In August, onchain platforms processed approximately $101 billion out of the $117.3 billion total RWA perpetual futures volume, capturing an 86 % market share. This represents a 44-fold increase compared to the same period last year. Open interest reached $4.8 billion by the end of August, up from $161 million in July 2025, an expansion of roughly 30 times. The composition of traded assets has also shifted: equities now account for 48 % of volume, commodities 28 %, and indices 18 %. This growth is notably attributed to the deployment of Hyperliquid’s HIP-3 protocol in October 2025, which streamlined the creation of new perpetual markets.
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