RWA perpetual futures volume nearly matches Bitcoin on Hyperliquid, Binance

RWA perpetual futures volume is nearly level with Bitcoin perpetual futures on Hyperliquid and Binance, according to crypto trading infrastructure firm Talos. The move matters for retail investors because crypto venues are seeing more trading in tokenized versions of familiar assets, including stocks and commodities, rather than only crypto-native tokens.

Talos told Cointelegraph that tracked real-world asset perpetual futures produced $61.7 billion in combined seven-day trading volume, based on a Thursday data snapshot. That was equal to 99.2% of Bitcoin perpetual futures volume on Hyperliquid and Binance, the venues where Talos said most of the activity was concentrated.

Real-world assets, or RWAs, are blockchain-based representations of assets that exist outside crypto, such as equities, commodities, indexes or funds. Perpetual futures are derivative contracts with no set expiration date, so traders can keep exposure open without rolling from one dated contract into another.

What are RWA perpetual futures?

RWA perpetual futures let traders take positions tied to tokenized real-world assets without buying the underlying stock, commodity or fund directly. In this case, Talos’ data shows the busiest category was tokenized equities, which made up 57.8% of tracked RWA perpetual volume, followed by commodities at 28.2%.

The broader onchain RWA market has also expanded. RWA.xyz puts the value of onchain real-world assets at about $36.8 billion, excluding stablecoins. Crypto exchanges have been adding tokenized stocks and commodities next to digital assets, according to Cointelegraph, giving traders more markets to access through crypto trading platforms.

Hyperliquid had already shown a surge in this category earlier in July. During the week of July 13 to July 19, the exchange recorded $25.1 billion in RWA perpetual trading volume, Cointelegraph reported, which was more than the combined volume of all other perpetual categories on the platform.

Circle co-founder and CEO Jeremy Allaire said in a July 24 post on X that the rise of RWA trading on Hyperliquid showed crypto markets moving away from speculation focused on “endogenous digital commodities.”

How much RWA perp volume has traded this week?

The next week’s early numbers suggested the pattern had not faded. Talos’ dashboard showed RWA perpetual futures volume at $37.2 billion so far in the current week, about 9% above Bitcoin perpetual futures volume.

Equity-linked contracts accounted for $22.8 billion of that amount, according to Talos. Commodities contributed $9.1 billion, indexes added $4.2 billion and ETF-linked contracts accounted for about $338 million. An ETF, or exchange-traded fund, is a basket of investments that trades on an exchange like a stock.

Other RWA perpetual categories, including foreign exchange, pre-IPO contracts and additional asset types, made up the rest of the tracked total, Talos said.

Why traditional finance is watching onchain perps

Pantera Capital said earlier in July that perpetual futures could become a major trading tool outside crypto, citing 24/7 trading, no contract expirations, easier position management and continuous price discovery.

Traditional finance executives are also paying attention. Intercontinental Exchange CEO Jeffrey Sprecher, whose company owns the New York Stock Exchange, recently called for regulators to create a “level playing field” for 24/7 onchain perpetual futures, saying current market structures should not block blockchain-based trading from developing.

RWA perpetuals remain a small slice of the wider crypto derivatives market. Talos’ data showed about $821.4 billion in aggregate futures trading volume over the past seven days, with tracked RWA perpetual futures making up roughly 7.5% of that total.

This story draws on original reporting from Cointelegraph.