RWA perpetuals grow 120x in less than a year

Trading volume in on-chain RWA perpetuals has grown 120-fold in less than a year. That is according to figures from Castle Labs, published on 8 September 2026. Volume rose from less than $1 billion in October 2025 to more than $120 billion in August 2026. In July, volume even peaked at $147 billion, accounting for around 20% of total on-chain perpetuals volume at that time.

In brief:

• RWA perpetuals grew from $0.8 billion in October 2025 to a peak of $147 billion in July 2026
• Since June, monthly volume has remained above $100 billion
• TradeXYZ and Variational together control almost 90% of open interest

From niche to hundreds of billions

The growth of RWA perpetuals was extremely rapid. In October 2025, monthly volume was still $0.8 billion. It rose quickly in the following months: $1.8 billion in November, $4.3 billion in December, $22 billion in January 2026 and $33 billion in February. From March onwards, growth accelerated further towards tens of billions per month.

RWA perpetuals are perpetual futures contracts linked to so-called real world assets, meaning real assets such as bonds, real estate or commodities that are represented on the blockchain. The emergence of this segment fits into the broader trend in which traditional financial instruments are increasingly traded via DeFi.

Market share and open interest

According to Wu Blockchain, RWA perpetuals accounted for around 20% of total on-chain perpetuals volume in July. In most other months, that share was between 12% and 13%. This is notable, because less than a year ago the segment barely existed.

Open interest in RWA perpetuals currently stands at around $4.9 billion. Two platforms dominate the market: TradeXYZ and Variational together account for almost 90% of that amount. The concentration among these two players points to a market that is still in an early phase, with a handful of platforms dominating.

Although volume in August fell back from the peak of $147 billion to $123 billion, the level remains extremely high by historical standards. In September 2026, the tally stands at $24 billion up to 8 September, but the month is not yet over.