Pyth Network, the blockchain data oracle, said it has secured $100bn in trading volume on Hyperliquid, the onchain exchange.

🚨 BREAKING: Pyth has secured $100B in volume on Hyperliquid

Always-on, 24/7 markets are powered by Pyth on @tradexyz and @Dreamcash

— Pyth Network 🔮 (@PythNetwork) March 14, 2026

me watching my price feeds secure $14B in trading volume on Hyperliquid this past week pic.twitter.com/r3VeBaS1Oj

— Pyth Network 🔮 (@PythNetwork) March 11, 2026

Trading on Hyperliquid has grown as digital assets can trade 24/7 every day of the year. The United States and Israel have launched joint strikes on Iran over weekends when traditional exchanges are closed, but onchain markets have been open.

Hyperliquid is one of the online exchanges that trades perpetual futures in real world assets (RWAs) including silver, gold and oil. Perpetual futures are derivatives that have no expiration date and have contributed to asset price discovery across crypto spot and derivatives markets, with funding rates indicating market sentiment.

Over the past 2 weeks, RWA trading on Hyperliquid has repeatedly broken records, surpassing $1.3B in open interest and $1.4B in weekend volume.

When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other…

— Hyperliquid (@HyperliquidX) March 12, 2026

hyperliquid did 50% more volume on oil this weekend than last weekend

despite fewer headlines

hip3 and 24/7 markets are inevitable https://t.co/gOyGtqpNTp

— nairolf (@0xNairolf) March 16, 2026

Hyperliquid said on X: “When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other essential assets. This is an important step towards housing all of finance.”

OxResearch, a newsletter from Blockworks, said RWA markets continue to account for a growing share of total perpetual futures volume on Hyperliquid.

Tokenized assets accounted for 33% of last week's volume on Hyperliquid, a new all time high

These assets also make up 21% of open interest on the platform pic.twitter.com/SZIbJa6Sfb

— Blockworks (@Blockworks) March 16, 2026

“These RWA markets are trading $2B-$4B in daily volume, now accounting for over ~28.5% of total futures volumes on Hyperliquid,” said OxResearch. “Similarly, HIP-3 markets account for over 20% of total exchange open interest.”

HIP-3 allows third-party deployers to launch new perpetual markets on Hyperliquid’s order book, provided they meet minimum technical standards and post 500,000 HYPE tokens as a bond, according to @defi_monk, a trader at hedge fund SyncracyCapital on X.

https://t.co/apshnc9oOr

— MONK (@defi_monk) March 16, 2026

“It should be noted that for now, spreads tend to widen during illiquid trading windows when traditional markets are closed,” said @defi_monk. “However, we believe many users are willing to tolerate imperfect execution in exchange for access.”

Pyth

The Pyth Network was founded in 2021 to put data on blockchains. On a blockchain, trust or verification from the user is not needed because data is stored on a decentralised ledger with global consensus. However, blockchains need a way to securely access some off-chain data, such as constantly changing asset prices. Oracles were designed to provide secure access from blockchains to off-chain data using smart contracts to connect to external data providers.

For market data across asset classes, Pyth uses a variety of contributors including trading firms who use multiple exchanges, banks and exchanges including Cboe, LMAX, MEMX, MIAX, and IEX. For example, in 2025 Pyth partnered with Kalshi to bring real-time, regulated prediction market data onchain and Blue Ocean ATS joined to bring SEC-registered, institutional US equity pricing during critical after-hours trading periods.

Last year Pyth Network, alongside Chainlink, was chosen by the U.S. Department of Commerce as one of the oracles to post real gross domestic product (GDP) data on the blockchain.

Pyth said in a blog that it has powered over $2.3 trillion in cumulative trading volume since launch.

“Phase 1 proved Pyth’s new economic model for sourcing and distributing market data works at scale,” said the blog. “Phase 2 proved that financial institutions are willing to pay for Pyth data, with Pyth Pro on track to hit $1m annual recurring revenue (ARR).”