Trading activity on Hyperliquid is changing significantly as perpetual contracts linked to real-world assets, particularly equities and stock indexes, account for an increasingly large share of activiTrading activity on Hyperliquid is changing significantly as perpetual contracts linked to real-world assets, particularly equities and stock indexes, account for an increasingly large share of activi

RWA Perpetuals Surge on Hyperliquid: HIP-3 Nears 50% of Volume as Dragonfly Bets on a Multichain Future

#市場觀點

2026/09/21 22:25

Trading activity on Hyperliquid is changing significantly as perpetual contracts linked to real-world assets, particularly equities and stock indexes, account for an increasingly large share of activity compared with the period when the platform was primarily centered around Bitcoin, Ether, and other crypto-native assets.

The main driver is HIP-3, a framework that allows builders to deploy perpetual markets on Hyperliquid in a permissionless manner. According to data published by The Block, HIP-3 increased from around 2% of Hyperliquid’s perpetual volume at the beginning of 2026 to nearly 50% by early summer, with TradeXYZ’s equity markets playing a prominent role.

This trend is not limited to Hyperliquid. Monthly trading volume for RWA perpetuals across the broader market increased from approximately $85 billion in January to $470 billion in June 2026, representing growth of around 450%. Binance, Hyperliquid, and OKX accounted for more than 80% of this product category’s volume in June.

Against this backdrop, Haseeb Qureshi, Managing Partner at Dragonfly Capital, argues that crypto is entering a more mature phase as blockchain expands from purely crypto-native assets into equities, bonds, and assets from the traditional economy. His view also introduces a broader thesis: the future of blockchain may be multichain, with multiple specialized environments serving different requirements for financial institutions.

Key Takeaways

Hyperliquid’s HIP-3 increased from around 2% to nearly 50% of the platform’s perpetual trading volume during 2026.

TradeXYZ leads the HIP-3 equity market segment with contracts tracking the Nasdaq-100 and several individual stocks.

These products are primarily perpetual derivatives providing synthetic exposure, meaning traders do not necessarily own the underlying shares on a 1:1 basis.

Monthly RWA perpetual volume across exchanges increased from around $85 billion in January to $470 billion in June, representing growth of approximately 450%.

Binance, Hyperliquid, and OKX accounted for more than 80% of RWA perpetual volume in June 2026.

Hyperliquid stands out as a major on-chain venue in a market where centralized exchanges still have a strong presence.

Haseeb Qureshi argues that institutional adoption may create demand for multiple specialized blockchain environments rather than one chain serving every use case.

What Happened? RWA Perpetuals Are Changing Hyperliquid’s Trading Mix

Hyperliquid was initially known primarily as a perpetual trading platform for crypto assets such as Bitcoin and Ether. However, the growth of HIP-3 is expanding the platform into another category of assets: perpetual contracts tracking the prices of equities, indexes, commodities, and other traditional financial market assets.

According to The Block, HIP-3’s share of Hyperliquid’s total perpetual volume increased from around 2% at the beginning of the year to nearly 50% by early summer 2026. This shift occurred alongside a sharp increase in demand for on-chain equity exposure.

TradeXYZ is one of the most prominent builders within this ecosystem. The platform operates markets such as XYZ100, which tracks the Nasdaq-100, along with perpetual contracts linked to individual stocks such as Nvidia and Tesla.

However, it is important to distinguish between an equity perpetual and a tokenized stock backed 1:1 by the underlying share.

In these perpetual markets, traders mainly gain exposure to price movements in the underlying asset through derivatives. They do not necessarily own the actual stock, do not receive shareholder voting rights, and the product should not be interpreted in the same way as purchasing a tokenized share backed by real equity. The Block also describes these products as synthetic exposure through perpetuals, distinguishing them from tokenized stock products backed 1:1.

What Does HIP-3 Actually Do?

Hyperliquid’s official documentation describes HIP-3 as a framework for permissionless builder-deployed perpetuals. Builders that meet protocol requirements can deploy their own perp DEX and define many components of the market themselves.

