was about $5.585 billion, accounting for almost 99.9%. This means that present RWA progress is extremely concentrated amongst a single deployer.
Subsequently, the emergence of main subcategories in RWA doesn’t essentially weaken Hyperliquid. So long as these leaders proceed to make use of HyperCore’s matching, margin, and settlement infrastructure, Hyperliquid nonetheless controls the important thing underlying parts.
V. There’s an Apparent Arithmetic Subject with This Set of Numbers
Based on the numbers offered within the unique textual content:
The overall perpetual buying and selling quantity throughout all DEXs is $79 billion.
Hyperliquid’s quantity is $50 billion.
The overall for different DEXs ought to be $29 billion.
Hyperliquid’s HIP-3 RWA buying and selling quantity is $26 billion.
Subsequently:
$26 billion is lower than $29 billion.
The assertion on the finish of the unique textual content that “Hyperliquid’s RWA buying and selling quantity is bigger than the mixed perpetual buying and selling quantity of all different DEXs for crypto” can’t be immediately derived from the above three units of numbers.
This may occasionally stem from completely different statistical time home windows, completely different knowledge sources, or the $79 billion statistic not together with a part of the HIP-3 buying and selling quantity. The unique textual content didn’t make clear this. Easy rounding can’t clarify the roughly $3 billion discrepancy.
VI. Influence on HYPE Funding Logic
This can be a sturdy optimistic sign for HYPE’s long-term fundamentals, with three core values.
First, TAM enlargement. Hyperliquid is starting to enter the inventory, index, commodity, and overseas change derivatives markets, with a possible buying and selling pool a lot bigger than the pure crypto perpetual market.
Second, income sources have gotten much less cyclical with crypto. Particular person inventory earnings stories, macro knowledge, commodity volatility, and geopolitical occasions can independently generate buying and selling demand, probably lowering the platform’s reliance on BTC bull and bear cycles.
Third, community results are strengthened. Extra markets carry extra merchants, market makers, collateral belongings, and builders, additional rising the issue of cold-starting new platforms.
Nevertheless, buying and selling quantity can’t be immediately equated with income and token worth seize. HIP-3 deployers obtain 50% of the buying and selling charges, and commerce[XYZ] has enabled Development Mode for some contracts, which may cut back buying and selling charges by over 90%. Throughout speedy quantity will increase, unit buying and selling income might concurrently decline.
A very powerful indicators shifting ahead ought to be:
RWA payment revenue, open curiosity, energetic dealer retention, bid-ask spreads, non-incentivized buying and selling proportion, and the quantity of RWA charges that finally enter the HYPE worth seize mechanism.
VII. Influence on USDC and Circle
At the moment, commerce[XYZ]’s inventory perpetual contracts use USDC as collateral, with inventory costs denominated in U.S. {dollars}.
This can be a direct profit to USDC, as USDC begins to tackle three roles:
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Buying and selling margin.
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Revenue and loss settlement unit.
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A unified capital account between shares, crypto belongings, and different belongings.
Nevertheless, a weekly buying and selling quantity of $26 billion doesn’t imply a rise in USDC demand by $26 billion. Perpetual contract buying and selling quantity is a nominal quantity that circulates repeatedly; the identical USDC collateral can help a number of trades inside per week.
The extent to which Circle actually advantages depends upon:
Common margin stability, the long-term accumulation of USDC on Hyperliquid, and whether or not USDC can keep its standing as the first collateral asset on HIP-3.
Closing Judgment
The significance of this set of knowledge may be very excessive, however probably the most correct conclusion ought to be:
The RWA utility that’s at the moment exploding in on-chain finance stands out as the round the clock artificial inventory buying and selling utilizing USDC as collateral, moderately than the on-chain migration of actual inventory possession.
Hyperliquid has preliminarily confirmed that the identical on-chain order e-book and stablecoin margin system can concurrently help worth publicity for each crypto belongings and conventional belongings. It’s shifting nearer to a mix of an open, international on-chain CME and Nasdaq derivatives platform.
The unique creator’s path of “focusing solely on crypto buying and selling might miss a bigger market” is value noting. The judgment that “BTC, ETH, and SOL order flows will now not be vital” continues to be untimely. Crypto buying and selling flows present Hyperliquid with preliminary customers, market-making capital, collateral, branding, and liquidity, that are vital cold-start benefits for coming into the RWA market.
It is strongly recommended to arrange weekly monitoring to repeatedly monitor HIP-3’s RWA buying and selling quantity, open curiosity, payment revenue, commerce[XYZ] focus, and USDC collateral balances.
Hyperliquid’s RWA Panorama: Which Shares, Indices, and Commodities are Being Traded on HIP-3
As of real-time knowledge round July 24, 2026, there are about 115 HIP-3 markets on Hyperliquid, involving 4 deployers. RWA buying and selling quantity is sort of fully concentrated in XYZ, with the present construction roughly being: particular person shares 63%, commodities 19%, indices 17%, and different classes about 0.4%. (OAK Analysis)
I. Particular person Shares and Inventory ETFs
That is at the moment the biggest and fastest-growing class.
Semiconductors and AI Provide Chain
NVDA, AMD, MU, INTC, SNDK, MRVL, TSM, ASML, AVGO, QCOM, WDC, SKHX, SMSN, KIOXIA, DRAM, SMH, LITE.
