RWA spot DEX volume fell 38.9% in October, dropping from $24.6B to $15B despite record trading volume in on-chain RWA perpetuals. The divergence points to contrasting activity across spot and derivatives markets.
Why it matters
Tokenized stocks generated $10.9B, or approximately 72% of total RWA spot DEX volume. That makes activity in tokenized equities the dominant force behind the monthly spot figure.
Market impact
Trading was concentrated in NVDA, SPCX, BNC and AAPL, which together represented nearly half of tokenized stock volume. Record perps activity alongside weaker spot turnover shows that the two RWA markets can move in different directions; the October figures do not indicate a broad rise in spot demand.
Source: [source](https://webappcsdfedsssd.controller.bot/media/files/8336652911/AgACAgIAAxkBAAJaC2rp2Rc4qz7M7fT3lsX4HBvtAwYEAAIYIWsbxk5RS77ahW5Km08GAQADAgADeQADPQQ?sig=D0m96clwL9cB0AjNJwGdqhDapZndOTa8T69V1nky9Nw)
Frequently asked questions
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How much did RWA spot DEX volume fall in October?
Volume declined 38.9%, from $24.6B to $15B.
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What share of October RWA spot volume came from tokenized stocks?
Tokenized stocks generated $10.9B, approximately 72% of total RWA spot DEX volume.
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Which assets represented nearly half of tokenized stock volume?
NVDA, SPCX, BNC and AAPL together represented nearly half of tokenized stock volume.
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Did record RWA perpetuals activity coincide with rising spot volume?
No. On-chain RWA perps recorded record trading volume while RWA spot DEX volume fell 38.9%.
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What does the October spot and perps split show?
The figures show that on-chain RWA perpetuals and spot markets moved in different directions during October.
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