According to CoinMeta, as reported by castle and labs, the trading volume of on-chain RWA perpetual contracts grew from less than $1 billion in October 2025 to over $120 billion in August 2026, an increase of about 120 times in less than a year. In July this year, RWA accounted for approximately 20% of the total on-chain perpetual contract trading volume, and in most months it accounted for around 12%–13%. Since June, the monthly trading volume has consistently exceeded $100 billion. Currently, the open interest of RWA perpetual contracts is about $4.9 billion, of which tradexyz and variational together account for nearly 90%.