RWA perpetual futures volumes on decentralized exchanges have extended a seven-week growth streak, with weekly turnover rising from $22.8 billion in late August to $39.8 billion in October, a 74.7% increase. Competition among providers is intensifying: TradeXYZ still recorded $12.73 billion in weekly volume, but its market share has been eroded by Variational, whose share of RWA perpetual futures trading climbed from 10.6% in early September to 32%.
Hyperliquid remains the dominant on-chain venue. TradeXYZ holds more than $1.9 billion of the $7.8 billion total open interest on Hyperliquid, while Variational reports about $2 billion in total open interest across 550 markets. Dune Analytics-based estimates put overall RWA perpetual open interest near $3.8 billion, with roughly $1.9 billion used as collateral in decentralized protocols. The sector remains small compared with centralized perpetual markets, which carry over $215 billion in open interest, but it is generating consistent fee activity: Hyperliquid has about 101.5K active daily addresses, of which around 10K trade RWA contracts.
The expansion coincides with growing tokenization. Ethereum, Solana, and BNB Chain remain leaders in tokenized paper value, with Solana expanding from $1 billion in 2025 to $4.37 billion in October, supported by XStocks liquidity. Ripple has also announced its own on-chain RWA perpetual futures swaps, while Hyperliquid’s HIP-3 RWA hub is seeing renewed activity in indexes, selected equities, gold, and oil. The market remains largely unregulated and mostly used by crypto natives, leaving room for further adoption.
