CoinMeta data: Among the tracked exchanges, the monthly trading volume of RWA perpetual contracts reached $117.3 billion in August 2026, a year-on-year increase of approximately 44 times. The size of open contracts rose to $4.8 billion, nearly 30 times higher than in July 2025. Among these, on-chain trading platforms accounted for 86% of the total trading volume of RWA perpetual contracts, amounting to about $101 billion, while centralized exchanges accounted for only about $16 billion. a16z believes that the trading structure is also changing; as of August, stock-based RWA perpetual contracts accounted for 48% of the trading volume, surpassing the 28% for commodities and the 18% for indices.