Real‑World Asset Futures Volume Matches Crypto Futures at $107.6 B

Real‑world asset (RWA) futures have surged to $107.6 billion in monthly trading volume, bringing the market level with crypto futures, which recorded $105.7 billion in the same month.

Rapid Growth in RWA Futures

According to a joint report from OKX and Token Terminal, RWA futures volume increased 142‑fold from $760 million in October 2025 to $107.6 billion in July 2026. Open interest in RWA contracts climbed 167‑fold to $1.72 billion, while crypto futures open interest fell to $7.1 billion.

Asset Composition

• Equity contracts accounted for 83 % of RWA open interest.
• Commodities (oil, silver) represented about 14 % of open interest.
• Pre‑IPO contracts for private companies such as SpaceX and Cerebras made up the remainder.

Commodity‑Driven Activity

Oil‑linked contracts spiked 149‑fold to $1.69 billion within nine days after Iran strikes on Feb. 28, while Bitcoin volume stayed flat. Silver contracts hit a record $17.3 billion in February as the metal reached a price high, then declined as prices eased.

Pre‑IPO Contracts Create New Markets

SpaceX’s pre‑IPO contract peaked at $976 million in open interest on June 11, with $10.9 billion of monthly volume in the following three months. Cerebras contracts saw open interest triple to $28.5 million around its May 14 listing.

Trader Behavior

Retail traders dominated volatile markets such as silver, taking larger short positions during price peaks. Institutional accounts held larger positions for longer periods, especially in pre‑IPO contracts.

Derivatives Landscape

Overall on‑chain derivatives volume fell by more than half from its peak, and open interest dropped to a one‑year low of $8.76 billion. In contrast, RWA derivatives expanded, increasing their share of a weakening market.

Tokenized RWA Use in DeFi

Only $3.79 billion of the $34.6 billion tokenized RWA market had been deployed in decentralized finance protocols, leaving roughly 89 % of issued value outside DeFi applications.