RWA perpetual futures volume grows 44x in one year, with 86% on-chain

Trading volume for Real World Asset (RWA) perpetual futures reached $117.3 billion in August, a 44-fold increase year-over-year, with 86% of activity occurring on-chain. Open interest has surged to $4.8 billion. The market has shifted from commodities to stocks, which now account for 48% of trading volume. This structural shift toward on-chain platforms was accelerated by infrastructure upgrades like Hyperliquid's HIP-3, allowing for decentralized deployment of perpetual markets.