RWA perpetual futures volume surges 44x to $117.3 billion

Monthly trading volume for perpetual futures tied to real-world assets (RWA) reached $117.3 billion in August 2026, marking a 44-fold increase year-over-year. According to a16z crypto, approximately 86% of this volume occurred onchain, a shift driven largely by the October 2025 upgrade to the decentralized platform Hyperliquid. While commodities previously dominated the sector, equities now account for 48% of trading volume. Open interest for RWA perpetuals grew to $4.8 billion by the end of August 2026, compared to $161 million in July 2025.