Hyperliquid’s (CRYPTO: $HYPE) real-world asset markets have overtaken crypto as the exchange’s largest trading category for the first time, pushing tokenized stocks, indexes and commodities to the center of its perpetual futures business.

RWA-linked contracts generated $25.1 billion in volume between July 13 and July 19, representing 52% of Hyperliquid’s $48.2 billion weekly total. The category traded more than every other asset group on the decentralized exchange combined.

ARK Invest digital assets research director Lorenzo Valente said Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume across every other…