CoinMeta data: According to Castle Labs, the proportion of the on-chain perpetual contract DEX in the global perpetual contract trading volume has increased from 0.11% in January 2023 to 12.33% in September 2026. Meanwhile, the on-chain RWA perpetual contracts have grown rapidly, covering traditional assets such as stocks, commodities, and Pre-IPO. In July 2026, the monthly trading volume reached approximately $147.5 billion, accounting for 19.6% of the total on-chain perpetual contract trading volume for that month. As of September 24, the total open interest for Perp DEX was about $14.64 billion, of which Hyperliquid accounted for approximately $8.32 billion (56.8%), Aster accounted for 9.7%, and Variational accounted for 6.2%.