Tokenized real-world asset (RWA) trading has grown to account for more than a third of all trading activity on decentralized exchange Hyperliquid, according to the platform's quarterly report published on Wednesday.

HIP-3 RWA perpetual contracts increased their share of trading volume to 32.2% during the second quarter of 2026, up from 20.7% in Q1 and just 1.8% in Q4 of 2025. RWA trading volume reached $213 billion during Q2 on Hyperliquid. The rapid rise underscores how onchain perpetual markets for traditional assets — from equities to commodities — have gained traction on Layer-1-based DEXs, complementing the broader tokenization push led by asset managers and blockchain infrastructure providers.

The platform reported that RWA trading generated 6.6% of its quarterly revenue of $169 million. Of that total, Hyperliquid returned $141 million to token holders through Hyperliquid (HYPE) token buybacks. The protocol has now surpassed $1 billion in cumulative protocol revenue.

RWAs became Hyperliquid's largest trading category for the first time last month, accounting for 52% of the platform's total weekly trading volume between July 13 and July 19. This reflects growing demand for tokenized assets on the decentralized exchange, as previously reported.

By the end of July, RWA perpetual futures reached 99.2% of Bitcoin (BTC) perpetuals volume on Hyperliquid, market data showed. For context, Bitcoin perpetuals have long been among the most heavily traded derivative instruments across crypto venues, making RWA contracts' near-parity with BTC perps a notable milestone for the emerging category.

RWA holders increased 56% to 1.6 million investors over the past month, while the total value of onchain tokenized assets rose 3.3% to $37.8 billion, according to data provider RWA.xyz.