Hyperliquid’s Volume Is Down by Half: RWA Softens the Blow

1 month ago 9

Key Takeaways

Hyperliquid’s total notional trading volume is down roughly 50% since October.
RWA trading via tradeXYZ is up quarter over quarter, now about 30% of the total.
Both the core business and tradeXYZ run on the same engine, HyperCore.
RWA growth is softening the decline, not reversing it.

Since hitting its ceiling around the now-infamous October 10 crash, Hyperliquid’s quarterly notional trading volume has been in a steady retreat. The data peaked near $1 trillion in Q3 2025, then slid to roughly $750 billion in Q4, around $600 billion in Q1 2026, and about $550 billion in Q2 according to data, shared by TokenTerminal. That’s close to a 50% drawdown from the top.

notional trading volume on hyperiquid, data from raw and xyz Read Entire Article