Tokenized real-world assets accounted for more than a third of Hyperliquid’s quarterly trading volume, with HIP-3 RWA perpetual contracts capturing 32.2% of trading volume in Q2 2026, up from 20.7% in Q1. RWA trading volume reached $213 billion in Q2, generating 6.6% of the protocol’s quarterly revenue of $169 million. Of that $169 million, $141 million was returned to token holders through HYPE token buybacks, bringing cumulative protocol revenue to over $1 billion. By late July, RWA perps reached 52% of weekly trading volume and 99.2% of Bitcoin perpetuals volume on Hyperliquid, while the number of RWA holders surged 56% to 1.6 million investors.
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