DeFi Expands Perpetual Markets Beyond Crypto to Real-World Assets

The concept of perpetual futures in DeFi has evolved significantly since its introduction. Initially, it provided traders with continuous leveraged exposure to digital assets without requiring an expiring futures contract. Now, perpetual markets are expanding beyond Bitcoin and Ether to include real-world asset (RWA) exposures.

According to CCData, RWA perpetual trading volume reached a record $460 billion in July 2026, increasing 47.8% month over month. This growth indicates that DeFi is moving towards building infrastructure capable of trading exposures to potentially almost anything.

The arrival of RWAs creates a much larger potential market for perpetual markets. If stocks, commodities, indexes, and other financial assets can be represented or referenced through blockchain infrastructure, perpetual markets are no longer limited to native crypto assets.

However, tokenization is only half the story. Issuing an asset is different from creating a liquid market for it. For tokenized markets to mature, they require infrastructure for pricing, liquidity, execution, and risk management.