Key points
- Real world assets did $25.1 billion on Hyperliquid in the week of July 13 to 19, the first week they out-traded crypto on the venue. ARK Invest put their share at 54%.
- SK Hynix is the busiest stock on the platform. Its perpetual is about 33% of HIP-3 volume, and on July 8 it did $666.66 million in 24 hours and passed Ethereum for second on the whole exchange.
- HIP-3 markets were about 2% of Hyperliquid daily perpetual volume in January. By July 14 they were near 50%.
- SK Hynix stock (SKHY) fell 8.8% on Friday. The company reports earnings Wednesday, July 29, 2026.
Tokenized stocks out-traded crypto on Hyperliquid for the first time. Real world assets on the exchange did $25.1 billion in the week of July 13 to 19.
Lorenzo Valente, director of digital assets research at ARK Invest, put their share of the exchange at 54 percent. "We are entering a new era for DeFi," he said. "RWAs accounted for 54% of total trading volume." That volume, he said, "was larger than the combined crypto perpetual volume of every other decentralized exchange on the market."
Valente said the result changed his own view of where this ends up. "I'm no longer convinced RWA trading will naturally aggregate" with crypto on one platform, he said. Traders "are focusing on the wrong market" if they only watch crypto tokens.
Cathie Wood, ARK chief executive, said in September 2025 that Hyperliquid "reminds me of Solana in the earlier days." She called it "the new kid on the block."
The busiest stock is a Korean memory maker
SK Hynix is the most traded stock on Hyperliquid. The South Korean company sells high bandwidth memory into AI servers and competes with Samsung Electronics in DRAM. It ranks ahead of Nvidia (NVDA) and Tesla (TSLA) on the platform.
Its SKHX perpetual is about 33 percent of all HIP-3 trading volume and close to half of the stock volume. On July 8 the contract did $666.66 million in 24 hours. That was enough to rank second on the entire exchange, ahead of Ethereum.
Single stock contracts overtook index products and commodities in June. They now make up 61 percent of real world asset volume.
Hyperliquid, by the numbers
| Measure | Figure | As of |
|---|---|---|
| Real world asset volume | $25.1 billion | Week of Jul 13-19 |
| RWA share of exchange volume | 54% | Week of Jul 13-19 |
| HIP-3 share of daily perp volume | Near 50%, from about 2% | July 14 vs January |
| trade.xyz share of HIP-3 open interest | More than 90% | 2026 |
| HYPE staked to deploy a market | 500,000 | Current rule |
| Trading fees kept by a deployer | 50% | Current rule |
| HYPE price and market value | $59.37, $13.2 billion | Sunday, July 26 |
How stocks ended up on a crypto exchange
HIP-3 went live on October 13, 2025. It lets outside teams launch their own perpetual futures markets on Hyperliquid without building an exchange from scratch. The bond is 500,000 HYPE, close to $30 million at Sunday prices. Validators can slash it for bad behavior.
trade.xyz runs more than 90 percent of HIP-3 open interest. It listed perpetuals on Tesla, Apple, Amazon and a synthetic Nasdaq index. In March 2026 it licensed S&P 500 contracts from S&P Dow Jones Indices. Ondo Finance brought more than 250 tokenized US stocks and ETFs into the ecosystem in May.
The contracts run around the clock. A stock exchange doesn't. SK Hynix reports earnings Wednesday, and its Seoul listing, its Nasdaq listing and its perpetual won't all be open at the same hours.
The listed ways to own a piece of it
Two US listed companies hold HYPE on the balance sheet. Hyperliquid Strategies (PURR) listed on Nasdaq in May 2026, with David Schamis as chief executive and Bob Diamond as chairman. Hyperion DeFi (HYPD) holds 1,862,195 HYPE and was the first US listed company to build a HYPE treasury. It was the eye care business Eyenovia before it changed direction.
Neither had a good Friday. Hyperliquid Strategies closed at $6.18, down 5.1 percent. Hyperion DeFi closed at $2.51, down 4.9 percent. HYPE itself trades at $59.37. That's 22.8 percent below the $76.87 record it set on June 16.
Both are thin microcaps, and they move on the token rather than on any operating business.
Memory stocks fell hard on Friday
SK Hynix trades in Seoul as 000660.KS and on the Nasdaq as SKHY, where its ADRs have traded since July 10, 2026. The Nasdaq line fell 8.8 percent on Friday, and it wasn't alone.
| Stock | Friday close | Change |
|---|---|---|
| SK Hynix (SKHY) | $154.58 | -8.8% |
| SanDisk (SNDK) | $1,434.87 | -10.9% |
| Marvell (MRVL) | $194.22 | -7.2% |
| Micron (MU) | $920.16 | -7.1% |
| VanEck Semiconductor ETF (SMH) | $561.13 | -3.3% |
| S&P 500 (SPY) | $738.85 | +0.1% |
The index finished the day higher while the chip names dropped. Memory has been the most volatile corner of the group all month.
What's on the calendar this week
SK Hynix reports on Wednesday, July 29, 2026. The Federal Reserve announces its rate decision the same day and is widely expected to hold. Microsoft (MSFT) and Meta (META) report after Wednesday's close, then Apple (AAPL) and Amazon (AMZN) on Thursday, alongside second quarter GDP. Those four companies are about 17 percent of the S&P 500 by market value.
Sources
- Decrypt, Stocks Just Topped Crypto on Hyperliquid. ARK Says That Changes Everything
- Crypto Briefing, Tokenized RWAs become largest market on Hyperliquid, July 25, 2026
- CoinGecko, Hyperliquid HIP-3 and HIP-4: Tokenized Stocks and Prediction Markets
- KuCoin, SKHX perpetual accounts for 50% of stock perp volume on Hyperliquid HIP-3
- Hyperliquid Strategies, company disclosures
Equity prices are Friday, July 24, 2026 closes. HYPE price is Sunday, July 26. Nothing here is investment advice.
