RWA perpetual contracts now account for one-third of on-chain trading volume

TLDR: RWA perpetual contracts drive demand to public stocks

RWA perpetual contract growth exposes new risks to the platform

RWA perpetual contracts currently account for nearly 35% of perpetual transactions on the chain, with trading volume reaching approximately US$118 billion in 652 markets in June.

Public stocks account for 46% of RWA's open interest, with positions of approximately US$2 billion, and average daily trading volume of approximately US$2.2 billion, covering 411 markets.

Hyperliquid's HIP-3 framework, Solana, and exchange-based tokenized equity products are expanding its 24-hour trading channels for stocks, indices and commodities.

As the leveraged RWA market expands, oracle failures, weekend pricing gaps, concentration of liquidity, and unequal investor rights pose new risks.

At the beginning of the third quarter of 2026, RWA perpetual contracts accounted for nearly 35% of the total perpetual transactions on the chain. In the fourth quarter of 2025, this ratio was only 0.16%, showing how quickly traditional market exposure is shifting to the cryptocurrency track.

In June, trading volume in this market reached approximately US$118 billion, and the number of available markets expanded to 652. Other market trackers also recorded trading volume exceeding US$100 billion in June, with more than 600 listed contracts.

Public stocks led the expansion as traders sought to leverage, round-the-clock trading on familiar companies outside traditional brokerage trading hours.

RWA perpetual contract drives demand to public stocks

Public stocks currently account for 46% of open interest in RWA perpetual contracts. The sector holds approximately US$2 billion in open positions, with 24-hour trading volume of approximately US$2.2 billion.

(Source: Cryptorank)

It also supports 411 active markets, compared to 54 in the precious metals market and 41 in the stock index market.

This concentration suggests that traders prefer listed company stocks to less liquid physical assets. Stock contracts have clear price references, frequent news events, and a good underlying market.

Financial reports, performance guidance and macro data can quickly create trading opportunities. When traditional exchanges close, equity perpetual contracts remain active.

These contracts provide synthetic price exposure rather than direct shareholding. Traders can open long or short positions, usually using USDC as collateral, but cannot receive voting rights or dividends.

Funding rates and oracle prices keep each contract linked to its underlying stock. For example, Micron contracts on TradeXYZ enable continuous trading through Hyperliquid's infrastructure.

Hyperliquid's HIP-3 framework accelerates this shift by allowing eligible builders to deploy a custom perpetual contract market. The agreement requires deployers to pledge 500,000 HYPEs to provide financial backing for market operators.

The HIP-3 market covers stocks, indices, commodities and Pre-IPO targets.

The broader tokenized stock market is also expanding in Solana, Kraken, Bybit and Robinhood related infrastructure.

In May, Solana accounted for 97% of cumulative spot trading volume in tokenized stocks.

Kraken expanded its xStocks product to 100 supported U.S. stocks and ETFs, broadening trading channels beyond standard trading hours.

The growth of RWA perpetual contracts exposes new risks to the platform

The rapid rise of RWA perpetual contracts brings risks that are different from those of crypto-native contracts. The stock market is closed at night and on weekends, while on-chain perpetual contracts continue to trade.

When major exchanges are closed, platforms must manage issues such as price gaps, changes in funding rates, and thin liquidity.

The reliance on oracle poses another weak link. RWA contracts rely on external data sources to obtain stock, index and commodity prices.

The Ostium platform was attacked in July when attackers manipulated its price-reporting infrastructure and stole approximately $18 million in USDC, causing transactions to be suspended. The incident shows that once oracle components are damaged, false prices can be used for profitable transactions.

Liquidity is also concentrated in the hands of a few institutions and builders. During several growth stages, TradeXYZ controlled most open interest in HIP-3.

While this dominance improves transaction execution, it also increases exposure to single platform technology, market design and risk control.

Regulatory treatment remains uneven. Some tokenized stocks represent guaranteed notes, while stock perpetual contracts only provide exposure to cash settlements.

Different platforms differ in terms of jurisdiction, investor rights, custody and information disclosure rules. Therefore, traders must carefully review contract terms, oracle design, clearing rules and weekend pricing mechanisms before establishing leveraged positions.