This market barely existed 5 months ago. Last week, I had a data-driven discussion with @AliceCrypto3, Head of Research at @CoinMarketCap , on the key trends shaping RWAs. ⚙️ 🔻 One market stood out in particular: RWA perps. A few datapoints we discussed on stage: • The RWA perps market has grown around 10x since Dec'2025 • Weekly trading volume already reached $50B • CEXs still dominate overall volumes, although there were days in early March when Hyperliquid volumes briefly surpassed centralised venues • Around 65% of all RWA perps volume comes from commodities, followed by stocks and ETFs • HIP-3 platforms alone (including @tradexyz and @ventuals) are already processing around $1.5B in daily volume • Hyperliquid is clearly leading this category today, while players like @edgeX_exchange , Ostium and Lighter are experimenting with different distribution strategies to catch up. @Lighter_xyz's recent integration with @Wallet_tg is a good example. • CEX are also launching new RWA perp products almost every week – e.g., @coinbase recently announced new perpetuals on AI and defence ETFs (US and China) • Pre-IPO exposure is another emerging opportunity, with interesting price discrepancies already appearing across Hyperliquid, CEXs and tokenised spot markets like @PreStocks. • • • • • ❌ Despite all this growth, the market is still tiny relative to TradFi. Energy and metals futures alone trade around $200B-400B in daily volume globally, meaning on-chain RWA perps are still well below 1% of traditional derivatives markets. Which also shows the scale of the opportunity. 🎯 24/7 markets, hashtag#global accessibility, easier distribution, DeFi composability – it is not difficult to see why this category is gaining traction so quickly. • • • • • 🗣️ Also, really liked the format we picked together with Alice for this session. Instead of a classic keynote, it became more of a relaxed dialogue around actual market data and charts prepared by her and the broader CoinMarketCap team in advance. I think this worked extremely well: discussing concrete numbers directly from the slides gave the audience more context and made the conversation practical and grounded. 💡 Was a real pleasure doing this session together with Alice – definitely one of my favourite discussions from last week!