In Late January, tokenized TradFi hit 31.6% of all Hyperliquid volume. A month earlier it sat under 5%. Since late December, TradFi's 7-day average share climbed from 4.5% to over 20%. Hyperliquid recorded $261.8 billion in total volume over the period with a growing slice flowing into metals, equity indices, and stocks. Perp DEX demand is rotating toward macro exposures faster than most venues have adjusted for.(Delphi Digital)