Nearly half of all trading on Hyperliquid is now RWA perpetuals. Gold, oil, NVDA, forex. Real-world assets being traded 24/7 on a decentralized exchange.


RWA perps did $524 billion in Q1 2026 alone. All of 2025 was $313 billion. Daily volume right now is $11.6 billion across 38 exchanges.
The CEO of Variational, which just raised $50 million from Dragonfly and Coinbase Ventures, said RWA perps will soon be bigger than Bitcoin and Ether perps combined.
The RWA narrative focuses on tokenized treasuries and spot markets. The actual volume is in perps, where anyone can access real-world asset exposure without compliance friction.
The market decided how it wants to access real-world assets. It chose perpetuals.
HYPE-1.96%
RWA-1.21%
XAU-0.18%
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