According to data from Delphi Digital, at the end of January, tokenized TradFi accounted for 31.6% of all Hyperliquid trading volume, compared to less than 5% the previous month. Since the end of December, TradFi's 7-day average share has risen from 4.5% to over 20%. During the same period, Hyperliquid's total trading volume reached $261.8 billion, with metals, stock indices, and stock markets showing increasing share. Perp DEX is rapidly shifting its demand towards macro exposure.