RWA perps monthly volume hits $117.3B, up 44x year over year
- —RWA perp volume reached $117.3 billion in August 2026, a 44x jump year over year
- —Onchain venues captured 86% of volume ($101 billion), up from roughly one-third before Hyperliquid's October 2025 upgrade
- —Open interest climbed to $4.8 billion from $161 million in July 2025, roughly 30x growth
- —Equities took 48% of volume, commodities fell to 28% and indices accounted for 18%
Why it matters: The shift to 86% onchain share shows decentralized venues are pulling volume from centralized exchanges, though the market's heavy reliance on Hyperliquid concentrates risk in a few platforms.
Source: Crypto Briefing