RWA Perpetual Futures Trading Volumes Near Bitcoin on Hyperliquid and Binance

The trading volume of perpetual futures tied to tokenized stocks and commodities has nearly equaled that of Bitcoin perpetuals on two major platforms, Hyperliquid and Binance. According to data from Talos, combined seven-day volume for these 'real-world asset' (RWA) perps reached $61.7 billion, making up 99.2% of Bitcoin perpetual volume over the past week. Tokenized equity contracts accounted for 57.8% of this total, while commodities made up 28.2%. Onchain RWA value has grown to around $36.8 billion, excluding stablecoins.

Hyperliquid recorded $25.1 billion in RWA perpetual trading volume during the week of July 13-19, surpassing other perpetual categories on its platform. Circle's Jeremy Allaire noted that growing RWA trading signals crypto markets shifting away from speculating on digital commodities. Early data for this week indicates continued growth, with RWA perpetual trading already reaching $37.2 billion.

Pantera Capital has predicted that perpetual futures could become a dominant trading instrument beyond cryptocurrency due to advantages such as 24/7 trading and continuous price discovery. The growth of Hyperliquid's RWA offerings has drawn attention from traditional finance, with Intercontinental Exchange CEO Jeffrey Sprecher urging regulators to create a 'level playing field' for onchain perpetual futures.