RWA futures “overtook” crypto futures in July only in a single venue-versus-venue comparison, not across the wider derivatives market. An OKX and Token Terminal report, tracking July 1 to July 30, put trade.xyz’s RWA-contract volume at $107.6 billion against $105.7 billion of crypto-perpetual volume on Hyperliquid. CoinDesk Research’s centralised-exchange dataset for the same month put RWA perpetuals at $460 billion against $3.03 trillion of total CEX derivatives, a 15.2% share.

The OKX and Token Terminal report treated trade.xyz and Hyperliquid as category-leading onchain venues. Across nine fully collected decentralised exchanges, RWA contracts stayed below 20% of volume. The selected RWA series in the report climbed from $760 million…