On-chain analytics firm Glassnode and asset manager Fasanara Digital, in a quarterly report, have revealed the rapid expansion of trading in perpetual futures referencing real-world assets (RWA) such as stocks, gold and crude oil. Monthly volume across six major exchanges including Binance, OKX and Hyperliquid swelled from $23.5 billion in November 2025 to $778 billion in August 2026, a 33-fold increase in less than 10 months.

RWA products’ share of total perpetual futures trading also jumped from 0.5% to 23.5% over the same period. While part of the apparent gain reflects a 49% decline in crypto’s own volume during the period, the share still reaches 13.5% when crypto trading volume is held at its November 2025 level. The report…