Pyth Network, the blockchain data oracle, said it has secured $100bn in trading volume on Hyperliquid, the onchain exchange. Trading on Hyperliquid has grown as digital assets can trade 24/7 every day of the year. Hyperliquid is one of the online exchanges that trades perpetual futures in real world assets (RWAs) including silver, gold and oil. Perpetual futures are derivatives that have no expiration date and have contributed to asset price discovery across crypto spot and derivatives markets, with funding rates indicating market sentiment.
Over the past two weeks, RWA trading on Hyperliquid has repeatedly broken records, surpassing $1.3B in open interest and $1.4B in weekend volume. When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other essential assets. Tokenized assets accounted for 33% of last week’s volume on Hyperliquid, a new all time high. These assets also make up 21% of open interest on the platform.
“These RWA markets are trading $2B-$4B in daily volume, now accounting for over 28.5% of total futures volumes on Hyperliquid,” said OxResearch. “Similarly, HIP-3 markets account for over 20% of total exchange open interest.” HIP-3 allows third-party deployers to launch new perpetual markets on Hyperliquid’s order book, provided they meet minimum technical standards and post 500,000 HYPE tokens as a bond, according to Defi Monk, a trader at SyncracyCapital on X. It should be noted that for now, spreads tend to widen during illiquid trading windows when traditional markets are closed.
Leave a Reply