Hyperliquid’s quarterly notional trading volume has fallen roughly 35% since October 2025, a steep decline for a platform that was setting records just months ago. But buried inside that headline number is a more interesting story: real-world asset trading now accounts for about 30% of total volume on the platform, and that share keeps climbing.
The volume decline in context
During Q1 2026, the platform still managed $633 billion in total trading volume.
Hyperliquid has also maintained between 32% and 44% of the perpetual DEX market throughout this period. Losing volume while keeping market share means the whole category contracted, not just one player.
RWA trading fills the gap
