Real-World-Asset Perpetuals Hit $18.8 Billion in Daily Volume
RWA perpetuals rose from below $1 billion per day in January, while wallet data show limited movement between RWA and other markets on Hyperliquid.
Real-world-asset (RWA) perpetual futures reached $18.8 billion in daily volume during Sept. 3-9, expanding their share of derivatives trading while wallet data showed limited movement between RWA and other markets on Hyperliquid.
RWA perpetual volume rose from below $1 billion per day in January to $18.8 billion during the September period. The category represented 18.5% of futures volume across tracked venues, while total futures activity stayed roughly flat and crypto-perpetual volume declined.
RWA markets accounted for 28% of futures volume on Hyperliquid and 24.8% on Binance in the sample. The figures show rising RWA derivatives activity and a larger share of futures volume, but they do not prove that $18.8 billion in capital left altcoins or other crypto markets.
Between Jan. 1 and June 30, 169,514 wallets made their first Hyperliquid trade in an RWA market. Those wallets represented 31.7% of new wallets and generated $111.6 billion, or 31.5%, of new-user trading volume.
RWA-first wallets generated $93.2 billion, or 83.6%, of their volume in RWA markets. Wallets that began in other markets generated $242.6 billion in total volume, including $55.3 billion, or 22.8%, in RWA markets.
About 80.9% of RWA-first wallets did not trade in the opposite market category during the period. The same was true for 82% of other-first wallets. The complementary shares, 19.1% and 18%, measure crossover between market categories rather than altcoin ownership or retention.
Hyperliquid’s HIP-3 framework lets builders deploy perpetual markets tied to equities, commodities, indices and other assets. Deployers must stake 500,000 HYPE and may retain up to 50% of trading fees from their markets.
RWA-first wallets generated $34.1 million of the $412.6 million in fees paid by new users, or 8.3%. The calculation excluded builder fees and HIP-3 deployer fees.
The market comparison runs through Sept. 9, while the wallet analysis ends June 30. Together, the figures show that RWA derivatives have gained trading share and that most analyzed traders remained concentrated in the market category where they began.
