DWF Ventures Says Tokenized RWA Perpetual Futures Volume More Than Doubled in Four Months

The market for perpetual futures tied to tokenized real-world assets, or RWAs, is expanding rapidly, according to a DWF Ventures report. Trading volumes have climbed as investors seek ways to bet on U.S. stocks and commodities over the weekend.

DWF Ventures said July 30 that tokenized RWA perpetual futures have made up a steadily increasing share of trading since March. In July, they at one point accounted for 37% of total perpetual futures volume across the digital-asset market. That was more than double the level from four months earlier. The firm said the market did not exist six months ago.

The report cited weekend trading and demand for exposure to private companies as key drivers of the market's rapid growth. Through tokenized RWA perpetual futures, investors can trade price moves in major U.S. names such as Tesla and Nvidia, as well as physical assets including gold and crude oil, even when U.S. stock markets are closed on weekends. The products are also proving useful in forming market prices for private companies such as SpaceX, OpenAI and Anthropic before any public listing.

Growth was especially pronounced on decentralized exchanges, or DEXs. By cumulative trading volume, Hyperliquid-based platform TradeXYZ ranked first by a wide margin at $350.7 billion. It was followed by Binance at $42.1 billion, Bybit at $35.2 billion, Gate.io at $19.4 billion and OKX at $9.2 billion.

DWF Ventures said competition among exchanges to develop backend infrastructure will intensify. The report said market competitiveness will be determined by backend capabilities including liquidity, speed in listing new markets, pricing infrastructure, and regulatory approvals and licenses. Incentives may help platforms attract early users, but over time liquidity will concentrate on venues offering the most efficient trading environment.