RWA perpetual contract trading volume reached $117.3 billion in August, marking a 44-fold year-over-year increase as open interest climbed to $4.8 billion. On-chain platforms now dominate the sector, accounting for 86% of total volume at approximately $101 billion, while centralized exchanges handled roughly $16 billion. Equities comprised 48% of August trading volume, with commodities and indices representing 28% and 18% respectively. The rapid expansion correlates with infrastructure upgrades such as Hyperliquid HIP-3, which have facilitated increased on-chain activity for perps tied to traditional assets including stocks and gold.