RWA Perps Surpass $117B in Monthly Volume, Equities Dominate Market

RWA perps, a type of perpetual future that allows traders to bet on an asset's price without owning it, have seen a massive surge in activity. According to a16z crypto, the monthly volume of RWA perps reached $117.3 billion in August 2026, a 44-fold jump from the same period last year.

This represents a significant shift in the market, with equities overtaking commodities as the dominant asset class in RWA perp activity. In August 2026, equities accounted for 48% of trading volume, while commodities fell to 28%.

The growth of RWA perps can be attributed in part to the expansion of onchain venues, particularly after Hyperliquid's upgrade in October 2025. This upgrade made it easier to spin up new markets beyond standard crypto pairs, leading to a significant increase in onchain volume.

However, the market's reliance on a small number of venues is a concern, highlighting the importance of infrastructure improvements in pulling in volume. As the market continues to grow, investors will be watching closely to see whether open interest holds near its $4.8 billion level.