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Perpetual Contracts Challenge Bitcoin's Dominance

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The tokenized asset markets have seen significant growth in trading volumes, reaching a new milestone. Perpetual contracts backed by stocks and commodities are now competing with Bitcoin-related products on Hyperliquid and Binance.

According to data from Talos, these perpetual contracts generated $61.7 billion in volume over one week, representing 99.2% of Bitcoin contract volume on the two platforms.

Tokenized stocks account for nearly 58% of trades, followed by commodities at 28.2%. The growth of RWA trading on Hyperliquid shows a gradual shift towards tokenized assets linked to the real economy, according to Circle's co-founder and CEO Jeremy Allaire.

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