Hyperliquid

Real-world asset (RWA) trading on Hyperliquid continues its upward trajectory, with open interest reaching a new all-time high of **$3.6 billion** on July 13, 2026. **Key Metrics:** - RWA open interest: $3.6B (new ATH) - Total platform open interest: $11B (2026 high) - Previous RWA record: $3B (June 2026) The growth reflects sustained momentum since HIP-3's launch in October 2025, which has consistently set new open interest records each month. The platform's total open interest of $11 billion marks the highest level seen this year, indicating strong overall trading activity beyond just RWA products.

A new perpetual futures trading pair for $CASHCAT has been launched, offering traders the ability to take long or short positions with up to 3x leverage. **Key Details:** - Maximum leverage: 3x - Available positions: Long and short - Launch reason: Community request This addition follows a pattern of community-driven listings, similar to previous launches like $GRAM (5x leverage) and $DASH (5x leverage).

**Real-world asset (RWA) trading on Hyperliquid reached $3 billion in open interest**, marking another all-time high for the platform. **Key developments:** - HIP-3 has achieved new open interest records every month since launching in October 2025 - The platform has shown consistent growth, previously crossing $2.3B in April 2026 - This represents continued expansion in on-chain RWA trading activity The steady monthly increases suggest growing institutional and retail interest in tokenized real-world assets on decentralized platforms. [Learn more about RWA trading trends](https://hyperliquid.xyz)

Real world asset (RWA) trading on Hyperliquid has reached a new all-time high of **$2.6 billion in open interest**, marking a significant milestone for onchain financial markets. **Key developments:** - Open interest has **doubled in just two months**, up from previous records - Continues a trend of weekly ATHs, previously hitting $2.3B in early April - Demonstrates growing demand for **24/7 onchain access** to traditional assets The sustained growth in RWA trading volume suggests increasing adoption of decentralized platforms for accessing real world assets. Traders are showing preference for continuous market access that blockchain infrastructure enables, moving beyond traditional market hours. This milestone reflects broader momentum in tokenizing traditional financial instruments and making them available through decentralized exchanges.

Coinbase will activate AQAv2 on USDC as treasury deployer on Hyperliquid, with Circle handling technical deployment including CCTP and cross-chain infrastructure. Both companies will stake HYPE tokens to enable the system. **Key Changes:** - USDC becomes the primary stablecoin on Hyperliquid, replacing USDH - Coinbase will share majority of reserve yield revenue with the protocol - HIP-4 markets will use USDC as quote asset in future upgrade - Coinbase acquires USDH brand assets from Native Markets **Transition Details:** - USDH markets remain functional but will phase out gradually - Feeless conversions from USDH to USDC and fiat available - Hyper Foundation grants support builders through migration - Markets by Kinetiq ensures seamless transition for traders The move addresses community feedback about fragmentation between stablecoins, eliminating the choice between liquidity and protocol alignment. Native Markets' pioneering work on USDH enabled AQAv2's development.

**Circle announces USDC integration with Hyperliquid** USDC is being integrated as an **Aligned Quote Asset** on Hyperliquid's trading platform, marking a significant expansion of the stablecoin's role in decentralized finance infrastructure. **Key developments:** - USDC will serve as a core component of Hyperliquid's market structure - This follows Circle's broader strategy of expanding USDC adoption across DeFi protocols - Previous integrations include 0xProject for token swaps and liquidity aggregation The move strengthens USDC's position as a foundational asset for decentralized trading platforms and market infrastructure.

**Phantom has generated $20M in builder code revenue on Hyperliquid in under a year**, marking a significant milestone for the wallet platform's trading integration. **Key achievements:** - Users can now trade 200+ markets directly in the Phantom app - Markets include crypto, indices, and commodities - 100+ teams have integrated via builder codes - Teams earn fee shares on every trade their users make The integration has proven mutually beneficial, with Phantom becoming the #1 venue for perpetual trading on Hyperliquid and generating roughly 4% of its monthly revenue from this partnership alone.

The MEGA hyperp has officially transitioned to a regular perpetual contract, enabling traders to take both long and short positions with leverage up to 3x. **Key Changes:** - MEGA hyperp now operates as a standard perpetual contract - Both long and short positions are now available - Maximum leverage set at 3x This conversion follows a similar pattern seen earlier in the year when the FOGO hyperp underwent the same transition in January, also offering 3x leverage for long and short positions.

Real-world asset (RWA) trading on Hyperliquid has reached $2.3 billion in open interest, marking another all-time high in consecutive weeks of growth. The platform has become a key venue for 24/7 trading of traditional assets including: - Oil and metals - Market indices - Other essential commodities This milestone follows rapid growth from $1.3B in open interest just weeks earlier in mid-March, when the platform also recorded $1.4B in weekend trading volume. Hyperliquid enables continuous price discovery for traditional assets when conventional markets are closed, positioning itself as a bridge between traditional finance and decentralized trading infrastructure.

**Real-world asset (RWA) trading on Hyperliquid has reached new milestones over the past two weeks:** - Open interest surpassed **$1.3 billion** - Weekend trading volume exceeded **$1.4 billion** - Platform provides **24/7 price discovery** for oil, metals, and indices when traditional markets are closed This development builds on Hyperliquid's track record of enabling onchain price discovery. The platform previously facilitated PUMP prelaunch trading with over $400M in open interest and became a primary venue for PUMP spot trading following its token generation event. The continuous trading capability addresses a gap in traditional finance, where markets close on weekends and holidays. Hyperliquid's infrastructure allows traders to access essential assets around the clock, representing progress toward bringing more financial instruments onchain.