The trading volume of RWA perpetual contracts soared to $524.79 billion in Q1 2026, marking a 1,666% year-over-year increase, according to CoinGecko data. This surge is expected to more than double the total volume of $313.02 billion recorded for the entire year of 2025. The market has seen consistent quarter-over-quarter growth, with volumes rising from $29.74 billion in Q1 2025 to $138.87 billion in Q4 2025. Commodities dominated the RWA perpetual contract market, accounting for up to 95.3% of the trading volume in recent months. Meanwhile, stock and ETF perpetual contracts have gained traction, with stock contracts' market share increasing to 6.0% by March 2026. Hyperliquid's HIP-3 product also saw significant growth, capturing 28.6% of the market by March 2026, with its trading volume jumping from $12.65 billion in Q4 2025 to $130.87 billion in Q1 2026. Total open interest in these contracts rose dramatically from $140 million at the start of the year to $6.68 billion by the end of March.