Hyperliquid's RWA perpetuals gain sharply as Q2 revenue tops $1B cumulative
DeFi & Yields ·
The exchange's second-quarter disclosure shows tokenized real-world-asset contracts climbing to nearly a third of trading activity, alongside new ETF listings and continued buyback spending.
Hyperliquid's latest quarterly report, detailed by wublockchain.xyz, shows that perpetual contracts tied to HIP-3 real-world assets now make up 32.2% of the platform's trading volume, up from just 1.8% two quarters earlier. Total quarterly trading volume hit $213 billion, meaning RWA-linked contracts alone accounted for close to one-third of all activity on the exchange during the period.
The jump reflects growing use of HIP-3, the framework enabling permissionless creation of perpetual markets tied to off-chain assets, which appears to have moved from a marginal feature to a substantial share of platform turnover within roughly six months. The same report notes that three HYPE-linked ETFs began trading in the quarter, giving investors a separate route into exposure to the token outside the exchange itself.
Alongside the ETF listings, funds and associated treasuries were found to hold about 7.7% of HYPE's total supply, pointing to a meaningful concentration of tokens among institutional-style holders rather than retail wallets. On the revenue side, the protocol posted approximately $169 million for the quarter, with about $141 million of that directed toward token buybacks, according to the same report. That spending pushed Hyperliquid's cumulative revenue past $1 billion since inception.
The broader trend is echoed elsewhere in the cluster, where RWA derivatives on Hyperliquid are described as having expanded their market share roughly 18-fold, coinciding with separate stablecoin-infrastructure raises by Yellow Card and JPYC and a reported $305 million inflow into crypto ETFs tied to BlackRock. Together these threads suggest RWA-linked trading and related token vehicles are drawing more capital simultaneously across several venues, though the extent of overlap between these flows is not specified.
Not addressed in the report is how sustainable the 32.2% RWA share will be as HIP-3 markets mature, nor how the three new HYPE ETFs might affect token supply dynamics beyond the current 7.7% held by funds and treasuries. Whether buyback spending continues at a similar pace relative to revenue in coming quarters also remains to be seen.