The deployer is responsible for elements such as:

Defining the market and contract specifications.

Selecting the oracle.

Setting leverage limits.

Managing market operations.

Settling the market when necessary.

These markets still use Hyperliquid’s HyperCore infrastructure, including its order book and margining system. According to current documentation, builders on mainnet must maintain 500,000 HYPE staked to deploy a perp DEX, although Hyperliquid says this requirement may decrease as the infrastructure matures.

A notable aspect is that Hyperliquid does not directly select and operate every HIP-3 market. The framework delegates part of the listing and market operation process to external builders, while the core trading infrastructure remains on Hyperliquid.

Background / Context: RWA Perpetuals Have Grown From a Niche Into a Hundreds-of-Billions-Dollar Derivatives Segment

The rise of HIP-3 is part of a broader trend in crypto derivatives.

In January 2026, open interest across HIP-3 DEXs exceeded $790 million, amid a sharp increase in commodity trading. Hyperliquid said at the time that HIP-3 open interest was consistently reaching new highs, while TradeXYZ had emerged as one of the largest HIP-3 DEXs.

By May, HIP-3 recorded more than $62 billion in monthly volume. This growth became one of the factors helping Hyperliquid expand its presence in the perpetual derivatives market.

The trend continued in June. The Block data showed that monthly RWA perpetual volume across the market increased from around $85 billion in January to approximately $470 billion in June, representing growth of around 450% in just half a year.

Equity perpetuals grew much faster than many other RWA categories. Their volume increased roughly sevenfold from January to June, while products linked to pre-IPO shares and semiconductor stocks attracted significant trading activity.

The market is also highly concentrated. Binance, Hyperliquid, and OKX together accounted for more than 80% of RWA perpetual volume in June, with Binance representing nearly half. Hyperliquid stands out as a major on-chain venue in a sector where centralized exchanges continue to account for a significant share of activity.

Why It Matters: Why Is the Growth of RWA on Hyperliquid Important?

Hyperliquid Is Expanding From a Crypto Exchange Into Infrastructure for Multiple Asset Classes

The first major implication lies in the platform’s product structure.

A perpetual DEX focused mainly on BTC, ETH, and altcoins remains highly dependent on speculative demand within crypto markets. If similar infrastructure can support equities, commodities, indexes, and other types of exposure, the potential addressable market becomes significantly larger.

This does not mean Hyperliquid has become a traditional stock exchange. However, HIP-3 shows that infrastructure originally built for crypto derivatives can also be used to create markets tracking assets outside crypto.

This represents an important shift in how perpetual DEXs can be viewed. The value of the platform no longer depends only on how many crypto tokens it lists, but also on its ability to become a trading layer for multiple types of financial exposure.

24/7 Trading Is Becoming Part of the Value Proposition

Traditional equity markets operate during specific trading hours and generally require users to access them through brokerage infrastructure.

By contrast, crypto derivatives infrastructure can support nearly continuous trading. The Block argues that part of the appeal of RWA perpetuals comes from their ability to provide leveraged, borderless, and 24/7 exposure to assets that normally trade only during specific hours in traditional markets.

This does not mean that 24/7 trading comes without challenges.

An equity perpetual can continue trading even when the underlying stock market is closed. In that situation, liquidity, oracle design, and price discovery become more important because the derivative continues to move while the underlying market is no longer producing direct price discovery.

HIP-3 documentation itself emphasizes that the deployer is responsible for the oracle and market operation, while the protocol includes staking and slashing mechanisms designed to reduce the risks associated with improper market operation.

RWA Is No Longer Only About Tokenizing Ownership of Real Assets

Another notable point is that the definition of RWA in crypto is becoming broader.

When discussing RWA, the market often thinks of tokenized Treasuries, tokenized stocks, or tokens directly backed by real-world assets. However, Hyperliquid’s growth shows that significant demand can also come from derivatives referencing real-world assets, even when traders do not directly own the underlying asset.

