RWA Perpetual Futures Trading Volume Surpasses Bitcoin on Two Major Exchanges

Perpetual futures tied to tokenized stocks and commodities have seen significant trading volume on Hyperliquid and Binance, rivaling that of Bitcoin perpetuals. According to data from Talos, the combined seven-day volume across tracked real-world asset (RWA) perps reached $61.7 billion, accounting for 99.2% of Bitcoin perpetual volume on these platforms.

Tokenized equity contracts accounted for 57.8% of the total RWA trading volume, followed by commodities at 28.2%. The value of onchain RWAs has grown to about $36.8 billion, excluding stablecoins, according to RWA.xyz.

Hyperliquid recorded $25.1 billion in RWA perpetual trading volume during the week of July 13 to July 19, exceeding the combined volume of all other perpetual categories on its platform. Circle co-founder and CEO Jeremy Allaire noted that growing RWA trading on Hyperliquid signals crypto markets moving 'away from speculating on endogenous digital commodities.'