Trade[XYZ] Loses RWA Perps Share as Binance and Gate.io Grow

Trade[XYZ]’s share of open interest in tracked real-world-asset perpetual markets fell to 48% in the week of Oct. 19 as Binance and Gate.io expanded positions and total open interest hit a record.

Open interest measures the value of positions that remain open, while trading volume counts activity over a period. The measures describe different parts of the market: open interest shows outstanding exposure, while volume measures turnover. Neither series identifies whether a trader closed a position on one venue and opened another elsewhere.

Across tracked venues, total open interest grew from $5 billion in the week of Sept. 28 to $7.9 billion in the week of Oct. 19. Binance’s total rose from $150 million to $1.54 billion, and Gate.io’s climbed from $650 million to $1.5 billion. Trade[XYZ] stayed near $3.8 billion, leaving it with 48% of the market, down from 77%.

September volume was below earlier highs at both venues with comparable figures. Trade[XYZ] recorded $58.9 billion in September, below its July peak of $114.2 billion. OKX posted $68.5 billion in September, less than its August high of $114.5 billion. These calendar-month totals measure trading, not the value of positions still open.

Binance began offering TradFi perpetuals in January, starting with gold and silver contracts. They settle in USDT, trade around the clock and are available through Binance Futures in eligible markets. The contracts provide price exposure without requiring ownership of the underlying assets. By March, Binance’s lineup also included selected stocks and exchange-traded funds.

Hyperliquid’s HIP-3 framework lets qualifying third-party builders create perpetual markets, define market and oracle specifications, and operate each market. Each deployed perp DEX has an independent order book and margining. The models describe how these venues offer products, but the open-interest readings do not establish what caused the change or prove direct transfers from Trade[XYZ] to centralized exchanges.

A separate weekly series showed $58.4 billion in RWA-perpetual volume for the week starting Oct. 12. The following week had reached $55.6 billion by Oct. 23, though that reading was incomplete.