Real-world asset (RWA) perpetual futures are gaining ground at a pace few anticipated. In recent weeks, these contracts have reached trading volumes very close to those of Bitcoin perpetual futures, according to data from Talos—a sign that investors are increasingly seeking exposure to stocks, commodities, and other traditional assets without leaving the crypto ecosystem.
The data shows that Hyperliquid recorded $25.1 billion in RWA perpetual futures volume between July 13 and 19. Combining activity on Hyperliquid and Binance, the combined volume reached $61.7 billion in the seven days leading up to July 31, just slightly below the $62.2 billion traded in Bitcoin perps during the same period.
Tokenized stocks drive the market
Much of the growth comes from stock-linked contracts. On Hyperliquid, this segment accounted for about 61% of RWA volume, while commodities contributed nearly 28%. Tokenized indices and ETFs still account for a smaller share, although activity in this area is also on the rise.
The trend is similar on Binance. The exchange recorded a record $110 billion in monthly RWA perpetual futures volume in June, a 28% increase from the previous month. According to the platform’s data, these products now account for nearly 30% of all perpetual futures volume traded on Binance.
Part of the boom is also due to changes in the market structure. Hyperliquid significantly reduced fees for certain RWA contracts, lowering some trading costs from 9 basis points to just 0.9 basis points. This reduction encouraged the entry of high-frequency traders and institutional investors, further accelerating volume growth.
However, higher volume does not necessarily mean that the market has reached the maturity level of Bitcoin futures. Open interest, order book depth, and the ability to withstand episodes of high volatility are still far from the levels offered by the leading BTC contracts.
