Tokenized Futures Overtake Bitcoin on Major Exchanges

The trading volume of perpetual futures tied to tokenized stocks and commodities has reached nearly that of Bitcoin perpetuals on two major platforms, according to data from Talos. The seven-day combined volume across tracked real-world asset (RWA) perps came in at $61.7 billion, representing 99.2% of the volume for Bitcoin perpetuals on Hyperliquid and Binance.

Tokenized equity contracts made up 57.8% of the total, while commodities accounted for 28.2%. The value of onchain RWAs has grown to around $36.8 billion, excluding stablecoins, according to RWA.xyz.

Hyperliquid saw a record-breaking $25.1 billion in RWA perpetual trading volume during the week of July 13 to July 19, outpacing all other perpetual categories on its platform. Circle co-founder Jeremy Allaire noted that this trend indicates crypto markets are shifting 'away from speculating on endogenous digital commodities.'

Early data for the current week suggests this growth is continuing, with RWA perpetual trading volume reaching $37.2 billion as of July 24.