The on-chain transaction ratio reached 86%, and the transaction volume of RWA perpetual contracts in August reached 117.3 billion USD

Analysis released by a16z crypto on September 23 shows that the total transaction volume of real-world asset perpetual contracts in August 2026 is $11.73 billion, with on-chain platforms accounting for about $10.10 billion, or 86%; centralized exchanges account for about $1.60 billion, a 44-fold increase compared to the same period last year. A year ago, the transaction volume on on-chain platforms was only one-third or lower.

As of the end of August, the open interest was $4.80 billion, expanding about 30 times from $161 million in July 2025. In terms of transaction volume, stocks account for 48%, commodities for 28%, and indices for 18%, indicating a shift in transaction structure from being commodity-dominated previously. a16z stated that the HIP-3 protocol launched by Hyperliquid in October 2025 simplifies the creation of new perpetual markets and enhances liquidity sharing.