a16z crypto said in an analysis published on Sept. 23 that 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 figure, or 86% of the total, while centralized exchanges handled roughly $16 billion. The firm said CEX volume was 44 times higher than a year earlier, even as onchain venues expanded their share sharply from one-third or less a year ago.
The report also pointed to continued growth in open interest. As of the end of August, open interest stood at $4.8 billion, compared with $161 million in July 2025, an increase of about 30 times. By trading volume, stocks made up 48%, commodities 28%, and indices 18%, showing a shift away from an earlier structure dominated by commodities. a16z added that Hyperliquid’s HIP-3 protocol, launched in October 2025, simplified the creation of new perpetual markets and improved liquidity sharing.
Odaily 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.
Of that total, onchain platforms processed about $101 billion, representing 86% of overall volume. Centralized exchanges handled about $16 billion, which a16z said was 44 times higher than a year earlier. A year ago, onchain platforms accounted for only one-third of volume or less.
By the end of August, open interest in the segment had climbed to $4.8 billion, up from $161 million in July 2025, or about 30 times larger.
Measured by trading volume, stocks accounted for 48%, commodities 28%, and indices 18%. The mix marked a change from an earlier structure in which commodities had dominated.
a16z also 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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