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Following链上现实世界资产（RWA）永续合约未平仓合约量创历史新高
根据 DefiLlama 的最新数据，链上现实世界资产（RWA）永续合约的未平仓合约量（Open Interest, OI）已触及 57.8 亿美元的新高。RWA 的未平仓合约量从去年接近零的水平增长至今，年初至今增幅高达惊人的 25.6 倍。在观察该市场的构成时，大部分未平仓合约集中在一个平台上。持有 38.66 亿美元的总未平仓合约量，约占市场总额的 67%。Variational 位居第二，持有 9.6817 亿美元，占比约 17%。这两家平台合计占据了该领域约 84% 的全部未平仓头寸。
交易者将股票和商品敞口移至链上
RWA 永续合约是追踪传统资产类别（如股票、股票指数、商品和货币）的永续期货合约。它们在去中心化永续交易所交易，没有到期日，通常以稳定币结算，且杠杆交易为标准配置。
未平仓合约量计算的是在特定时刻仍处于开放状态的所有合约的总价值。这与交易量不同，交易量统计的是特定时期内的每笔交易，包括快速的进出场交易。未平仓合约量的上升表明交易者正在建立头寸并持有它们。
It should be noted that traders who open positions on Nvidia perpetual contracts do not own any Nvidia shares. The contract only tracks stock prices, which is its entire exposure. The $5.78 billion in open contracts is separate from tokenized treasury bonds and stocks, which are typically backed by assets held by issuers or custodians.
The market has operated mainly on a single platform over the past year.
At the beginning of the year, trade [XYZ] was the only platform in this category, and other platforms offering RWA perpetual contracts only appeared in about April. QFEX currently holds $274.61 million, GMTrade holds $189.72 million, and Lighter is just over $100 million. Ondo, Extended, Entropy, edgeX and RISEx each hold less than $80 million.
Variational is a new force that stands out among them. Its open interest volume has increased significantly in the past few weeks and is now approaching the US$1 billion mark. In contrast, trade[XYZ] still holds four times as much open.
Weekend access is one of the main attractions
Stock exchanges are closed at night and weekend, but Perp DEXs are not. Traders holding stablecoins can leverage gold or technology stocks at 3 a.m. on Sunday without opening a brokerage account or moving funds out of the chain environment.
This access is particularly important for users outside the United States, many of whom face restrictions or high costs when purchasing U.S. stocks through local brokerages. Crypto-native traders can also benefit: They can hedge or speculate on macro market movements without leaving the platform where the money is located.
There are currently at least 10 venues listing RWA perpetual contracts, but two of them control the majority of open positions. Variational's recent rise in momentum is the closest to real competition that leaders have faced so far.
