Altcoin demand meets $18B threat as flows move into RWA perps as just 19% of traders keep alts
Summary
RWA perpetual-futures volume on tracked crypto venues climbed from under $1 billion in January to $18.8 billion during Sept. 3–9, reaching 18.5% of sampled futures volume. Data suggest these products can compete with altcoins for traders’ leverage, attention and exchange resources, though crypto and traditional-asset activity can also grow together. Hyperliquid’s RWA markets attracted many new users, but most stayed within their initial market category; a smaller group traded across both. Builder-run markets may capture a growing share of fees, while only part flows to protocol revenue or HYPE-related mechanisms. The shift shows crypto trading platforms can expand beyond crypto assets, even as demand for altcoins faces new competition.
