RWA futures led only in a limited venue sample in July

An analysis produced by OKX and Token Terminal that covered July 1–30 found $107.6 billion of RWA futures volume on trade.xyz and $105.7 billion of crypto futures volume on Hyperliquid. The report treated those two platforms as category-leading venues and compared their July activity.

Within the report’s selected series, RWA-contract volume on trade.xyz rose from $760 million in October 2025 to $107.6 billion in July. Reported open interest for the chosen RWA contracts increased from $16.1 million to $1.72 billion over the same period. The July comparison reflects activity inside the specific platforms and time window the authors measured.

Separate exchange datasets that covered a wider set of venues produced different totals for July. A centralized-exchange dataset recorded roughly $460 billion of RWA perpetual volume against $3.03 trillion of total derivatives on centralized exchanges, which corresponds to about 15.2% when the two figures are compared. A multi-venue dataset that combined centralized and decentralized venues measured $792.2 billion of RWA-perpetual volume across 19 platforms in July.

A decentralized-exchange breakdown illustrates how venue inclusion alters results. Across nine fully collected DEXs in one dataset, RWA contracts accounted for under 20% of volume. When an additional venue group labeled HIP-3 was added, the measured RWA share rose above 50% on July 8. The dataset showed HIP-3 activity was more than 99% RWA while some large crypto books, including Hyperliquid’s main crypto market, were not included in that denominator.

The report’s internal labels for fold-change contain inconsistencies, so the underlying start and end figures are the most direct indicators of growth in the selected series. Analysts point to four variables that change headline outcomes: which venues are included, whether analyses cover centralized or decentralized exchanges, how contracts are classified as RWA versus crypto, and the time window used for measurement.

The three datasets show that RWA perpetual and futures activity reached hundreds of billions of dollars in July on a range of exchanges and venues. The OKX/Token Terminal comparison documents a crossover inside a specific onchain sample for July 1–30; broader venue sets and different denominators produce different aggregate shares.