Perpetual contracts on tokenized assets explode on Hyperliquid and Binance

The tokenized asset markets reach a new milestone with a strong increase in trading volumes. Perpetual contracts backed by stocks and commodities now compete with Bitcoin-related products on Hyperliquid and Binance. This evolution illustrates a gradual diversification of trading on specialized platforms. The latest data also show that this momentum continues, driven by growing demand for continuously accessible trading instruments.

In brief

• Perpetual contracts on tokenized assets generated $61.7 billion in volume in one week.
• Tokenized stocks represent nearly 58% of trades, ahead of commodities.
• Hyperliquid records RWA volume higher than all its other categories of perpetual contracts combined.
• Early figures for the week show that RWA contracts now exceed Bitcoin perpetual contract volume.

Tokenized asset perpetuals challenge Bitcoin as a new trading powerhouse

Perpetual contracts backed by real-world assets (RWA) now report volume close to that of Bitcoin contracts on Hyperliquid and Binance. Data from Talos, reported by Cointelegraph, show these products quickly gaining ground, illustrating a shift in activity on the two main specialized platforms.

Here are the key figures released by Talos that illustrate the scale of this progression:

• $61.7 billion cumulative volume over seven days for RWA perpetual contracts, or 99.2% of Bitcoin perpetual contract volume on Hyperliquid and Binance.
• 57.8% of trades involve tokenized stocks.
• 28.2% are linked to tokenized commodities.
• $36.8 billion value for real-world on-chain tokenized assets, excluding stablecoins.

Tokenized stocks dominate trades, ahead of commodities. Meanwhile, platforms are gradually enriching their offerings by adding more real-world tokenized assets alongside traditional cryptocurrencies.

On Hyperliquid, RWA perpetual contracts generated $25.1 billion in volume between July 13 and 19 according to Blockworks data. This result surpasses the combined volume of all other categories of derivatives offered on the platform. This growth highlights increasing investor interest in these new financial instruments.

Hyperliquid confirms the unstoppable momentum behind tokenized perpetuals

Early figures for the current week show that this trend is not slowing down. The volume of RWA perpetual contracts already reaches $37.2 billion. This amount now exceeds Bitcoin contracts by about 9%, according to the Talos dashboard.

Tokenized stocks account for $22.8 billion of this volume. Commodities follow with $9.1 billion, while indices reach $4.2 billion. ETFs contribute approximately $338 million. Forex operations, pre-IPO contracts, and other weighted assets complete the remainder of observed trades.

Jeremy Allaire, co-founder and CEO of Circle, said in an article published on X a few days ago that “this progress reflects an evolution of crypto markets.” According to him, the growth of RWA trading on Hyperliquid shows a gradual shift of activity towards tokenized assets linked to the real economy. This evolution accompanies the ongoing expansion of the offerings provided by platforms.

Markets turn their attention to the explosive potential of tokenized products

At the beginning of July, Pantera Capital indicated that perpetual contracts could be established beyond cryptocurrencies. The fund highlights several features, including 24/7 trading availability, no position expiration, simplified management, and continuous price formation. These elements strengthen the interest of many players in this category of products.

Hyperliquid’s growth also attracts traditional finance attention. Jeffrey Sprecher, CEO of Intercontinental Exchange, calls on authorities to establish fair competition conditions for perpetual contracts continuously available on blockchain. He considers that current structures must not hinder the development of these new markets.

Despite this acceleration, RWA perpetual contracts still represent a limited share of all crypto derivatives. Talos estimates total futures volume at about $821.4 billion over the last seven days. The followed RWA products thus represent nearly 7.5% of this market, leaving significant room for growth.

If this momentum is confirmed in the coming weeks, perpetual contracts backed by tokenized assets could continue gaining ground against products centered on Bitcoin. The evolution of volumes on Hyperliquid and Binance will measure if this diversification sustainably joins investors’ trading habits.