a16z: RWA perpetual trading volume reached $117.3 billion in August 2026

According to a report by a16z crypto, on-chain perpetual contract trading for real-world assets (RWA) such as stocks, gold, and other traditional assets has seen significant growth. Trading volume reached $117.3 billion in August 2026, a 44-fold increase compared to the previous year, with open interest hitting $4.8 billion. While centralized exchanges dominated volume until late 2025, on-chain venues accounted for 86% of the volume—approximately $101 billion—by August 2026. The report also highlights the role of the decentralized perpetual platform Hyperliquid, which launched HIP-3 in October 2025, allowing developers to deploy their own perpetual markets via HyperCore. As of August 2026, stocks represented 48% of open interest, followed by commodities at 28% and indices at 18%.