Hyperliquid RWA Open Interest Hits Record $3.6B As Platform Total Reaches $11B

Open interest in real-world asset perpetuals on Hyperliquid has reached a record $3.6 billion, extending a run that has taken stocks, indices and commodities to nearly one-third of the platform’s outstanding positions.

Total open interest across Hyperliquid climbed to about $11 billion, its highest level of 2026. The RWA segment now accounts for roughly 33% of the platform total, up from $3 billion at the beginning of June and $2.6 billion in mid-May.

Hyperliquid’s RWA open interest reached $3 billion on June 1 after setting a new monthly record throughout the first eight months of HIP-3 trading. The latest increase added another $600 million to that market in about six weeks.

HIP-3 allows independent deployers to open perpetual futures markets using their own oracles and contract specifications. The products offer price exposure to traditional assets but do not represent shares, commodity ownership or redemption rights in the underlying instruments.

TradeXYZ Leads Non-Crypto Markets

TradeXYZ remains the largest HIP-3 deployer, with markets covering U.S. stocks, equity indices, precious metals, oil, foreign exchange and pre-IPO-style contracts.

The S&P 500 and XYZ100 indices helped drive the first major expansion in RWA positioning, followed by oil and individual equity markets. TradeXYZ controlled about $2.14 billion when Hyperliquid’s RWA open interest reached $2.6 billion in May.

SpaceX exposure has also drawn heavy derivatives activity. Hyperliquid’s SPCX perpetual overtook Binance by open interest as traders moved outstanding positions into the onchain market.

Contracts remain open outside normal stock and commodity trading hours, allowing positions to change during weekends and overnight periods when traditional exchanges are closed. Allium placed non-crypto assets at 28% of Hyperliquid open interest in June, with the share rising further as the platform approached $11 billion.

Hyperliquid Takes Larger Share Of Perp Market

The RWA record lands as Hyperliquid gains ground against centralized derivatives exchanges.

The platform recently reached a record 8.3% share of global perpetual open interest, with Bitcoin, Ethereum and HYPE still accounting for much of its crypto-native positioning.

HIP-3 has broadened that base by adding markets tied to oil, gold, silver, stocks, indices and currencies. The expansion has also drawn scrutiny from established market operators, including a dispute over Hyperliquid’s oil-linked contracts.

RWA perpetuals account for about $3.6 billion of Hyperliquid’s $11 billion in open interest, compared with $2.6 billion when the category last set a record in May.

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