ChainThink report, according to CoinGecko data, RWA perpetual contract trading volume reached $52.479 billion in Q1 2026, with projections indicating it could more than double compared to the full-year 2025 total of $31.302 billion.

This figure has seen sequential growth for four consecutive quarters, with RWA perpetual contract trading volume rising from $2.974 billion in Q1 2025 to $6.741 billion in Q2, $7.700 billion in Q3, and $13.887 billion in Q4.

As of July 2025, commodities accounted for the entirety of RWA perpetual contract trading volume, with monthly share fluctuating between 69.7% and 95.3% over the past six months.

Meanwhile, other asset class perpetual contracts have gained traction: equity perpetual contract market share rose from 0.4% in August 2025 to 6.0% by March 2026;

ETF perpetual contract share increased from 2.8% in October 2025 to 5.3% by March 2026, with most growth driven by SPY trading volume.

The HIP-3 product on Hyperliquid platform captured a market share of RWA perpetual contract monthly trading volume that grew from 2.8% at launch in October 2025 to 28.6% by March 2026.

Its trading volume surged from $12.65 billion in Q4 2025 to $130.87 billion in Q1 2026. The daily open interest value for RWA perpetual contracts climbed from $140 million on January 1 to $668 million on March 31.

In Q1 2026, the average daily open interest value reached $4.82 billion, more than five times the 2025 average of $850 million.