On-chain trading accounted for 86% of volume, RWA perpetual contract trading volume reached $117.3 billion in August

Odaily report: An analysis published by a16z crypto on September 23 shows that the total trading volume of real-world asset perpetual contracts in August 2026 was $117.3 billion, of which on-chain platforms accounted for approximately $101 billion, or 86%; centralized exchange trading volume was approximately $16 billion, a 44-fold 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, expanding approximately 30-fold from $161 million in July 2025. By trading volume, equities accounted for 48%, commodities 28%, and indices 18%, marking a shift in trading composition from the previous commodity-dominated structure. a16z stated that Hyperliquid's HIP-3 protocol, launched in October 2025, simplified the creation of new perpetual markets and enhanced liquidity sharing.