GLC(@GLC_Research):Tokenized equities and commodities on Hyperliquid are now cheaper to cross than the crypto perps sitting next to them. Final week of Q2, same rule on both books: ▫️Trade[XYZ] RWA markets: 3.57 bps median spread ▫️Hyperliquid crypto perps: 5.44 bps In Q1 the RWAs trailed, 6.2 vs 5.0. They crossed it in one quarter, while the market set nearly doubled to 84 contracts. Most of these contracts are months old, and the book they went through is one of the tightest in the industry. They win the median, not the tail: 16.1 bps at the 90th percentile against 11.1 for crypto: SP500 quotes at 0.14 bps, DKNG at 36.1 with nothing inside 10 bps, for example. Hyperliquid.

2026.09.02 11:54

Tokenized equities and commodities on Hyperliquid are now cheaper to cross than the crypto perps sitting next to them. Final week of Q2, same rule on both books: ▫️Trade[XYZ] RWA markets: 3.57 bps median spread ▫️Hyperliquid crypto perps: 5.44 bps In Q1 the RWAs trailed, 6.2 vs 5.0. They crossed it in one quarter, while the market set nearly doubled to 84 contracts. Most of these contracts are months old, and the book they went through is one of the tightest in the industry. They win the median, not the tail: 16.1 bps at the 90th percentile against 11.1 for crypto: SP500 quotes at 0.14 bps, DKNG at 36.1 with nothing inside 10 bps, for example. Hyperliquid.