#PerpetualFutures
17 articles tagged #PerpetualFutures — curated RWA tokenization coverage.
Crypto Long & Short: Tokenized equities: the model underneath the trade
The market for tokenized equities has experienced rapid expansion, with perpetual futures volume surging from $16 billion to over $590 billion within a single year. CoinDesk analyst Joshua DeVos highlights that this headline growth masks critical structural differences between various tokenized assets. While two tokens may share the same ticker symbol, they often represent fundamentally different legal and economic rights for the holder. The distinction between tokens backed by real ownership of underlying equities versus those representing synthetic claims is essential for assessing risk and investor protection. This ambiguity creates a complex landscape for market participants who must look beyond price action to understand the underlying collateralization models. As institutional interest grows, the lack of standardization in how these assets are structured poses significant challenges for transparency and regulatory compliance. Ultimately, the long-term viability of tokenized equities depends on the industry's ability to clarify these underlying legal frameworks for investors.
Ondo Expands Perps Collateral as Tokenized Stocks Gain a Second Use
Ondo Finance has expanded the utility of its tokenized stock offerings by integrating them as eligible collateral for leveraged trading on the Ondo Perps platform. Traders can now utilize tokenized versions of Circle (CRCLon), SpaceX (SPCXon), and SanDisk (SNDKon) to support perpetual futures positions without needing to liquidate their holdings into USDC first. This development marks a significant shift in the RWA market by allowing investors to maintain market exposure to equity-linked assets while simultaneously accessing leverage. By removing the friction of selling assets to fund margin requirements, the protocol enhances capital efficiency for users engaged in decentralized derivatives trading. This integration demonstrates the growing maturity of tokenized securities, moving beyond simple ownership toward active participation in complex financial strategies. The move highlights how RWA-backed tokens are increasingly being treated as functional financial instruments within the broader DeFi ecosystem. Ultimately, this evolution signals a transition where tokenized stocks serve as foundational collateral, bridging the gap between traditional equity markets and decentralized perpetual trading.
Ondo Perps Hits $8B Cumulative Trading Volume, Signaling Growth in RWA-Backed Derivatives
Ondo Perps, a decentralized perpetual futures exchange developed by Ondo Finance, has officially surpassed $8 billion in cumulative trading volume since its 2024 launch. The platform distinguishes itself by allowing traders to use yield-bearing real-world asset (RWA) tokens, such as tokenized U.S. Treasuries, as collateral for leveraged positions. This hybrid model enables users to earn yield on their margin while maintaining exposure to digital assets, effectively bridging the gap between traditional finance and decentralized protocols. The milestone serves as a critical indicator that RWA-backed derivatives can attract significant liquidity beyond standard lending use cases. As the broader RWA market continues to expand, with total value locked exceeding $15 billion by late 2025, Ondo Finance remains a central player in institutional-grade infrastructure. The platform's growth highlights a shifting trend where traders increasingly favor stable, yield-generating collateral over volatile crypto assets. Future development plans include expanding collateral types and integrating with additional blockchain networks to increase accessibility. Ultimately, this achievement underscores the growing viability of tokenized assets within the highly active perpetual futures sector.
ONDO Price News: Ondo Expands Into Perps as Tokenized-Stock Distribution Accelerates
Ondo Finance has launched Ondo Perps, a peer-to-peer perpetual futures platform that allows users to utilize tokenized equities and commodities as collateral. This launch coincides with the introduction of the Ondo Network, an infrastructure layer utilizing trusted hardware enclaves to improve institutional trade matching speeds while maintaining settlement on public blockchains like Ethereum. Beyond product expansion, the company is scaling distribution through an integration of its tokenized stocks and ETFs into KuCoin Alpha. These developments occur against a backdrop of significant corporate instability following the death of founder Nathan Allman and subsequent legal disputes over executive control. Despite these governance challenges, the broader market for tokenized securities has surpassed $36 billion in issuance. The integration of Ondo products into major trading venues highlights the industry's shift toward mainstream financial infrastructure. Ultimately, the project remains caught between strong institutional product momentum and the uncertainty surrounding its future leadership.
Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE
Hyperliquid has experienced a surge in trading activity, with open interest reaching $11 billion and monthly perpetual futures volume hitting $178 billion in July 2026. Despite this growth, the platform's gross protocol revenue has declined for four consecutive quarters, falling from $357 million in Q3 2025 to $202 million in Q2 2026. This revenue compression is largely driven by the HIP-3 proposal, which allows third-party builders to deploy their own markets and retain up to 50% of trading fees. A significant portion of this volume is now derived from real-world asset (RWA) perps, including tokenized stocks, commodities, and pre-IPO shares, which recently surpassed bitcoin in open interest. Trade.xyz currently dominates this RWA segment, accounting for over 90% of HIP-3 open interest, creating a concentration risk that recently manifested in liquidations following a price drop in a tokenized SK Hynix contract. While the platform remains a dominant force in crypto application revenue, the shift toward builder-led markets and increased regulatory scrutiny from bodies like the MAS and CFTC present ongoing challenges. The platform's native token, HYPE, faces additional pressure from significant supply unlocks and declining buyback activity linked to the platform's shrinking net earnings.
RWA perpetual futures volume nears Bitcoin on Hyperliquid, Binance
Real-world asset (RWA) perpetual futures have reached a significant milestone, achieving trading volumes equivalent to 99.2% of Bitcoin perpetual volume on major platforms Hyperliquid and Binance. Data from Talos indicates that combined seven-day volume for these RWA-linked derivatives hit $61.7 billion, with tokenized equities and commodities driving the majority of the activity. Tokenized equity contracts represented 57.8% of this volume, while commodities accounted for 28.2%, signaling a shift in investor interest toward traditional assets traded onchain. Hyperliquid specifically recorded $25.1 billion in RWA perpetual volume for the week ending July 19, surpassing all other perpetual categories on its platform. This trend reflects a broader evolution in crypto markets, where participants are increasingly moving away from purely endogenous digital assets toward tokenized versions of stocks and commodities. Industry leaders, including Circle CEO Jeremy Allaire and ICE CEO Jeffrey Sprecher, have highlighted the importance of this transition and the need for regulatory frameworks that support 24/7 onchain trading. While RWA perpetuals currently represent about 7.5% of the broader $821.4 billion crypto derivatives market, their rapid growth suggests they are becoming a foundational component of the digital asset ecosystem.
Crypto TradFi grows fivefold to $6.6B as exchanges expand into stocks, commodities: Report
A CoinGecko study reveals that the market capitalization of tokenized traditional assets on centralized crypto exchanges surged from $1.4 billion in January 2025 to $6.6 billion by June 2026. This nearly fivefold growth highlights a strategic shift as exchanges like Binance, OKX, Bybit, Bitget, Gate, and MEXC diversify beyond native digital assets to include tokenized stocks, commodities, and precious metals. While tokenized precious metals initially fueled early market expansion, US equity perpetual futures have since become the dominant driver of trading volume and open interest. The report indicates that derivatives account for the vast majority of activity, as traders favor leveraged products and exchanges avoid the complexities of custodying underlying assets. This trend reflects intensifying competition from both decentralized exchanges and traditional brokerages like Robinhood that are increasingly integrating digital asset offerings. The convergence of these sectors underscores a broader institutional movement toward blockchain-based financial infrastructure. Ultimately, this growth signals a significant blurring of lines between traditional finance and crypto-native platforms as they compete for market share in the evolving RWA landscape.
Inside the CME and CFTC’s battle over onchain perpetual futures
The CME Group has initiated a lawsuit against the Commodity Futures Trading Commission (CFTC) and its chairman, Mike Selig, challenging the regulator's decision to permit blockchain-based perpetual futures on platforms like Kalshi and Coinbase. CME argues that these perpetual products, which lack expiration dates, are mislabeled and should be classified as swaps, thereby subjecting them to different regulatory and margin requirements. This legal battle highlights a significant tension between a traditional market incumbent and a regulator attempting to foster a more open, on-chain derivatives landscape. The conflict intensified after the CFTC blocked CME’s own proposal for 24/7 crude oil futures, leading to accusations that the agency is failing to provide a level playing field. With the global perpetual futures market reaching $60 trillion in volume, the outcome of this case could fundamentally reshape U.S. financial policy regarding decentralized finance and on-chain assets. The situation is further complicated by the fact that Chairman Selig is currently the sole member of the commission, effectively bypassing the traditional multi-member consensus process. Industry analysts suggest that the legal distinction between futures and swaps will be central to the court's decision, potentially impacting how future on-chain financial products are structured and regulated.
