RWA futures volume report sparks debate over market leadership

A report from OKX and Token Terminal claims that real-world-asset (RWA) futures volume on trade.xyz surpassed crypto futures volume on Hyperliquid in July, recording $107.6 billion against $105.7 billion. However, this comparison is limited to specific on-chain venues rather than the entire market. While RWA perpetuals are experiencing rapid growth, broader industry data indicates that they have not overtaken the total crypto derivatives market.