Tracking exchanges, volume & new listings in perpetual futures in commodities, equities, FX & rates (everything other than crypto). By @StorkOracle
All-night diner
Joined April 2026
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Perpetuals Weekly retweeted
So interesting to see how the weekly trading volume has changed in the past two months.
Commodities were leading the way, and still are, but equities are getting much bigger now.
"Equity perps are now more than a third of the RWA perps market at $18.4B, having begun the month of April below 10% at $6.4B." That is almost a 3x in change.
And honestly, it doesn't surprise me. Assets like $NOK, $MU, $SDNK, and $MRVL are on fire right now. The equities landscape keeps changing with macro situations like AI, war, the biggest IPOs in history, and 24/7 adoption. All things that are and will keep bringing more users and volume to Web3 and RWA perp platforms.
Interesting to see how it will change in the future. My best is that more people will be trading on-chain without even realizing it.
h/t @PerpsWeekly
Perpetuals Weekly retweeted
Fastest-growing RWA perp exchange last week: @Lighter_xyz.
Fresh leaderboard out Monday 👀
Perpetuals Weekly retweeted
The owner of the New York Stock Exchange is working with crypto exchange operator OKX to launch oil futures contracts that never expire bloomberg.com/news/articles/…
Perpetuals Weekly retweeted
Perp DEXes will eat the RWA market.
Better liquidity. Higher leverage. 24/7 access. Permissionless. TradFi rails can't compete with that.
Thanks to @SeekingAlpha for the interview on what's actually driving the RWA boom. Equity perps are exploding, now ~20% of all RWA perp activity, out of $75B+ in weekly volume (@StorkOracle).
We just added 17 new equity perp pairs on @grvt_io in the last 48 hours, bringing us to 43 RWA pairs total, one of the broadest single-name equity benches on any decentralized venue. And we're not slowing down.
Every dollar of margin behind those trades earns up to 11% APY.
Why this matters: Nasdaq is closed ~68% of the week. But news doesn't stop. Earnings, macro prints, geopolitics, they all land while the spot market is dark.
Stock perps trade 24/7. When Nasdaq is off, onchain equity perps are where price discovery actually happens. Funding, basis, and OI move against information spot can't react to yet.
The future of RWA trading is permissionless, 24/7, and onchain.
Thanks again @SeekingAlpha 👇 seekingalpha.com/news/458866…
Perpetuals Weekly retweeted
Three RWA perps exchanges worth watching, as I read through Monday's @perpsweekly report again. Mix of CEXs and DEXs 👇
1. Growth has been incredible on @coinbase International's RWA perps: more than double the last week's volume, again, hitting nearly $1B, up 186% from the week before ($337.2M), which was already up 141% from the week before that ($139.7M).
2. Volume on @Lighter_xyz grew 24% week over week, while nearly all the other RWA perp DEXs were down, including Hyperliquid, (-11%). S. Korean equity perps in Hyundai, Samsung and SK Hynix have been major drivers.
3. Single-stock perps on @binance are replacing index perps as the largest trade after commodities ( $SNDK, $MU, $CRCL - see chart).
Perpetuals Weekly retweeted
Most of @PreStocks' volume on OpenAI, Anthropic, & other "tokenized SPVs" on Solana seems to be wash trading
And they're not really trying to hide it... (see image)
I filtered wallets by:
- similar # of buys to sells
- small but negative pnl
- multiple buys/sells (conservative)
These criteria returned 1600+ wallets responsible for $760M or ~63% of PreStock's total volume
Possible some mev/arb bots got included, though not sure where else they would be profitable
Also unclear to me are these traders' intentions. Volume spoofing? Airdrop farming?