This creates two different development paths.

One path focuses on bringing real assets onto blockchain through ownership and settlement. The other uses blockchain as trading infrastructure to provide price exposure to those assets.

RWA perpetuals on Hyperliquid mainly fall into the second category.

Impact: How Could the RWA Perpetual Boom Affect the Market?

Impact on Hyperliquid

For Hyperliquid, HIP-3 could help reduce the platform’s dependence on pure crypto trading.

June data showed that tokenized asset derivatives accounted for nearly one-third of Hyperliquid’s perpetual volume at the time analyzed by The Block. HIP-3 recorded approximately $78.8 billion in monthly volume, while Hyperliquid’s total monthly perpetual volume at the time was around $247 billion.

If equity, commodity, and index perpetuals continue to grow, Hyperliquid could gain an additional source of volume that is not entirely dependent on the altcoin cycle.

However, higher volume does not mean the model has already been proven over the long term. Equity perpetuals remain a relatively new product category, while liquidity, oracle reliability, regulation, and demand across multiple market cycles still need to be monitored.

Impact on the HYPE Ecosystem

HIP-3 has a direct connection to HYPE because the protocol currently requires deployers to maintain a certain amount of HYPE staked in order to deploy a perp DEX. Current official documentation lists the requirement at 500,000 HYPE, although this parameter may change as the infrastructure develops.

Mechanically, an increase in the number of builders seeking to deploy HIP-3 markets could create additional utility for HYPE related to staking and market deployment.

However, this does not mean HYPE’s price will necessarily rise. The actual impact will depend on the number of deployers, changes to staking requirements, trading demand, fee generation, and broader crypto market conditions.

Impact on Centralized Exchanges

Hyperliquid’s growth is taking place in a highly competitive market.

Binance remained the largest platform in the RWA perpetual segment tracked by The Block and accounted for nearly half of volume in June. Binance, Hyperliquid, and OKX combined represented more than 80%, showing that RWA derivatives are quickly becoming a competitive area for both centralized and decentralized venues.

Hyperliquid’s differentiation lies in its on-chain model and builder-deployed markets. Centralized exchanges, meanwhile, benefit from established user bases, distribution channels, and existing liquidity.

Competition may therefore not revolve solely around the number of markets listed. Factors such as liquidity, oracle quality, fees, accessibility, and regulatory compliance may determine which platforms can sustain volume over the long term.

Impact on the RWA Narrative

The RWA narrative has historically been driven mainly by tokenized Treasuries, stablecoins, and institutional tokenization.

RWA perpetuals add another layer: trading demand.

Instead of focusing only on how many real-world assets have been tokenized and held on-chain, the market can also begin evaluating RWA through trading activity, derivatives liquidity, and demand for exposure from crypto users.

This could strengthen the RWA narrative, but it is important to distinguish between growth in derivatives volume and growth in ownership of tokenized real-world assets. These metrics reflect two different forms of demand.

Dragonfly and the Multichain Thesis: RWA May Require Multiple Specialized Blockchains

The growth of RWA on Hyperliquid is also being used by Haseeb Qureshi to illustrate a broader argument about the future structure of blockchain.

Qureshi argues that as crypto expands from blockchain-native assets into stocks, bonds, and real-world assets, it will require a wider range of infrastructure. In his view, this could lead to a model with multiple specialized blockchains rather than one general-purpose chain becoming the foundation for the entire financial system.

He uses Goldman Sachs and BlackRock as examples of institutions that may require dedicated blockchain environments with their own compliance and operational guardrails. This is Qureshi’s view on the direction of institutional blockchain development, not an announcement that Goldman Sachs or BlackRock have decided to build new blockchains themselves.

The reasoning behind this thesis lies in the differences between institutional finance and permissionless crypto trading.

A major financial institution may need control over identity, participant permissions, regulatory compliance, settlement rules, privacy, and governance in ways that are completely different from the requirements of a public DeFi protocol. A single shared blockchain may not be optimal for all of these requirements at the same time.

