On-Chain RWA-Based Perpetual Futures Volume Grew Approximately 120x

On-chain real-world asset-based perpetual futures trading volume has increased approximately 120 times in less than a year, reaching $123 billion.

Perpetual futures based on real-world assets (RWA) are becoming a major trading segment on-chain. According to Castle Labs data reported by Wu Blockchain, volume rose from $0.8 billion in October 2025 to $123 billion in August 2026.

Monthly volume remained above $100 billion during the June-August 2026 period. It peaked in July at $147 billion, the highest level in the series.

RWA trades took a significant share of on-chain volume

The share of RWA perpetual futures in total on-chain perpetual futures volume hovered between 12% and 13% for most months. In July, this rate reached approximately 20%.

According to an September 8 chart from Castle Labs based on DefiLlama data, monthly volume grew from $22 billion in January 2026 to $118 billion in June 2026.

The current open interest in RWA perpetual futures stands at approximately $4.9 billion. About 90% of these positions are concentrated on TradeXYZ and Variational. Thus, despite high trading volume, the majority of open interest is concentrated on these two platforms.