Why centralised exchanges are taking RWA market share from Hyperliquid

• 26% is Hyperliquid’s remaining share of the RWA perpetual futures market. That is down from 80% in July, with centralised exchanges capturing 64% of trading volume.
• 30% was Binance’s RWA market share after a rise from 3% in two weeks. OKX’s share reached 14% as competition broadened.
• The 100-day EMA provided a rebound point for HYPE, just above support at $75.6.

Centralised exchanges (CEXs) are taking real-world asset (RWA) perpetual futures market share from Hyperliquid (HYPE). The shift is unfolding against pressure across the broader financial market.

26% is the share of RWA perpetual trading volume now held by Hyperliquid’s trade.xyz. It accounted for roughly 80% in July, according to Artemis data shared by Ark Invest Digital Asset Head of Research Lorenzo Valente. Centralised exchanges now command a combined 64% of the market. Weekly trading volume has increased twofold to threefold, rising from around $20 billion to a range of $40 billion to $60 billion.

Rather than merely drawing existing volume away from other venues, centralised exchanges appear to be attracting most of the market’s incremental trading activity, the figures suggest.

CEX expansion in RWA perpetuals erodes Hyperliquid’s share

30% was Binance’s reported market share after a jump from 3% in just two weeks. Over that period, OKX’s share rose to 14%. Gate and Bitget are building their presence as well.

By adding traditional asset exposure to established crypto trading products, centralised exchanges have been able to drive this growth.

Access to assets around the clock gave Hyperliquid an early advantage, as conventional markets restrict trading in those assets to set hours.

At the start of the year, geopolitical tensions made oil perpetual futures particularly appealing to traders seeking to react outside conventional market hours. As one of the few venues providing continuous oil trading, Hyperliquid attracted participants beyond its core crypto-native audience.

That initial edge is now narrowing as centralised exchanges introduce comparable access to traditional assets.

In March, Binance introduced TradFi perpetual contracts with USDT settlement and round-the-clock trading. The range covers commodities including gold and silver, selected shares such as Tesla and Intel, and exchange-traded funds (ETFs).

More than 40 tokenised US stocks and ETFs became available on OKX in July, with 24/7 trading against USDT in supported regions. Through its unified markets, users can access assets including Apple, Nvidia and Tesla using their existing exchange accounts.

Traditional financial institutions are also advancing into tokenised securities as this competitive landscape changes. In January, the NYSE outlined plans for a platform enabling 24/7 trading and blockchain-based settlement of tokenised securities, subject to regulatory approval.

Subsequently, OKX and NYSE parent Intercontinental Exchange (ICE) set out plans to establish an on-chain tokenised securities venue through their joint venture, OKXICE.

In September, the US Securities and Exchange Commission (SEC) introduced its Innovation Exemption. This provides conditional, temporary regulatory relief for qualifying venues that trade certain tokenised US-listed stocks.

$208.07 billion was Hyperliquid’s total perpetual futures volume over 30 days. The platform remains a major venue for perpetual futures despite its declining RWA market share.

$75.6 support holds: HYPE technical outlook above the 100-day EMA

$77.8 is HYPE’s price on the daily chart at the time of writing, representing a 3.8% decline over the past 24 hours. After rebounding from the 100-day Exponential Moving Average (EMA) near $76, the token remains below the 20-day and 50-day EMAs, which are grouped just above $82.00. This leaves the near-term bias bearish.

Weak momentum readings reinforce the continuing downside pressure despite a modest recovery from recent lows. The 14-day Relative Strength Index (RSI) stands at 41, while the Stochastic Oscillator (Stoch) is near 17.

The 100-day EMA offers immediate downside support just above the horizontal level at $75.69. Below that, further support lies at $67.64, followed by $61.16.

$82.10 marks the first upside resistance, where the short-term EMAs converge. A stronger barrier follows at $85.04. Sustained gains above that zone would clear a path towards the major resistance identified at $97.84.

(The technical analysis of this story was written with the help of an AI tool. Learn more.)