On-chain RWA share of daily perp volume has 2x-ed over the last 4 months to 37%. Yet, the RWA perpetuals market is still 30–60x behind crypto perps and CME equity futures, with room to capture that flow.

On-chain venues are seeing better retention compared to centralized counterparts. They drive innovation, liquidity and price discovery while CEXs and brokerages serve as distribution. 24/7 markets and pre-IPO price discovery have emerged as 2 proven use cases.

As frontends proliferate, the real edge is in developments on the backend. The four categories that would determine which venue wins lies in:
1) Liquidity
2) New markets velocity
3) Pricing infrastructure
4) Licensing/regulatory positioning.

DWF Ventures explores the state of RWA perps and where opportunities for builders lie: here.