RWA perpetual futures volume nears Bitcoin on Hyperliquid, Binance
Perpetual futures on tokenized stocks and commodities surged to near-Bitcoin scale on major venues. Over the past seven days, tracked RWA perp volume reached $61.7 billion, about 99.2% of Bitcoin perp volume on Hyperliquid and Binance. Tokenized equities made up 57.8% of RWA perp trading, commodities 28.2%. Onchain RWAs now total about $36.8 billion excluding stablecoins, and exchanges are increasingly listing tokenized assets alongside crypto. Hyperliquid alone handled $25.1 billion in RWA perp volume during July 13–19, more than all other perp categories on the platform combined. Early data for the following week shows the trend accelerating: RWA perp volume has already hit $37.2 billion, about 9% above Bitcoin perp volume. Despite rapid growth, RWA perps still represent a small slice of overall derivatives activity, at roughly 7.5% of the $821.4 billion weekly futures market.
