Real-world assets (RWA) now generate more trading volume than cryptocurrencies on the leading decentralized derivatives platform Hyperliquid (HYPE).

This development saw RWAs represent 54% of total trading volume last week on Hyperliquid, says ARK Invest research director Lorenzo Valente.

According to Valente, it is the first time that RWAs have outpaced crypto in trading volume on the platform in a single week.

“An even more interesting trend: since June, single stocks have overtaken indices and commodities on HIP-3. Today, 61% of all RWA trading volume is in individual equities.”

The platform’s HIP-3 framework enables perpetual futures trading on tokenized equities, commodities and other assets. The analyst notes that Hyperliquid captured $50 billion of the $79 billion in overall decentralized exchange (DEX) perpetual futures volume during the period, with HIP-3 RWA trading accounting for $26 billion of the platform’s total trading volume.

Says Valente,

“In other words, Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX. If you’re still only focused on crypto token trading, I think you’re focusing on the wrong market. I’m no longer convinced RWA trading will naturally aggregate on the same venue as crypto. There will likely be category leaders within RWA, and owning BTC/ETH/SOL flow may become far less important than many people assume.”

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