Ondo Enables Tokenized Stock Collateral on OndoPerps
Ondo Finance has integrated its tokenized stock products, specifically $SPYon and QQQon, as collateral on the perpetual futures platform OndoPerps. These tokens represent economic exposure to S&P 500 and Nasdaq-100 ETFs and are issued by Ondo Global Markets (BVI) Limited. By allowing traders to use these tokenized assets as margin, the platform eliminates the need to liquidate holdings or convert to stablecoins to maintain positions. The integration currently features an initial $100,000 notional cap per asset, with plans for future expansion of both the cap and the range of eligible collateral. OndoPerps, which reports over $3.8 billion in cumulative trading volume, offers up to 20x leverage for users outside of restricted jurisdictions. This development marks a strategic shift for Ondo, moving its tokenized equity catalog from simple mint-and-redeem functionality into active margin use cases. The move is framed by the company as the foundation for a broader prime brokerage layer within the Ondo ecosystem. However, the platform remains restricted for U.S. persons, and the underlying tokens and futures contracts are not registered under the U.S. Securities Act of 1933.
Public equities lead growth as RWA tokenization takes off on crypto exchanges
Public equities have emerged as the dominant force in the Real World Asset (RWA) market, currently accounting for 46% of the sector with over $2 billion in open interest as of July 2026. Daily trading volumes for these tokenized assets have surpassed $2.4 billion, driven largely by retail and whale-sized traders seeking leveraged, permissionless access to popular stocks. Platforms like Hyperliquid, Solana, and the Robinhood Chain have seen significant adoption, while centralized exchanges like Kraken and Bybit are expanding their offerings to include hundreds of US-based stocks and ETFs. The total number of RWA holders has surged by 30% in the last month, reaching 1.2 million wallets. Despite this growth, the market remains largely unregulated, raising ongoing questions regarding jurisdiction, custody, and ownership rights. Currently, equity perpetual futures have overtaken traditional commodities like gold and oil as the most active contracts on platforms like HIP-3. This shift highlights a broader trend where tokenization is primarily serving as a vehicle for high-frequency trading rather than for less liquid asset classes.
Tokenized Stock Demand Drives Monthly RWA Perpetual Futures Volume Above $470 Billion
Monthly trading volume for real-world asset (RWA) perpetual futures surged to over $470 billion in June, representing a fivefold increase from the $85 billion recorded in January. This growth was primarily fueled by a sevenfold rise in tokenized stock perpetual futures, with high demand for pre-IPO shares like SpaceX and semiconductor stocks such as Micron, Intel, and SK Hynix. These instruments provide investors with 24/7 global access and leverage, bypassing the restricted trading hours and rigorous KYC requirements typical of traditional brokerage platforms. Binance, Hyperliquid, and OKX currently dominate the sector, collectively capturing over 80% of the total market share. Binance maintains a leading position with approximately 50% of the volume, highlighting the concentration of liquidity on major centralized and decentralized exchanges. This trend underscores a significant shift in how market participants seek exposure to traditional equities through blockchain-based derivatives. The rapid expansion of this market segment demonstrates a growing appetite for synthetic RWA products that offer greater flexibility than their underlying traditional counterparts.
Hyperliquid shows how onchain perps could challenge Wall Street: Pantera
Pantera Capital reports that perpetual futures are evolving into a dominant global financial instrument, with the Hyperliquid blockchain infrastructure leading the transition of traditional assets like equities and commodities onto decentralized rails. By offering 24/7 trading, continuous price discovery, and simplified position management, Hyperliquid is challenging the structural limitations of traditional derivatives markets. The platform currently captures approximately 40% of all onchain perpetual futures volume, marking a significant shift as decentralized exchange volumes have climbed to 14% of centralized exchange levels from under 1% in early 2023. This growth has attracted the attention of major traditional finance players, including Intercontinental Exchange (ICE), whose leadership is actively engaging regulators to establish a level playing field for onchain perpetual contracts. Hyperliquid has solidified its market position by generating $13.5 million in weekly fees, ranking it as the fourth-largest fee-generating protocol in the crypto industry. This trend reflects a broader institutional movement toward tokenizing traditional investment products to enable instant settlement and continuous market access. The integration of these assets into blockchain wrappers signals a potential tectonic shift in how global financial markets operate, moving away from legacy settlement cycles toward always-on, onchain infrastructure.
Ondo Perps Pushes Tokenized Stocks Into 20x Leveraged Trading
Tokenized stocks have evolved beyond experimental status, reaching a total market value of nearly $1.08 billion with monthly transfer volumes hitting $2.10 billion. Ondo Finance currently dominates this sector, commanding a 43.61% market share with 405 distinct tokenized stock assets valued at approximately $870 million. The recent introduction of 20x leveraged perpetual futures for tokenized stocks marks a significant expansion in the utility of these assets, moving them closer to the functionality of traditional equity markets. This development signals a shift toward more sophisticated financial instruments within the blockchain ecosystem, allowing for higher capital efficiency. By bridging traditional equity exposure with decentralized finance mechanics, Ondo is setting a new standard for how real-world assets are traded on-chain. The growth in both total value and trading volume underscores increasing institutional and retail appetite for tokenized financial products. This trend highlights the maturation of the RWA sector as it begins to replicate complex trading strategies previously reserved for centralized exchanges.
