RWA Futures Briefly Overtake Crypto on Selected Venue

A new report from OKX and Token Terminal claims that real-world-asset (RWA) futures on trade.xyz surpassed crypto futures on Hyperliquid in July, with $107.6 billion of RWA-contract volume against $105.7 billion of crypto-contract volume.

This crossover is significant but limited to a specific dataset and venue coverage. Broader measurements show that RWA perpetuals are growing quickly, reaching about 15.2% of CoinDesk's CEX denominator in July.

However, when looking at the entire derivatives market, RWA futures do not appear to have surpassed crypto derivatives as a whole. The report highlights the importance of using like-for-like venue coverage and contract definitions to accurately compare market share.