RWA trading on Hyperliquid rises to new all-time high

RWA activity on Hyperliquid reached a new record. Open interest doubled in the past two months, reflecting the shifting interests of on-chain traders. 

Real-world assets (RWA) on Hyperliquid reached open interest of $2.6B, a new all-time peak. Hyperliquid reported constant growth in the past two months, as open interest doubled. The RWA expansion coincides with a general inflow of traders to Hyperliquid, boosting open interest to $8.56B.

RWA trading on Hyperliquid reached a new ATH of $2.6B in open interest, double the amount from two months ago. Demand for 24/7, onchain access to real world assets continues to grow. pic.twitter.com/TZi0mm8Q8V

— Hyperliquid (@HyperliquidX) May 18, 2026

Hyperliquid is an access hub for multiple real-world assets, reflecting investment trends almost immediately. The exchange, and especially its HIP-3 version, is the easiest way to tokenize trends, while also ensuring significant open interest and liquidity. 

According to DeFiLlama, total RWA perpetual futures have an open interest of $2.79B, leaving the biggest share to Hyperlilquid. The recent shift in trading activity showed capital flowed out of token markets and into the most easily accessible and liquid RWA platforms. 

RWA open interest shifts to stocks

Around $2.14B of the RWA open interest comes through TradeXYZ, the leading asset pair builder on HIP-3. Currently, Hyperliquid and its native token and coin trading take up 75% of trading activity. 

TradeXYZ is taking up a larger share as the leading liquidity pair deployer, leading to expanded representation of RWA open interest. The new popularity of permissionless trading and 24/7 settlement led to calls for regulating Hyperliquid, as Cryptopolitan reported earlier. 

SP500/USDC is now the leading pair, as traders focus on stocks. Oil perpetual futures are still among the top 10 pairs, with some remaining focus on precious metals. 

Unlike other tokenization platforms, Hyperliquid attracts traders with no-KYC access. The deployment of new pairs also depends on their activity, as TradeXYZ seeks out the most active stocks, commodities, or metals. 

What are the most active RWA pairs on Hyperliquid? 

The S&P 500 market on HIP-3 expanded its open interest to $495.74M, also leading with daily trading volumes of over $356M. 

The XYZ100 index follows as a close second with $352.15M in open interest. The two stock indexes are in the top 5 of Hyperliquid pairs, getting close to the activity of BTC, ETH, and HYPE pairs. 

The recent RWA expansion was triggered by the rising demand for gold and oil trading starting in Q1. Currently, RWAs take up nearly 25% of DEX trading activity. 

The deployment of RWA pairs turns Hyperliquid into more than a DEX for pure speculation. Instead, the exchange turns into a hub for testing traditional finance settlement on a separate L1 chain. 

After the rise in RWA trading, the HYPE token went on a run, breaking above the $45 tier once again. HYPE rose by 6.2% in the past day, to $45.62.

Hyperliquid also got a boost from adopting Circle as its stablecoin deployer, moving back to USDC, and decreasing the role of native USDH. The partnership with Coinbase and the regulated stablecoin issuer suggests Hyperliquid seeks compliant counterparties. For now, Hyperliquid will retain its permissionless trading access.