A new report from OKX and Token Terminal showed real-world-asset (RWA) futures volume on trade.xyz reached $107.6 billion in July, slightly exceeding crypto futures on Hyperliquid at $105.7 billion. However, CryptoSlate analysis points out this was a selected-venue crossover, not an industry-wide shift. CoinDesk Research reported July RWA perpetual volume on centralized exchanges (CEX) was $460 billion, representing approximately 15.2% of the total CEX derivatives volume of $3.03 trillion. CoinMarketCap Research measured $792.2 billion in July RWA perpetual volume across 19 venues, confirming the category's scale but without establishing its overall market share against all crypto derivatives.