Tokenized Stock Futures Volume Closes In on Bitcoin’s on Hyperliquid and Binance

Wall Street’s favorite stocks are now trading around the clock as crypto derivatives — and the volume is starting to rival Bitcoin itself.

Combined seven-day trading volume across tokenized real-world-asset (RWA) perpetual futures reached $61.7 billion on Hyperliquid and Binance, equal to 99.2% of Bitcoin perpetual volume on those same platforms. Tokenized equity contracts made up 57.8% of that RWA total, with commodities such as gold and crude oil contributing another 28.2%.

Hyperliquid alone recorded $25.1 billion in RWA perpetual volume during the week of July 13-19, more than every other perpetual category on the exchange combined. Zooming out further, tokenized RWA perpetuals reached 37% of total digital-asset perpetual futures volume in July — more than double their share just four months earlier — while the broader onchain RWA market (excluding stablecoins) has grown to roughly $36.8 billion.

The appeal is straightforward: these contracts let traders take leveraged positions on names like Tesla and Nvidia, or on physical commodities, at any hour of any day — including weekends, when traditional US stock exchanges are closed entirely. For a crypto-native trader who already lives on 24/7 markets, the ability to react to news on a Saturday without waiting for Monday’s open is a real structural advantage that traditional brokerages simply can’t offer.

It also marks a notable shift in what RWA has come to mean in practice. Much of the early real-world-asset narrative in crypto centered on tokenized treasuries and private credit — slower-moving, yield-focused products aimed at institutional balance sheets. What’s driving volume right now looks different: it’s leveraged, short-term, retail-and-prop-desk-friendly speculation on the same household-name stocks people already watch on CNBC, just wrapped in a perpetual futures contract that never closes.

Whether that volume proves durable once regulators take a closer look at synthetic, offshore exposure to US equities is an open question. But for now, the fact that a category barely mentioned a year ago is nearly matching Bitcoin’s own perpetual futures volume says something about how fast crypto trading infrastructure is being repurposed for markets that have nothing to do with crypto at all.

Want to understand how perpetual futures actually work? Check out the Bitcoin Academy.