Trading in RWA perpetual futures tied to stocks, gold and other traditional assets reached $117.3 billion in August 2026, up 44-fold from a year earlier, a16z crypto reported. On-chain venues handled about $101 billion, or 86%, of the monthly total, versus roughly $16 billion on centralized exchanges. Open interest stood at $4.8 billion, nearly 30 times the $161 million recorded in July 2025. Equities accounted for 48% of August volume, overtaking commodities, which represented 28%; indices made up 18%. The expansion of on-chain activity followed Hyperliquid's October 2025 HIP-3 launch, which enabled builders to deploy perpetual markets using its shared infrastructure.