US stock perps will happen in a major way.
I checked
@coingecko’s RWA data today, and the gap between tokenized trading volume and perps was bigger than I expected.
The RWA charts show $9.34B in tracked tokenized cap and $1.37B in 24h volume. But the individual stock data is where things get interesting.
Here’s the tracked 24h activity:
– NVDA: $1.18B perps / $119.8M tokenized vol
– GOOGL: $1.04B perps / $53.6M tokenized vol
– AAPL: $477.9M perps / $24.0M tokenized vol
Across just those three names, perp turnover is roughly 13.7x tokenized trading volume, with $1.04B in combined open interest.
These are leveraged notional volumes, so they measure trading activity, not fresh capital inflows.
Demand for US equity exposure through crypto trading platforms is already substantial.
Earnings, rates and AI spending give traders specific views to express.
Perps let them express those views in either direction with less upfront capital.
That makes me increasingly interested in the exchanges building these markets.
I’d judge them on execution, funding and how they handle risk when the underlying stock market closes.
The next thing I’m watching is whether open interest holds up through quieter sessions.
One busy day gets my attention. Sustained positions would strengthen the thesis.
Explore the RWA charts:
Compare the volume and open interest in the RWA asset list: