TheBlock
HIP-3, Hyperliquid's permissionless framework for builder-deployed perpetual markets, reached nearly 50% of the platform's perp volume earlier this summer, up from roughly 2% at the beginning of the year. TradeXYZ's equity markets, including contracts tracking the Nasdaq-100 and individual stocks, dominated the category. Across exchanges, RWA perpetual volumes rose to about $470 billion in June from $85 billion in January, with Binance, Hyperliquid, and OKX accounting for more than 80% of the market.
Why it matters
The shift marks a broader move from crypto-native assets toward tokenized stocks, bonds, and other real-world assets. Haseeb Qureshi, managing partner at Dragonfly Capital, said crypto's next phase will require more heterogeneous blockchains because institutions need distinct compliance and operational guardrails.
Qureshi argued that firms such as Goldman Sachs and BlackRock will eventually need dedicated blockchain environments rather than relying on one general-purpose network. He compared Ethereum, Solana, and Avalanche to cities that can each build strong network effects without one becoming the only center of global finance.
Market impact
The immediate signal is a rapidly expanding derivatives category with a growing role for permissionless market creation. HIP-3's rise gives Hyperliquid a central position in that shift, while the wider exchange concentration shows that RWA perps are already becoming a competitive venue segment.
The longer-term market question is whether tokenized-equity activity can sustain its momentum and spread across specialized chains. Qureshi's multichain thesis challenges winner-take-all assumptions and puts institutional compliance, operational design, and network specialization at the center of crypto's next growth phase.
Frequently asked questions
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What is driving RWA perpetual volume on Hyperliquid?
HIP-3 lets builders deploy permissionless perpetual markets, including contracts tracking the Nasdaq-100 and individual stocks. Those equity markets drove much of Hyperliquid's RWA activity.
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How much did RWA perpetual volume grow across exchanges?
RWA perpetual volume rose from about $85 billion in January to roughly $470 billion in June.
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Which exchanges account for most RWA perpetual activity?
Binance, Hyperliquid, and OKX together accounted for more than 80% of RWA perpetual volume.
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Why does Haseeb Qureshi expect a multichain future?
Qureshi said institutions such as Goldman Sachs and BlackRock will need dedicated blockchain environments with their own compliance and operational guardrails.
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How does Qureshi compare blockchain network effects?
He compares Ethereum, Solana, and Avalanche to cities. Each can develop strong network effects, but no single city contains all global economic activity.
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