- HIP-3 RWA perpetuals rose from 1.8% to 32.2% of Hyperliquid’s trading volume.
- Hyperliquid burns $1.28M HYPE as total supply reduction reaches 4.75%.
- Derivatives volume fell, but traders maintained sizable long positions across exchanges.
HYPE price remained under pressure even as Hyperliquid reported strong second-quarter trading activity, rising institutional exposure, and continued token burns tied to protocol revenue.
The token traded at $55.83 at the time of writing, down by 2.86% over the previous 24 hours, while its market capitalization stood at $14.09 billion. The figures came as Hyperliquid disclosed that real-world asset (RWA) perpetual contracts accounted for nearly one-third of its quarterly trading volume, marking a shift in activity across the platform.
RWA Perpetual Trading Reaches One-Third of Platform Volume
According to sources, the trading volume for HIP-3-related RWA perpetual contracts surged to 32.2% of Hyperliquid’s total trading volume in the second quarter, up from just 1.8% two quarters earlier. The segment generated $213 billion in quarterly trading volume.
The report also showed that three HYPE exchange-traded funds (ETFs) began trading during the quarter. At the same time, funds and related treasury holdings collectively owned about 7.7% of the HYPE token supply.
During the reporting period, HYPE increased by 79% to a record high of $76.90, while Bitcoin declined by 14% over the same period.
Hyperliquid reported approximately $169 million in protocol revenue during the second quarter. Of that amount, about $141 million went toward token buybacks.
HYPE Burn Reduces Token Supply
Separate on-chain data from Onchain Lens showed that Hyperliquid burned approximately $1.28 million worth of HYPE over the past 24 hours. During the same period, the protocol generated roughly $1.65 million in fees.
The latest burn increased the cumulative amount of HYPE permanently removed from circulation to 47.53 million tokens, valued at about $2.68 billion. The total reduction now amounts to approximately 4.75% of the token’s maximum supply of 1 billion.
HYPE Derivatives Activity Slow While Traders Hold Position
Alongside the latest burn data, derivatives market activity declined over the past 24 hours. The total trading volume declined by 16.50% to 1.68 billion, while open interest fell by 4.98% to $2.27 billion. Options volume also declined by 5.66% to $1.67 million, and option interest decreased by 3.39% to $14.92 million, showing lower trading activity across several metrics.
Even as volumes declined, positioning data continued to show a tendency for long exposure. The overall long-to-short ratio stood at 0.9798, while Binance and OKX posted account ratios of 1.2437 and 1.45, respectively.
Long liquidations reached approximately $793,450 compared with $374,650 in short liquidations, bringing total liquidations to about $1.17 million.
The moderation in derivatives activity also aligned with changes in open interest over recent months. After rising above $3.5 billion in early June alongside HYPE’s rally toward nearly $75, open interest eased to around $2.3 billion by Aug. 6.
Although both price and open interest have retreated from their recent highs, they remain above levels recorded at the beginning of the year.
Related: HYPE Price Analysis: Liquidation Heatmaps Signal Rising Downside Risk
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