Mentioned in This Week's Report
| Bybit | Topping new listings with five ETFs spanning healthcare, finance, ARK, and leveraged long ETFs in NVDA and TSLA. |
| Binance | Adding its first RWA perp quoted in World Liberty Financial’s USD1 stablecoin, tracking SpaceX. |
| Trade[XYZ] | Dominating a relatively modest amount of overall volume in pre-IPO perps on Changxin Memory Technologies (CXMT) stock leading up to its Monday debut. |
Changxin Memory Technologies (CXMT) started trading today in Shanghai, becoming the most valuable company in China by that market’s close and the first non-US stock to make the transition from pre-IPO perps to equity perps. Pre-IPO perpetual futures volume going into the start of public trading was just under $189M, with the lion’s share of it ($188.2M) trading on Hyperliquid via Trade[XYZ]. That’s a lot less than the $3B+ SpaceX perpetual futures traded pre-IPO.
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Tweet of the Week
It’s no longer a quiet Sunday morning, but it’s not too late to write your senators (if you’re in the US), asking them to bring the Clarity Act to the floor of the full Senate for a vote. Thanks Jacob Robinson of Law of Code for the reminder.
Weekly Volume by Category
RWA perps crossed $150B in weekly volume for the second week in a row, despite a slowdown driven by declining volumes in some of the top assets: $159.6B in volume this week, following $174.5B the previous week. The ratio across commodities, equities, and ETFs, continues to be broadly consistent; rather than being driven by a surge in one category or another, RWA perps markets are growing across multiple categories, setting what looks like it could be a new baseline, not long after $100B+ weekly volume became the norm.
Top Assets by Volume
SanDisk (SNDK) perps remain the largest in volume, despite a 6% decline, week over week, as shares in the memory chip maker plummeted. Volume in Korean chipmaker SK Hynix was also down—both on its Seoul-traded stock and on the relatively new US ADR, SKHY. Volume in West Texas Intermediate oil (WTI) proxy contracts grew 20%, making up some of the shortfalls. As it has for the past few weeks, Binance has the most volume on all the top assets. Nasdaq 100 proxies, led by Trade[XYZ]’s XYZ100, are the largest perp-traded asset not dominated by Binance, at $2.1B last week.
New Listings
Bybit was the most aggressive at new listings, leading with five new ETFs that cleared a combined $115.3M in volume, their opening week. They are:
State Street Health Care Select Sector SPDR ETF (XLV)
State Street Financial Sel Sec SPDR ETF (XLF)
ARK Innovation ETF (ARKK)
Direxion Daily TSLA Bull 2X ETF (TSLL)
GraniteShares 2x Long NVDA Daily ETF (NVDL)
Notable, but not shown here: Binance listed a SpaceX (SPCX) perp quoted in World Liberty Financial’s USD1, adding to its existing USD1 markets in BTC and ETH. The new SPCX-USD1 perp opened Jul 20 and cleared $63.8M in its first week of volume, while Binance’s existing SPCX-USDT perp kept chugging far above, with $3.8B in weekly volume.
Notes
This issue covers the week ending July 26, and draws on volume data from Aster, Binance, Bitget, Bybit, Coinbase International, Crypto.com, EdgeX, GMTrade, Grvt, Kraken, Lighter, OKX, Ondo Perps, Orderly, and Trade[XYZ] on Hyperliquid.
Last week’s issue included a chart that understand total volume in RWA perpetual futures for the week of Jul 13-Jul 19. Volume that week was $174.5B. Online versions of last week’s brief have been updated.
If you have questions about methodology or other data you’re seeking, please get in touch: [email protected].
