Real-world-asset (RWA) perpetuals represented a larger share of futures trading on Hyperliquid than on Binance in Talos’ sample, with each venue measured against its own activity, underscoring different trading mixes.
Talos put the share at 28% for Hyperliquid and 24.8% for Binance. Across all venues it tracked, RWA perpetuals accounted for 18.5% of futures activity. The percentages use each platform’s own futures volume as a base, so they describe product mix rather than total dollar volume between exchanges.
The contracts reference markets such as equities, commodities, indexes and currencies, but trading them does not transfer ownership of the referenced assets. Talos said greater use of RWA perpetuals can give venues revenue less dependent on crypto market cycles.
Hyperliquid introduced HIP-3 in October 2025, giving developers a way to add perpetual markets through HyperCore. The 18.5% cross-venue figure was the focus of an earlier EconoTimes report on traditional-asset perpetuals.
