Real-world asset (RWA) futures volume rose 142-fold from $760 million in October 2025 to $107.6 billion in July 2026, according to a joint report by OKX and Token Terminal. July RWA volume roughly matched the $105.7 billion recorded by crypto futures, even as overall onchain derivatives activity cooled. Quarterly derivatives volume fell by more than half from its peak, while aggregate open interest dropped to a one-year low of $8.76 billion. RWA open interest moved in the opposite direction, climbing 167-fold to $1.72 billion from $10.3 million. Equity contracts accounted for 83% of RWA open interest, commodities represented 14%, and pre-IPO contracts made up most of the remaining share. The report linked the market’s shift to the Oct. 10, 2025 liquidation event, when more than $19 billion in leveraged crypto positions were liquidated across 1.6 million accounts. RWA contracts increasingly responded to developments in their underlying markets: West Texas Intermediate volume rose 149-fold within nine days of strikes on Iran, while silver trading reached $17.3 billion as prices hit a record. Equity activity also intensified around scheduled events, including a Federal Reserve interest-rate decision. Pre-IPO contracts for SpaceX and Cerebras attracted substantial positioning around their listings, illustrating how derivatives can establish prices for private companies before public trading. Tokenized stock activity expanded alongside the futures market, although most tokenized RWA value remained outside decentralized finance protocols.