CoinMeta data: Recent figures show that the total open interest of perpetual contracts on the five major trading venues has decreased from $81 billion last year to approximately $67 billion. However, the open interest of contracts related to real assets ( RWA ) has grown from almost zero to $9 billion, accounting for 14% of the total open interest on these venues. This reflects a broader structural shift in the derivatives market, with an increasing number of crypto-native trading infrastructures being used to take on exposures to traditional financial assets.