By Allium Research
Hyperliquid non-crypto perps
28% of OI, doubled in 90 days
Tokenized stocks, indices, commodities, pre-IPO & FX traded as perps on HL via HIP-3 builder books.
By Elton Shehdula, Research Lead @Allium
Other reports
Tokenized Equities Onchain: $4B and Growing
May 2026
Tokenized stocks, indices, commodities, pre-IPO & FX traded as perps on HL via HIP-3 builder books.
Ondo Finance (ONDO)
May 2026
Ondo is the only large-scale RWA-platform issuer with a publicly-tradeable token. The underlying business is real and category-leading: $3.43B platform AUM across USDY ($2.10B, 8 chains), OUSG ($285M), and Tokenized Stocks ($1.04B, 268 symbols), with +$1.4B of net USDY inflows in 2026 H1.
USDH: What Coinbase Actually Bought
May 2026
Native Markets stablecoin on Hyperliquid Brand-asset sale to Coinbase