Onchain perpetual DEX market share surged to 12.33% globally, with RWA perps reaching $147.5B monthly volume and Hyperliquid commanding 56.8% of $14.64B total open interest.
DeFi & Yields ·
Onchain perpetual derivatives exchanges have grown significantly as a share of global futures trading, climbing to 12.33% by September 2026 from just 0.11% in January 2023, according to Castle Labs research. Within this category, real-world asset perpetuals—instruments tied to equities, commodities, and pre-IPO stocks—have expanded rapidly, with monthly trading volume reaching roughly $147.5 billion in July 2026, which represented 19.6% of all onchain perpetual volume during that period.
Market concentration among leading platforms remains pronounced. Total open interest in perpetual DEXs reached approximately $14.64 billion as of late September, with Hyperliquid commanding roughly $8.32 billion or 56.8% of the market. Aster and Variational held smaller shares at 9.7% and 6.2% respectively, reflecting the sector's uneven distribution of liquidity.
What remains unclear is whether the growth trajectory will sustain or face pressure from regulatory developments, competitive launches, or shifting demand for onchain derivatives relative to traditional venues.