Binance Research finds RWA-linked perpetuals capturing significant trading volume outside U.S. market hours, with $7.25B in TradFi-linked perpetual volume during S&P rebalance and equity-linked perpetuals trading $1.02B post-FOMC decision.
DeFi & Yields ·
RWA-linked perpetuals have captured significant trading activity during off-hours periods for US equities and related instruments. Following the September FOMC decision, these products accounted for 97% of the next market opening gap, with $1.02B traded while cash markets remained closed, according to Binance Research.
The mechanics reflect a structural shift in how traders access price discovery outside traditional market hours. By offering 24/7 pricing on US stocks, ETFs, and pre-IPO names through perpetual contracts linked to real-world assets, these instruments allow participation during periods when regulated cash markets are shut. Previous volume data shows RWA-linked perpetuals also captured $7.25B in volume during S&P rebalancing events, indicating sustained demand for off-hours exposure.
What remains unclear is whether this concentration of opening-gap trading through perpetuals reflects genuine price discovery ahead of market open or primarily represents hedging activity by institutions unable to execute in cash markets during extended hours. The sustainability of this volume share and any regulatory implications of such high concentration also remain unaddressed.