Decentralized perpetual exchanges now host over 1,000 markets for real-world assets, with tokenized public equities accounting for 75% of these listings. According to DefiLlama, this shift marks a departure from platforms previously focused primarily on Bitcoin and Ethereum derivatives.
Data shows 747 markets are currently tied to public equities, representing an open interest of $2,586 billion. This figure accounts for nearly 47% of the total open interest across all RWA perp DEXs, while the 24-hour trading volume for these equity-based products reached $1,681 billion.
Key platforms driving this growth include Hyperliquid, Ostium, and Lighter. These exchanges provide 24/7 access to assets, allowing traders to bypass traditional market hours and intermediary requirements. Other RWA categories, such as oil, precious metals, and equity indices, currently trail behind in volume and market count.
The expansion is supported by a liquidity feedback loop where increased equity listings attract more traders and liquidity providers. While these platforms offer features like instant settlement and self-custody, they operate in a regulatory gray zone, particularly regarding US oversight of unregistered derivatives.
