TradeXYZ and Variational compete for top spot as RWA perps volume expand on DEXs

RWA perpetual futures are becoming more established in the crypto space, with volumes growing by nearly 75% since August. New platforms are adding to the volume, displacing the leading providers on Hyperliquid. In October, RWA perpetual futures volumes extended a seven-week streak of growth. Weekly volumes on decentralized markets climbed from $22.8B up to $39.8B, an increase of 74.7% against the final week of August. Competition is also rising among the providers of RWA trading. TradeXYZ still logged $12.73B in the past week, but has lost market share to Variational. Since early September, Variational’s market share has grown from 10.6% to 32% of all RWA perpetual futures trading. RWA trading has offset some of the slowdown on perpetual futures markets , which often shift between crypto, equities, and commodities.

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