Real-world asset perpetual contracts generated $117.3 billion in trading volume in August 2026, according to an analysis released by a16z crypto on Sept. 23. Onchain platforms handled about $101 billion, or 86%, while centralized exchanges processed roughly $16 billion, 44 times the centralized-exchange volume recorded a year earlier. Open interest reached $4.8 billion at the end of August, compared with $161 million in July 2025, an increase of about 30 times. In related market data, Hyperliquid’s share of global perpetual-contract open interest rose from 8% in early June to a record 11.4% on Sept. 27, according to HypeFlows and reported by Odaily星球日报. Stocks represented 48% of real-world asset perpetual volume, commodities 28%, and indexes 18%, while a16z said Hyperliquid’s HIP-3 protocol helped simplify new market creation and improve liquidity sharing.