a16z crypto said in an analysis released on Sept. 23 that total trading volume in real-world asset, or RWA, perpetual contracts reached $117.3 billion in August 2026. Of that amount, roughly $101 billion came from onchain venues, giving them an 86% share, while centralized exchanges handled about $16 billion. The report said centralized exchange volume was 44 times higher than a year earlier, even as onchain platforms sharply increased their share from one-third or less a year ago. Open interest stood at $4.8 billion at the end of August, up about 30 times from $161 million in July 2025. By trading volume, stocks accounted for 48%, commodities made up 28%, and indexes represented 18%, showing a shift from an earlier market structure led mainly by commodities. a16z also said Hyperliquid’s HIP-3 protocol, launched in October 2025, simplified the creation of new perpetual markets and improved shared liquidity.
ChainCatcher reported that an analysis released by a16z crypto on Sept. 23 showed total trading volume in real-world asset perpetual contracts reached $117.3 billion in August 2026.
Onchain platforms accounted for about $101 billion of that total, or 86%. Centralized exchanges recorded about $16 billion in volume, which the analysis said was 44 times higher than a year earlier. A year ago, onchain platforms represented only one-third of the market or less.
As of the end of August, open interest stood at $4.8 billion, up about 30 times from $161 million in July 2025.
By trading volume, stocks made up 48%, commodities accounted for 28%, and indexes represented 18%, marking a change from an earlier structure in which commodities had been the main driver.
a16z said Hyperliquid’s HIP-3 protocol, launched in October 2025, simplified the creation of new perpetual markets and improved liquidity sharing.
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