Onchain real-world asset (RWA) perpetual trading volume exceeded $120 billion, rising approximately 120 times from less than $1 billion in October 2025, according to Castle Labs. Monthly volume remained above $100 billion from June, and RWA perpetuals represented about 20% of total onchain perpetual volume at one point in July. A newer update reported that RWA perpetual open interest grew from zero to $2 billion, while an earlier Castle Labs report put open interest at approximately $4.9 billion. Gold and equities accounted for 51% of Hyperliquid volume in July, with perpetuals representing 97% of trading in those synthetic asset categories.