Amongst these, SK Hynix SKHX, Micron MU, DRAM index, and SanDisk SNDK have not too long ago proven very outstanding buying and selling volumes, indicating that the expansion of particular person shares on HIP-3 is essentially pushed by AI, storage, and semiconductor traits. (OAK Analysis)
Giant Tech and Software program
AAPL, MSFT, GOOGL, AMZN, META, ORCL, NFLX, PLTR, NOW, IBM, ARM.
Crypto Finance and Excessive-Volatility Shares
CRCL, COIN, HOOD, MSTR, STRC.
These belongings have a extremely overlapping person base with the crypto market, making them naturally appropriate for round the clock buying and selling utilizing USDC as collateral. (OAK Analysis)
New vitality, area, AI infrastructure, and different fashionable shares
TSLA, RIVN, RKLB, SPCX, CRWV, NBIS, CBRS, BOT, HIMS, LLY, GME, DKNG, DELL, BX, BABA, SOFTBANK, and so forth. (OAK Analysis)
Asian Shares and Nation ETFs
SKHX, SK Hynix SMSN, Samsung Electronics HYUNDAI, Hyundai Motor TSM, TSMC ADR BABA, Alibaba EWY, Korea Inventory ETF EWJ, Japan Inventory ETF EWT, Taiwan Inventory ETF.
commerce[XYZ] will convert the Korean inventory costs in KRW to USD costs utilizing the USD/KRW change fee, after which use USDC for margin and revenue and loss settlement. (Commerce Docs)
II. Inventory Indices
Primarily consists of:
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XYZ100, a big non-financial tech progress inventory index much like the Nasdaq 100.
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SP500, S&P 500 index.
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KR200, Korea KOSPI 200 index.
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JP225, Nikkei 225 index.
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Some third-party deployers additionally supply comparable merchandise like USA500.
XYZ100 and SP500 are at the moment among the many largest markets by buying and selling quantity on HIP-3. (OAK Analysis)
III. Commodities
HIP-3 has fashioned a comparatively full macro commodity product line:
Power
CL, WTI Crude Oil BRENTOIL, Brent Crude Oil NATGAS, Henry Hub Pure Fuel.
Treasured Metals
GOLD, Gold SILVER, Silver PLATINUM, Platinum PALLADIUM, Palladium.
Industrial Metals
COPPER, Copper.
At the moment, one of many highest buying and selling quantity markets on HIP-3 is WTI crude oil, with Brent crude oil, silver, and gold additionally having vital volumes. Commodities can proceed to be traded on HIP-3 throughout conventional futures market closures, permitting for worth discovery throughout weekend geopolitical and macro occasions. (OAK Analysis)
IV. International Trade
At the moment primarily consists of:
EUR, EUR/USD JPY, USD/JPY GBP, GBP/USD.
The utmost leverage can attain about 50 occasions, with regular exterior worth protection time intently resembling the standard overseas change market’s 24 hours, 5 days per week. (Commerce Docs)
V. Trade and Thematic ETFs
Along with nation ETFs, HIP-3 has additionally launched some trade and thematic ETFs:
URNM, Uranium Mining and Nuclear Power Trade ETF SMH, Semiconductor ETF XLE, U.S. Power Sector ETF EWY, Korea ETF EWJ, Japan ETF EWT, Taiwan ETF.
These merchandise are generally labeled below “Shares” in statistical classifications, so the 61% inventory buying and selling quantity within the chart might strictly embody some ETFs and stock-like merchandise. (OAK Analysis)
VI. Pre-IPO and Particular Property
HIP-3 may also launch valuation contracts for unlisted corporations.
At the moment, related examples in commerce[XYZ] paperwork embody:
QNT, Quantinuum pre-IPO contract.
Traditionally, contracts for personal corporations like OpenAI, Anthropic, SpaceX, and Cursor have additionally appeared. Nevertheless, Ventuals has ceased operations, and its unique HIP-3 market preparations have been settled and stopped buying and selling earlier than June 19, 2026, so OpenAI and Anthropic can now not be thought-about half of the present energetic market. (Commerce Docs)
After finishing an IPO, corporations like SpaceX will be transformed or reclassified as bizarre inventory perpetual contracts.
VII. Present Property Contributing Main Buying and selling Quantity
From current 24-hour rankings, main RWA with vital HIP-3 buying and selling volumes embody:
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WTI Crude Oil CL.
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SK Hynix SKHX.
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Nasdaq 100-like index XYZ100.
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Brent Crude Oil BRENTOIL.
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Micron MU.
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S&P 500 SP500.
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DRAM Storage Index.
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SpaceX SPCX.
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Silver SILVER.
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SanDisk SNDK.
Thus, the present core of RWA progress on HIP-3 will be summarized as:
AI semiconductor shares, U.S. inventory indices, vitality commodities, and valuable metals. (OAK Analysis)
You will need to notice that all the above are artificial perpetual contracts. Merchants acquire worth publicity to the corresponding belongings with out holding actual shares, ETFs, or commodities, and wouldn’t have rights to dividends, voting, or authorized possession. Buying and selling usually makes use of USDC as collateral, monitoring exterior asset costs by oracles, funding charges, and market-making mechanisms. (OAK Analysis)
I can monitor the brand new belongings, particular person inventory buying and selling quantity rankings, and modifications in RWA payment revenue on HIP-3 weekly.