EToro invests in onchain derivatives platform Extended as brokers race into DeFi
Digital broker eToro has led a $12.5 million funding round for Extended, an onchain perpetual futures exchange founded by former Revolut employees. This strategic investment, which also included participation from Jump Crypto and Alber Blanc, signals eToro's intent to integrate decentralized finance capabilities into its broader ecosystem. The company plans to embed Extended's perpetual futures engine directly into its recently acquired Zengo self-custody wallet, allowing users to trade derivatives while maintaining asset control. This move reflects a wider industry trend where traditional digital brokerages are racing to build blockchain-based infrastructure to meet user demand for 24/7 trading. Extended has already processed over $245 billion in trading volume and supports more than 100 perpetual markets, with future plans to expand into tokenized real-world assets. As competitors like Robinhood and Coinbase also pivot toward onchain derivatives and tokenized assets, the distinction between traditional brokerages and crypto-native exchanges is rapidly fading. This convergence highlights the shift toward an 'everything exchange' model where capital markets and digital asset infrastructure become increasingly intertwined.
Coinbase launches pre
Coinbase has launched pre-IPO markets for non-US users, beginning with perpetual futures contracts tied to the valuation of SpaceX. These USDC-settled contracts allow 24/7 trading without expiry, enabling retail investors to gain exposure to private companies that were previously restricted to venture capital and institutional players. Upon a company's eventual public listing, these positions automatically transition into post-IPO perpetual futures. This move highlights a broader industry trend among major exchanges like Kraken, Binance, and Bitget to offer synthetic or tokenized access to private market assets. The initiative reflects growing demand for fractionalized exposure to illiquid assets, a sector currently experiencing significant expansion within the broader RWA market. With the RWA market reaching $51 billion, such products aim to bridge the gap between traditional private equity and crypto-native trading platforms. By targeting high-profile firms like SpaceX, which holds valuations reaching $1.75 trillion, Coinbase is positioning itself to capture market share in the increasingly competitive landscape of private market derivatives.
Ondo Finance Perps Go Live as TON Community Votes to Rebrand to GRAM
Ondo Finance has launched perpetual futures markets, marking a significant expansion of its on-chain derivatives infrastructure beyond passive yield-bearing products. By introducing perpetual contracts, the platform enables active risk management, leverage, and hedging capabilities for users interacting with its real-world asset ecosystem. This development signifies a shift toward a full-stack financial layer, aiming to increase capital efficiency and attract professional market makers to the protocol. Simultaneously, the TON community has voted to rebrand its native token to GRAM, seeking to reclaim the network's historical identity linked to Telegram's early blockchain ambitions. While Ondo’s move focuses on structural financial engineering to bridge traditional instruments with decentralized liquidity, the TON rebranding highlights the critical role of narrative and brand memory in competitive Layer 1 markets. Both developments illustrate the dual maturation of the crypto sector, where technical sophistication and community-driven identity shape market value. These parallel events underscore how digital asset ecosystems are evolving to balance complex financial primitives with the need for strong, recognizable branding to sustain long-term growth.
Ondo Finance prepares RWA perpetual contracts platform as CFTC greenlights first US perp listing
Ondo Finance is preparing to launch Ondo Perps, a platform enabling non-U.S. users to trade perpetual futures on U.S.-listed equities, ETFs, and commodities with up to 20x leverage. This initiative follows the CFTC’s May 29 approval of Kalshi’s bitcoin perpetual contract, which signals a potential shift in the regulatory landscape for perpetual derivatives. Ondo, which currently holds approximately 60% of the tokenized equity market with $3.5 billion in TVL, aims to differentiate its platform by allowing users to utilize tokenized securities as collateral. This unique collateral structure enables cross-collateralization between tokenized stocks, Treasuries, and other real-world assets within a unified blockchain framework. The launch marks a significant strategic move under new CEO Ian De Bode, who assumed leadership following the unexpected passing of founder Nathan Allman. By integrating tokenized assets directly into a perpetual trading environment, Ondo seeks to bridge the gap between traditional prime brokerage services and crypto-native exchanges. While the platform currently operates outside U.S. jurisdiction, the evolving regulatory guidance suggests a potential pathway for future expansion. The success of this product will be a critical test for the company as it navigates both a leadership transition and a complex, case-by-case regulatory environment for perpetual contracts.