Hyperliquid RWA trading shifts protocol revenue

• Hyperliquid’s tokenised real-world asset perpetual futures market has grown quickly and changed how protocol revenue is distributed.
• The report said the growth has reduced the share of trading revenue linked to the HYPE token.
• The shift shows how new trading products can affect the economics behind crypto tokens.

Hyperliquid’s tokenised real-world asset perpetual futures market has grown rapidly and changed how the protocol distributes trading revenue, according to a report.

The report said more trading activity has moved into RWA perpetual products, reducing the share of revenue linked to the HYPE token.

Analysts said the change could affect the revenue available to support HYPE’s value capture mechanism.

The report said RWA perpetual contracts allow traders to gain exposure to tokenised real-world assets through derivatives rather than holding the underlying assets.

The report said the new products have attracted strong trading volumes and become a growing part of Hyperliquid’s derivatives market.

Hyperliquid has expanded beyond crypto-native assets as it adds more tokenised financial products to its platform.

The report said the growth of RWA perpetual trading could continue changing the protocol’s revenue mix if activity remains strong.