Qureshi therefore rejects a winner-take-all view of Ethereum, Solana, and Avalanche. He compares blockchains to cities: each ecosystem can develop its own network effects without requiring one network to absorb all economic activity.

This remains a thesis, not a confirmed outcome. Institutional tokenization could ultimately develop through public chains, permissioned environments, Layer 2 networks, appchains, or multiple models coexisting simultaneously.

What Happens Next?

The growth of HIP-3 has demonstrated significant demand for RWA-linked derivatives, but the next question is whether this volume is sustainable.

Several factors are worth monitoring:

HIP-3’s share of Hyperliquid volume: Nearly 50% represents a very rapid increase from around 2% at the beginning of the year. Whether this share remains high or declines will help determine whether RWA perpetuals represent a structural trend or a short-term growth phase.

TradeXYZ and other HIP-3 builders: If multiple builders attract liquidity rather than volume being concentrated among only a few platforms, HIP-3 will more clearly demonstrate the value of permissionless market deployment.

Equity perpetual volume: It will be important to see whether demand remains strong after the rapid growth phase of 2026.

Oracle and market quality: As more TradFi assets are introduced into perpetual markets, the reliability of price feeds and liquidity will become increasingly important.

Competition with Binance and OKX: Hyperliquid is growing rapidly, but centralized exchanges still control the majority of RWA perpetual volume.

Regulation: Equity-linked derivatives may receive greater regulatory attention as trading volumes increase.

Institutional blockchain adoption: Qureshi’s thesis will need to be tested by whether major financial institutions actually choose dedicated blockchain environments or continue using existing public blockchain infrastructure.

One particularly important distinction is the difference between trading volume and real economic adoption.

Monthly RWA perpetual volume of $470 billion shows enormous trading demand, but it does not mean that $470 billion worth of real-world assets have been tokenized or moved onto blockchain. Distinguishing between these two concepts will become increasingly important as RWA develops into one of crypto’s major narratives.

FAQ

What Is HIP-3 on Hyperliquid?

HIP-3 is a Hyperliquid framework that allows eligible builders to deploy and operate their own perpetual DEXs on HyperCore. Builders are responsible for market definition, oracle selection, leverage limits, and several other operational elements.

How Much of Hyperliquid’s Volume Does HIP-3 Currently Account For?

According to data published by The Block in July 2026, HIP-3’s share increased from around 2% of Hyperliquid’s perpetual volume at the beginning of the year to nearly 50% by early summer.

How Much Has RWA Perpetual Volume Grown in 2026?

Monthly volume across exchanges tracked by The Block increased from approximately $85 billion in January to around $470 billion in June 2026, representing growth of about 450%. Binance, Hyperliquid, and OKX accounted for more than 80% of volume in June.

Does Trading an Equity Perpetual Mean Owning the Actual Stock?

Not necessarily. Equity perpetuals mainly provide synthetic price exposure to the underlying asset through derivative contracts. This is different from tokenized stocks backed 1:1 by actual shares.

Why Is TradeXYZ Important to HIP-3?

TradeXYZ is one of the largest builders within the HIP-3 ecosystem and operates markets tracking the Nasdaq-100 along with several individual stocks. The growth of these markets has played a significant role in making equity-linked trading a larger share of Hyperliquid’s volume.

What Does Dragonfly Predict About the Future of Blockchain?

Haseeb Qureshi of Dragonfly argues that the industry may evolve toward a multichain model, with multiple blockchain environments designed for different needs. He believes major institutions such as Goldman Sachs and BlackRock may require infrastructure with dedicated compliance and operational controls, but this is Qureshi’s view rather than a blockchain plan confirmed by those institutions.

Disclaimer: The information provided here is for informational purposes only and should not be considered financial, investment, legal, or professional advice. Always conduct your own research, consider your financial situation, and, if necessary, consult with a licensed professional before making any decisions.

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