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BTC Perpetual contracts based on tokenized stocks and commodities soar in popularity
According to data from institutional trading platform Talos, the popularity of perpetual contracts based on tokenized stocks and commodities has soared in the past week, and the transaction volume generated on Hyperliquid and Binance two major exchanges is almost the same as Bitcoin perpetual contracts.
Strong demand drives growth in tokenized assets
Data shared by Talos shows that the total seven-day transaction volume of Hyperliquid and Binhang Real Asset (RWA) perpetual contracts reached US$61.7 billion, equivalent to 99.2% of the transaction volume of Bitcoin perpetual contracts on these two platforms. This data reflects that traders 'interest has far exceeded the volatility of the cryptocurrency itself, with a significant increase.
Among these RWA perpetual transactions, equity-linked contracts accounted for 57.8%, and commodity contracts accounted for 28.2%. The rest includes indices, ETFs, foreign exchange and pre-market contracts. According to information from relevant data platforms, the total value of RWAs on the current chain (excluding stablecoins) has reached US$36.8 billion. Major exchanges are also constantly expanding their product lines to include more assets such as tokenized stocks.
Hyperliquid leads growth in RWA derivatives
During the week of July 13 to July 19, Hyperliquid's RWA perpetual contract trading volume reached US$25.1 billion, exceeding the total of all other perpetual trading categories on its platform combined. This suggests that users are increasingly inclined to trade tokenized contracts that track stocks and commodities.
Circle, which is famous for issuing USDC stablecoins, is also paying attention to this trend. CEO Jeremy Allaire emphasized in a post on Platform X that the increase in RWA activity on Hyperliquid may mean that the cryptocurrency market is "moving away from speculation on endogenous digital goods in other directions."
Jeremy Allaire points out that the rise of RWA perpetual contracts on Hyperliquid shows that the focus of crypto market participation is shifting to real-world financial assets rather than just internal digital goods.
Talos data shows that this trend continues this week. Preliminary data shows that the transaction volume of RWA perpetual contracts has reached US$37.2 billion, which is about 9% higher than the transaction volume of Bitcoin perpetual contracts in Hyperliquid and Bitcoin.
Trading volume by instrument (this week): US$22.8 billion for equity-linked contracts, US$9.1 billion for commodities, US$4.2 billion for indices, US$338 million for ETFs.
Traditional financial review of regulatory responses
Interest from major financial market participants continues to grow. Jeffrey Sprecher, CEO of Intercontinental Exchange, parent company of the New York Stock Exchange, recently called on regulators to ensure that all-weather on-chain perpetual contracts enjoy the same status as existing market products. Sprecher believes that regulators should not allow existing market structures to hinder blockchain-based transaction innovation.
Institutional crypto asset manager Pantera Capital previously stated that perpetual contracts may become the dominant trading product outside the digital asset space. The company pointed out that perpetual contracts have the advantages of round-the-clock trading, no expiration date, easier position management and continuous price discovery.
Pantera Capital believes that the 24-hour trading and continuous price discovery characteristics of perpetual contracts make them an attractive tool for multiple asset classes.
Despite rapid growth, Talos data shows that RWA perpetual contracts still account for a small share of the overall derivatives market. The total seven-day trading volume of futures contracts reached US$821.4 billion, of which RWA perpetual contracts accounted for approximately 7.5%.
