RWA Perpetual Futures Trading Volume Hits $117.3 Billion in August, With 86% On-Chain

According to an analysis by a16z crypto released on September 23, the total trading volume for real-world asset (RWA) perpetual futures reached $117.3 billion in August 2026. On-chain platforms accounted for approximately $101 billion, or 86% of the total, while centralized exchanges recorded $16 billion, marking a 44-fold increase year-over-year. On-chain platform volume share has grown significantly from one-third a year ago. Open interest reached $4.8 billion by the end of August, a 30-fold increase from $161 million in July 2025. By asset class, stocks comprised 48%, commodities 28%, and indices 18%. a16z noted that the HIP-3 protocol, launched on Hyperliquid in October 2025, has streamlined the creation of new perpetual markets and improved liquidity sharing.