Public equities are the single largest segment of the real-world-asset perpetuals market, accounting for $2.0B in open interest (46% of the total) and $2.2B in 24-hour trading volume, according to RWA market data tracked by CryptoRank.
Why it matters
The composition tells a sharper story than the headline number. Traders are not using RWA perpetuals to spread leveraged exposure across a broad menu of tokenized assets; they are concentrating it on stocks. Equities alone now represent nearly half of all open interest in the segment, with 24-hour turnover running above the level implied by that share, suggesting active rotation rather than passive holding.
Market impact
The skew frames how DeFi derivatives are actually being used: as a leveraged equities rail, not as a general-purpose RWA venue. That has implications for liquidity depth in non-equity RWA perps (commodities, FX, index books), where the residual open interest is now thinner by comparison, and for how protocols competing in the RWA derivatives niche will need to differentiate.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAJDBmpfPYN6js3kEBcoftsgmWiXu-LuAAI6GmsbLbgBS0SFCoMvXcZ6AQADAgADeQADPQQ)
Frequently asked questions
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What share of the RWA perps market do public equities hold?
Public equities account for $2.0B in open interest, or 46% of the total RWA perpetuals market, and $2.2B in 24-hour trading volume.
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Are traders using RWA perps for a broad mix of tokenized assets?
No. The data shows concentration on stocks rather than diversification across the RWA menu, with equities taking nearly half of all segment open interest.
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What other asset classes compete in RWA perpetuals?
Commodities, FX, and index books make up the rest of the RWA perps segment, but none approaches equities' share of open interest or turnover.
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How does this shape the RWA derivatives niche?
Protocols competing in RWA perps face a market where the dominant use case is leveraged equities exposure, pressuring non-equity books to differentiate on liquidity, oracle quality, or asset coverage.
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Why does the equities tilt matter for DeFi liquidity?
Concentrating open interest in stocks leaves thinner residual liquidity in non-equity RWA perps, which affects pricing, slippage, and how protocols can grow beyond the equity use case.
TheBlock
Lookonchain
CoinDesk
CryptoSlate
WuBlockchain