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

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 was $117.3 billion, of which on-chain platform trading volume was approximately $101 billion, accounting for 86%; centralized exchange trading volume was approximately $16 billion, a 44-fold increase compared to the same period last year. A year ago, the share of on-chain platform trading was only one-third or lower.

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