a16z: August RWA perpetual contract trading volume reaches $117.3 billion, on-chain trading share rises to 86%

In August, the trading volume of RWA perpetual contracts reached $117.3 billion, a 44-fold increase compared to a year ago, with an open interest of $4.8 billion. The on-chain trading volume of RWA perpetual contracts was approximately $101 billion, accounting for 86% of the total trading volume, while the trading volume on centralized exchanges was about $16 billion. In terms of asset classes, stocks accounted for 48% of the trading volume, while commodities and indices accounted for 28% and 18%, respectively. After Hyperliquid launches HIP-3 in October 2025, developers will be able to deploy their own perpetual contract markets based on HyperCore, promoting the migration of RWA perpetual trading to on-chain.

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