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According to Artemis data, stock token and other RWA perpetual futures accounted for 51% of Hyperliquid’s trading volume, up from 0.1% in July 2026. This marks the first time perpetual futures have made up more than 50% of the platform’s total monthly trading volume. Over the same period, total volume fell 30% from a year earlier, indicating RWA-based growth on the platform accelerated rapidly even as broader market activity contracted.