Real World Asset Futures Volume Surges to $107.6 Billion

The expansion of RWA-linked contracts comes as the broader onchain derivatives market faces a downturn, with quarterly volume halving from its previous peak. While crypto futures open interest contracted to $7.1 billion, RWA open interest surged 167-fold to $1.72 billion. According to a joint report from OKX and Token Terminal, this divergence began following the October 2025 crypto market selloff, which saw over $19 billion in leveraged positions liquidated.

Equities now dominate the landscape, accounting for 83% of RWA open interest, while commodities have shown high sensitivity to external geopolitical and economic triggers. For instance, trading volume in onchain West Texas Intermediate contracts spiked 149-fold within nine days of the February strikes on Iran. Similarly, pre-IPO contracts for companies such as SpaceX and Cerebras have gained traction, allowing traders to speculate on valuations before official public listings. Institutional participants appear to be driving this shift, maintaining significantly larger position sizes and longer holding periods compared to their retail counterparts, who remain tethered to short-term volatility.