On-chain perpetual DEXs now account for 12.33% of global perpetual trading volume, a significant increase from just 0.11% in January 2023, according to Castle Labs data through September 2026. Total open interest across perp DEXs reached approximately $14.64 billion as of September 24, with Hyperliquid commanding 56.8% of the market at $8.32 billion, followed by Aster at 9.7% and Variational at 6.2%. On-chain RWA perpetuals covering stocks, commodities, and Pre-IPO assets are also expanding rapidly. Monthly trading volume for these instruments peaked at roughly $147.5 billion in July 2026, representing 19.6% of total on-chain perpetual volume for that month.