On-chain trading accounts for 86% of volume, RWA perpetual contracts hit $117.3 billion in August trading volume

Odaily reports: An analysis published by a16z crypto on September 23 shows that the total trading volume of real-world asset perpetual contracts in August 2026 reached $117.3 billion, of which on-chain platforms accounted for approximately $101 billion, or 86%; centralized exchanges accounted for approximately $16 billion, a 44x increase compared to the same period last year. A year ago, on-chain platforms accounted for only one-third or less of trading volume.

As of the end of August, open interest stood at $4.8 billion, roughly 30 times larger than the $161 million recorded in July 2025. By trading volume, equities accounted for 48%, commodities 28%, and indices 18%, marking a shift from the previous structure dominated by commodities. a16z stated that Hyperliquid's HIP-3 protocol, launched in October 2025, simplified the creation of new perpetual markets and enhanced liquidity sharing.