# Hyperliquid liquidation — X 热门讨论 (2026-09-22 11:01 UTC)

## @Elikrypt (ΞLIKRYPTO) · 09-22 08:01 · ♥58 ↻0 💬23 RWA perpetuals are now a 24/7 derivatives market for traditional assets.

Stocks, ETFs, indices, commodities, FX and even pre-IPO names can trade as perps without owning the underlying asset.

USDC/USDT provides margin, while oracle infrastructure keeps the perp tied to the underlying price.

$3.16T tracked volume

Dec. 29, 2025 → Aug. 31, 2026

August alone → $799.5B, a new monthly record.

Pyth’s August dataset:

↳ Equities — $487.3B | 64.8% ↳ Commodities — $152.3B | 20.3% ↳ Indices — $103.9B | 13.8% ↳ FX — $8.3B | 1.1%

Stocks went from 9% of January volume → 62.3% in August, while commodities fell from 81% → 18.8%.

Venue concentration

▸ @binance — $1.592T | 50.4% ▸ @HyperliquidX — $542.8B | 17.2% ▸ @okx — $345.1B | 10.9% ▸ @Bitget — $238.2B | 7.5%

≈86% of tracked volume sits across these four venues.

The remaining ~14% is spread across:

▸ @Gate — $148.5B | 4.7% ▸ @Bybit_Official — $105.2B | 3.3% ▸ @edgeX_exchange — $46.3B | 1.5% ▸ @Lighter_xyz — $33.4B | 1.1% ▸ @OstiumLabs — $23.9B | 0.8% ▸ @ExtendedExchange — $19.6B | 0.6%

These figures come from CMC’s 19-venue dataset through Aug. 31.

For traders, venue quality comes down to OI, depth, funding, execution and liquidation liquidity.

Onchain RWA perps

DeFiLlama currently tracks roughly $5.21B OI, $6.17B 24h volume and 1,022 markets across its RWA perp coverage, excluding CEXs.

@tradexyz currently leads the onchain snapshot:

$3.85B OI | 89 markets | $2.42B 24h volume

Other active venues include Variational, QFEX, GMTrade, Lighter, Ondo, @OstiumLabs and Extended.

Infrastructure is expanding

@Deribit offers RWA perps across equities, ETFs, commodities and pre-IPO contracts, settled in USDC.

RWAperp launched on @okx X Layer with SK Hynix, Samsung Electronics, SanDisk, Micron, Intel and a DRAM index, settled in USDG.

Hyperliquid HIP-3 lets independent builders launch perp markets while using Hyperliquid’s matching, margin and liquidation infrastructure.

HIP-3 volume grew from $12.65B in Q4 2025 → $130.87B in Q1 2026.

The xyz deployer accounted for roughly 99.6–99.8% of August HIP-3 volume in CMC’s dataset.

Oracle risk is now a core market risk

RWA perps keep trading while the underlying market is closed.

That creates exposure to pre-market prints, earnings, halts, corporate actions and weekend price gaps.

Pyth says its feeds priced 96.27% of the volume in its tracked August RWA perp book.

The remaining 3.73% was attributed to other providers or remained unverified within that dataset. That figure is Pyth’s share of its tracked book, not 96.27% of the entire RWA perp market.

The SK Hynix incident showed the consequence.

A faulty pre-market print triggered roughly $57M in liquidations across 960 accounts.

The RWA perp stack:

Oracle → Liquidity → Margin → Funding → OI limits → Liquidation

The volume is already here.

Now the infrastructure has to handle 24/7 trading, market closures, corporate actions and volatility without breaking. https://x.com/Elikrypt/status/2102307281534697845