a16z: RWA Perpetual Futures Monthly Volume Hits $117.3 Billion, On-Chain Platforms Capture 86%

a16z Crypto reported that the market for real-world asset (RWA) perpetual futures has grown significantly, with monthly trading volume reaching $117.3 billion in August 2026, a 44-fold increase year-over-year. Open interest reached $4.8 billion, up nearly 30 times since July 2025. On-chain platforms accounted for $101 billion of the volume, or 86%, while centralized exchanges handled $16 billion. Market composition has shifted toward equities, which represented 48% of volume in August, followed by commodities at 28% and indices at 18%. Infrastructure upgrades like Hyperliquid's HIP-3 have supported this growth, though the sector remains small compared to traditional derivatives and faces strict regulatory restrictions for U.S. users.