A new report from OKX and Token Terminal says real-world-asset (RWA) futures on trade.xyz edged past crypto futures on Hyperliquid in July. The headline numbers were $107.6 billion of RWA-contract volume against $105.7 billion of crypto-contract volume.

That was a selected-venue crossover, not an industry-wide change in market leadership. The underlying report treats trade.xyz and Hyperliquid as category-leading onchain venues. Broader datasets confirm that RWA perpetuals are growing quickly, but they do not show a comparable takeover of crypto derivatives as a whole.

The report tracked July 1 through July 30 and found that RWA volume on trade.xyz reached $107.6 billion, slightly above $105.7 billion of crypto-perpetual volume on Hyperliquid. Its selected RWA series had climbed from $760 million in October 2025.

That is a significant change inside the measured sample. It is also narrower than the OKX summary suggests when it says RWA futures surpassed crypto futures by volume.

A category-leading venue is a proxy, not the whole market. Its data can show what is happening on that platform, but it cannot establish the size of every competing venue and contract outside the sample.

The report's open-interest figures reinforce the growth signal without resolving that scope problem. Its selected RWA series rose from $16.1 million to $1.72 billion over nine months. The page contains conflicting fold-change labels, so the endpoints are more reliable than any one multiplier.

Broader July measurements show how much the picture changes with the market universe:

CoinDesk Research reported $460 billion of July RWA perpetual volume on centralized exchanges and $3.03 trillion of total CEX derivatives. Dividing those figures puts RWA perpetuals at approximately 15.2% of CoinDesk's CEX denominator.