A report from OKX and Token Terminal claims that real-world asset (RWA) futures on trade.xyz reached $107.6 billion in July volume, slightly edging past $105.7 billion in crypto contracts on Hyperliquid. This comparison, however, covers only selected platforms rather than the entire market. According to CoinDesk Research data, RWA perpetuals on centralized exchanges represented approximately 15.2% of total CEX derivatives volume, or $460 billion out of $3.03 trillion. CoinMarketCap Research measured $792.2 billion in RWA volume across 19 centralized and decentralized venues, but without an equivalent all-crypto denominator for comparison. The result changes significantly depending on venue coverage and the chosen denominator, challenging the claim of an industry-wide market shift.
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