OKX Says RWAs Now Top Crypto Perpetual Futures

OKX released a report, in partnership with Token Terminal, stating that RWAs [real-world assets] futures have surpassed crypto futures in trading volume. In brief, onchain perpetual futures markets for traditional assets have become as busy as onchain betting markets for crypto.

According to the write-up, the flip happened in just 9 months; before, “RWA futures were a rounding error.”

This past July, RWAs were doing  $107.6 billion a month, now eclipsing crypto futures. OKX says that RWAs are no longer a trend; today, they are the market in perpetuals. The report concludes that perpetual futures have expanded beyond crypto-native assets.

To summarize:

• Crypto contract volume stayed depressed after the October 2025 wipeout; RWA volume filled the gap.
• RWA volume followed oil, metals, memory shortages, equities, and the IPO calendar—not Bitcoin sentiment.
• Open Interest stayed large even as turnover fell, and people kept positions open even while they traded less

Futures buyers do not own the asset but a contract on the underlying asset. These trades are mostly about speculation and some hedging.