Perpetual futures tied to real-world assets like oil, gold, and equity indices are having a moment. And Hyperliquid is the platform eating most of the pie.
By late March 2026, the decentralized exchange captured 44% of all perpetual DEX trading volume, up from 36.4% in January. That makes it the only major decentralized perpetual exchange to actually grow its market share during a period when the broader on-chain perps market was already expanding.
The numbers behind the surge
As of May 21, 2026, Hyperliquid’s open interest in RWA perpetual futures reached a record $2.65 billion. That figure doubled in roughly two months.
The platform’s total value locked sits at approximately $650 million, supporting that open interest at around 4x leverage.
