Hyperliquid’s Trading Boom Hits Records – But HYPE Investors Are Still Waiting

• Open interest in Hyperliquid's real-world-asset perpetuals reached a record $3.6 billion.
• Alongside this, the platform’s total open interest is close to $11 billion.
• A significant share of growth has come from HIP-3 builder-deployed markets, including equities, commodities, and pre-IPO assets such as SpaceX.

Hyperliquid's real-world asset (RWA) perpetuals have overtaken Bitcoin (BTC) as the exchange's largest trading market, marking a notable shift in where traders are deploying capital. Open interest in real-world-asset (RWA) perpetuals on Hyperliquid (HYPE) hit a record $3.6 billion on Monday, while total open interest (OI) across the platform climbed to nearly $11 billion.

According to Blockworks' data and the Hyperliquid futures activity dashboard, RWAs have become the largest single slice of Hyperliquid’s open interest book, overtaking Bitcoin, HYPE, and other Layer One (L1) tokens in recent sessions. The combined share of project tokens, AI agent tokens, and memecoins is a relatively small part of total open interest.

HIP-3 Builder Markets Fuel The Growth 

Perpetual open interest on all platforms increased steadily in the second quarter, from about $7 billion in mid-April to just under $11 billion as of July 8, according to Blockworks’ Perpetual Futures Open Interest dashboard. 

The majority of that growth is concentrated in two venues, according to a breakdown by builder-deployed market: Hyperliquid’s own “Main” markets and Trade[XYZ], the largest HIP-3 deployer, with smaller contributions from Ventuals, hyENA, Felix, Dreamcash (CASH) and other builder markets.

Wall Street Assets Are Moving On-Chain 

The recent growth aligned with a report from Talos, which found Hyperliquid's total open interest surpassing $10 billion for the first time since October 2025 in June, a level that made it the third-largest venue in perpetual futures. 

Talos attributed much of the expansion to HIP-3, Hyperliquid's builder-deployed market framework, which accounted for roughly $4 billion in open interest across equities, commodities, indexes, and synthetic pre-initial public offering (IPO) markets, including more than $250 million tied to SpaceX ahead of its expected public listing.

HYPE Is Not Benefiting Yet

However, the surge in open interest has not translated into gains for Hyperliquid's native token. HYPE’s price was down more than 2% over the past 24 hours. On Stocktwits, the retail sentiment around HYPE remained in the ‘extremely bearish’ zone, while chatter around it stayed ‘low’ over the past day. 

The dip in HYPE's sentiment is further reflected in exchange-traded funds (ETFs) flows. According to SoSoValue data, US HYPE spot ETFs recorded a net outflow of $5.73 million on Friday, pulling cumulative net assets down to $350.65 million from $354.70 million a day earlier, even as most of the year's flows into the funds have otherwise been positive.

Despite the pullback, HYPE remains up roughly 156% year-to-date (YTD).

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