Open interest in perpetual contracts linked to real-world assets (RWA) has risen from near zero to $9 billion over the past year, now accounting for 14% of total market open interest. This growth coincides with a broader contraction in crypto-native leverage, as total open interest across major trading platforms fell from $81 billion to approximately $67 billion during the same period. Bitcoin perpetual contract open interest decreased by roughly $8 billion, while Ethereum dropped by $5 billion and other tokens collectively declined by $10 billion. The expansion of RWA-linked contracts signals that trading infrastructure is gradually extending to traditional assets such as stocks and commodities, though this growth has only partially offset the significant reduction in crypto market leverage.