According to a16z crypto, the monthly trading volume of perpetual futures tied to real-world assets (RWA) reached $117.3 billion in August 2026, marking a 44-fold increase year-over-year. This figure follows a peak of $145.1 billion recorded in July 2026.
The market structure has shifted significantly, with approximately 86% of trading volume, or $101 billion, now occurring onchain. This marks a substantial increase from the period prior to October 2025, when the onchain share accounted for roughly one-third of total volume.
The shift followed an October 2025 upgrade to the decentralized platform Hyperliquid, which improved the capacity for custom market development. Data from the RWA Foundation and DefiLlama confirm this trend toward onchain venues.
Open interest in RWA perpetual futures grew to $4.8 billion by the end of August 2026, compared to $161 million in July 2025. This represents a 30-fold increase over the course of approximately one year.
The composition of traded assets has also changed. While commodities previously held an 84% share of volume, equities now lead the market with 48%. Commodities currently account for 28% of volume, while indices make up 18%.
