RWA Futures Surges Past Crypto Volumes Amid Post-Liquidation Growth

RWA futures trading has experienced a significant surge in volume following the $19 billion liquidation event in crypto markets on October 10, 2025. According to a report by OKX and Token Terminal, total open interest across the futures market had surpassed its pre-event level nine months later.

The report revealed that RWA futures trading volume rose from $760 million in October to $107.6 billion in July, representing a staggering 142-fold increase. This growth was driven primarily by commodities, equities, and pre-IPO contracts, which took up a larger share of on-chain derivatives activity.

Oil contract volumes skyrocketed after the strikes on Iran, increasing 149-fold within nine days as traders responded to supply concerns and geopolitical risk. By July, equities had become the largest part of the RWA futures category, with semiconductor-linked contracts leading the segment.