Onchain platforms have captured 86% of the total volume for real-world asset (RWA) perpetual futures as of August 2026. According to an analysis by a16z crypto, these decentralized venues processed $101 billion out of a total market volume of $117.3 billion, while centralized exchanges accounted for the remaining $16 billion.
The total monthly trading volume for RWA perpetual futures saw a 44-fold increase compared to the same period a year earlier. Open interest in these assets also experienced significant growth, rising from $161 million in July 2025 to $4.8 billion by the end of August 2026, marking an expansion of approximately 30 times.
The structure of traded assets has shifted, with equities now accounting for 48% of the volume, followed by commodities at 28% and indices at 18%. Analysts attribute this growth to infrastructure improvements, specifically the deployment of the Hyperliquid HIP-3 protocol in October 2025, which streamlined market creation and liquidity sharing.
In contrast to the diverse offerings on decentralized platforms, the report notes that only one US-regulated centralized exchange currently holds approval to trade a single perpetual futures product.
