Hyperliquid's trading volume in tokenized real-world assets surpassed its perpetual futures category for the first time last week. RWAs generated $25.1 billion in volume on the decentralized exchange from July 13 to July 19, representing 52 percent of the DEX's total weekly volume of $48.2 billion.
The shift points to growing on-chain demand for yield-bearing tokenized assets. Investors are increasingly routing stablecoin liquidity into RWA products, where returns have outpaced DeFi lending pools. On-chain Treasury yields currently approach 4.2 percent, while DeFi lending rates have compressed below 3 percent. Protocols including BlackRock's BUIDL and Ondo Finance's OUSG continue to attract significant inflows.
TVL across RWA protocols has climbed 34 percent since May, reaching $12.8 billion. Ondo's OUSG, a tokenized U.S. Treasury fund, added $340 million in net deposits over the past 30 days.
Hyperliquid, primarily known for perpetuals trading, now counts tokenized credit and government bonds among its major volume drivers—a sign of an on-chain market where diverse yield sources compete directly for liquidity.
