KORU perpetual futures generated $24.06 billion, or about 33 trillion won, across 12 offshore venues from Aug. 1 through Aug. 24, according to an analysis commissioned by The Seoul Economic Daily from Web3 research firm Tiger Research. The total was 2.69 times the $8.95 billion traded in the U.S.-listed KORU ETF. KORU tracks three times the daily return of the MSCI Korea 25/50 Index, while perpetual futures let traders speculate on its price around the clock using stablecoins as margin without holding the ETF. Turnover rose from about $1.9 billion in June, or 9% of ETF trading, to $33.97 billion in July and $24.06 billion through Aug. 24, as ETF turnover reached $17.62 billion in July and $8.95 billion over the latest period. Offshore perpetual futures on Korean assets including Samsung Electronics and SK Hynix totaled about 307 trillion won in notional value from February through August, although the figure includes leveraged repeat trading and does not represent capital flows or trading by Korean investors. The expanding market offers continuous trading and could affect how global demand and price signals reach South Korea. Liquidity has also deepened, with SK Hynix perpetual futures reaching 46% of domestic spot turnover through the latest cutoff and $1 million trades on Binance and Hyperliquid recording slippage of 7.03 to 11.94 basis points over the preceding 15 days. Tokenized U.S. Treasury products are increasingly used as collateral, while U.S. regulators have begun bringing offshore-style perpetual futures into regulated markets. South Korea has not yet set rules or a timetable for corporate virtual-asset trading or on-chain derivatives, even as tokenized-securities legislation is scheduled to take effect next February.