On-chain real-world asset perpetuals volume doubles fast

DWF Ventures has published research on the growth of on-chain real-world asset perpetuals markets. The report says the segment's share of daily on-chain perpetuals volume peaked at 37% after doubling in four months.

The findings come as regulated and centralised venues expand their exposure to products linked to equities, commodities and private companies through perpetual contracts, a market structure more commonly associated with crypto trading.

The research describes a market that has grown quickly but remains much smaller than established futures and crypto perpetuals markets. Real-world asset perpetuals are still 30 to 60 times smaller than crypto perpetuals and CME equity futures, despite rapid growth in recent months.

According to the analysis, two use cases have emerged most clearly so far: weekend trading exposure and pre-IPO price discovery. Traders are using perpetual contracts to take positions when traditional exchanges are closed and to gain synthetic exposure to private companies before any public listing.

Activity has been concentrated on on-chain venues, with the report identifying TradeXYZ on Hyperliquid's HIP-3 framework as an early leader. Centralised exchanges have also begun entering the market, with major platforms offering round-the-clock or near round-the-clock access to tokenised equities and pre-IPO contracts.

Volume and open interest on centralised exchanges remain low relative to leading on-chain venues, according to the research. It also points to a higher churn rate on centralised platforms, which may indicate a less stable user base.

Liquidity race

A central argument in the report is that the competitive battle will be decided less by consumer-facing apps than by the market structure behind them. It identifies four areas likely to determine the winners: liquidity, speed of launching new markets, pricing infrastructure and regulatory positioning.

On liquidity, the research argues that on-chain venues have an advantage in launching new markets because trading can be routed through liquidity pools rather than relying solely on market makers. That approach can help newer or less liquid contracts gain traction more quickly.

One example is GMTrade, which uses per-market vaults where users deposit into a pool tied to a single trading pair and act as the counterparty to traders. Such models could widen participation beyond active traders by attracting users seeking yield.

Listing speed is another area where on-chain venues are seen as stronger. Launching products tied to private companies or other hard-to-price assets can be difficult on traditional venues because those assets often lack established references and sit in uncertain regulatory territory.

Hyperliquid's HIP-3 model attempts to screen listings through a staking requirement. Deployers must stake 500,000 HYPE to launch a market and receive half the fees, a structure intended to reward early and popular listings.

Pricing risks

Even as the market grows, pricing remains a weak point. The report says users face risks from centralised or thinly sourced oracles, especially when markets remain open over weekends and must reflect off-chain developments before traditional exchanges reopen.

It points to a sharp move in Ventuals' SpaceX market as an example of what can go wrong. In that incident, the SpaceX-linked contract fell 45% in 30 minutes, liquidating 405 users across 1,393 positions for USD $1.51 million after a private market data provider mishandled a five-for-one stock split.

Such events can damage trust in both the venue and the product. The report argues that better data feeds and more credible pricing systems will be essential if the market is to support a broader range of assets.

Established oracle groups have already moved into that gap. Chainlink has extended data streams to tokenised US stocks, while Pyth has introduced round-the-clock indices for equities, metals and oil, according to the research.

The report also highlights newer categories, including contracts linked to computing resources such as GPU and CPU pricing. It cites Ornn's Compute Price Index, developed with Intercontinental Exchange, as a sign that pricing benchmarks for non-traditional assets are beginning to emerge.

Regulatory shift

Regulation is another factor that could alter the market's shape. The research says a policy framework from the US Commodity Futures Trading Commission covering perpetual contract listings, including continuous trading, clearing and settlement, has opened a possible path for domestic regulated products.

That shift matters because regulated exchanges and brokerages are increasingly competing for the same trading flow as on-chain venues. Traditional market operators have also extended trading hours, reflecting demand for products that track assets almost continuously rather than only during limited exchange sessions.

The report concludes that on-chain markets are likely to remain the main testing ground for new contract designs and price discovery, while centralised exchanges and brokerages serve as distribution channels. The strongest businesses, it argues, will be those that solve the underlying questions of liquidity, market creation, pricing and compliance as traders seek access to a wider range of assets through perpetual contracts.