Tokenized equity perps drive RWA trading boom to $470 billion monthly volume
Tokenized real-world asset (RWA) perps have been the clearest crypto growth story of the year.
Monthly volumes across exchanges for these assets have grown from just $85 billion in January to around $470 billion in June, a 450% increase within just six months. The value prop for these products is clear: giving leveraged, 24/7, borderless exposure (and in Hyperliquid’s case, without KYC) to instruments that otherwise trade on limited hours in traditional, KYC-gated brokerages.
Within the broader RWA category, tokenized equities have been the more popular asset class to trade over tokenized commodities.
Tokenized equity perp volumes grew by roughly 7x from January to June, led by pre-IPO stocks such as SpaceX (SPCX), as well as single-stock semiconductor names such as MU, SNDK, SK-HYNIX and INTC, among others. SPCX was the single most-traded equity perp across all crypto exchanges in June with over $66 billion traded as it IPO'd in mid-June.
The dominant platforms facilitating RWA perps are quite concentrated at the top, with Binance, Hyperliquid and OKX making up over 80% of all tokenized RWA perps volume in June. Binance alone accounts for nearly half of all the category’s volume. Hyperliquid remains the standout onchain venue in an otherwise centralized field, while smaller onchain platforms like Ostium and Lighter sit well behind.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Small models "steal" demand for cloud computing power, trillion-dollar data center capital expenditure faces a test
A Jefferies report points out that improvements in small language model performance and declining costs may lead enterprises to shift AI deployment from the cloud to localized solutions, impacting investments in hyperscale data centers. With falling server utilization rates and a mismatch between the massive capital expenditures of tech giants and actual computing power demand, some data centers risk becoming "stranded assets." Although AI demand persists, the scale and returns of centralized computing power are facing reassessment.
Pi Network Price Prediction: Protocol 28 Sets October Upgrade Deadline as PI Trades Near $0.089
Ripple confirms top Korean banks and RippleX leaders for XRP Seoul 2026 event
Ondo Crypto Holds $0.53 as Bulls Defend Key $0.52 Support Amid Market Slide
