Perpetual Futures on Tokenized RWAs Surge to $58.5 Trillion in 2024 Volume

The combination of perpetual futures and tokenized real-world assets (RWAs) is reshaping the landscape of digital finance, offering new ways for traders to speculate on traditional equities, commodities, and more—all through blockchain-based derivatives. Perpetual futures, or "perps," allow traders to hold positions indefinitely without an expiration date, leveraging a fraction of the total value of the trade. This structure has proven highly attractive in the volatile crypto market, with global trading volume on perps reaching $58.5 trillion in 2024 on centralized exchanges alone, according to CoinGecko [1].

The innovation lies in how this model is now being applied to tokenized RWAs. While companies like Robinhood and Kraken have already begun offering tokenized stocks, the real traction is emerging through perpetual futures on these assets. These products allow traders to bet on price movements without actually owning the underlying asset, using leverage to amplify potential gains—or losses. For example, Injective Labs’ iAssets, which are perpetual futures tied to well-known equities and ETFs, have already generated over $1.7 billion in trading volume. These contracts do not represent ownership of the actual shares but instead mirror real-time prices via oracle feeds, enabling speculation with high leverage—up to 25x in most cases [1].

The appeal of this model is multifaceted. Traders can take large positions with relatively small capital, and the absence of expiration dates simplifies the process compared to traditional options and futures. As one X user noted, trading $1 billion of Apple stock doesn’t require actually sourcing $1 billion in equity—it only requires $1 billion in combined long and short positions. This is especially powerful with leverage, where a $40 million investment can control a $1 billion position [1].

However, the rise of perpetual futures on RWAs has also raised questions about the role of spot trading in the tokenized asset ecosystem. While perps dominate in terms of volume, spot markets remain essential for liquidity and pricing stability. Injective’s CEO, Eric Chen, argues that synthetic derivatives like iAssets depend on tokenized spot assets to function effectively. Without real-world exposure, the derivatives market risks becoming disconnected and illiquid, much like early-stage crypto derivatives before regulatory clarity [1].

Moreover, the shift toward perpetuals doesn’t diminish the broader potential of tokenized RWAs. The underlying assets—whether equities, commodities, or bonds—still represent a real-world economic foundation. As companies like Theo explore ways to integrate spot and perpetual trading in a single platform, the opportunities for sophisticated strategies like carry trades and arbitrage grow. For professional traders, these tools are a natural evolution of digital finance.

Still, some critics argue that the focus on derivatives may overshadow the fundamental value proposition of tokenized assets. After all, most RWAs aren’t held for their intrinsic attributes—like dividends or voting rights—but rather for the ability to trade them. In that sense, crypto is true to its roots: it’s about creating products that enable speculation and leverage, even if the mechanics seem complex or abstract to traditional markets [1].

The future of this space is likely to be shaped by platforms like Hyperliquid, which is reportedly considering an upgrade that would allow users to create perpetual futures on virtually any asset. Such innovation could democratize access to derivatives markets, reducing barriers that currently exist in traditional finance. Yet, the same creativity that drives progress also introduces new risks, particularly for retail investors who may not fully grasp the implications of leverage and funding rates.

As the market continues to evolve, the interplay between tokenized RWAs and perpetual futures will likely define the next phase of digital finance. Whether it’s gold, equities, or even gaming assets, the ability to trade these with the speed and flexibility of blockchain is opening new doors—and new dangers—for traders and investors alike.

Source: [1]Perpetual Futures + Real World Assets = ? (https://www.forbes.com/sites/digital-assets/2025/08/25/perpetual-futures--real-world-assets--/)