Hyperliquid RWA contracts grow to 32% of trading activity in Q2

Tokenized real-world assets accounted for more than a third of Hyperliquid’s quarterly trading volume, generating 6.6% of the protocol’s $169 million quarterly revenue.

Tokenized real-world asset (RWA) trading now accounts for more than 33% of the trading activity on decentralized exchange Hyperliquid.

HIP-3 RWA perpetual contracts saw their share of trading volume increase to 32.2% during the second quarter of 2026, up from 20.7% in Q1 and 1.8% in Q4 of 2025. RWA trading volume reached $213 billion during Q2 on Hyperliquid, according to its quarterly report published on Wednesday.

Hyperliquid said that RWA trading generated 6.6% of the protocol’s quarterly revenue of $169 million. Of that $169 million, the platform said it returned $141 million to token holders through Hyperliquid (HYPE) token buybacks. Hyperliquid reported over $1 billion in cumulative protocol revenue.