Top Blockchains in RWA Futures | SpaceX Leads Volume > $100B 🚀

It would be easy to get a false sense of the RWA perpetual futures landscape, if all you did was read Twitter. Hyperliquid dominates in attention, despite trailing offshore CEXs like Binance in RWA perps volume. But among DEXs, its volume lead is immense.

Our market map compares perp DEXs by May 2026 volume, and maps them based on their underlying blockchain platforms. Even within the smaller world of onchain derivatives, there may be a few surprises.

On Friday, we sent out an analysis of how pre-IPO perps markets fared at predicting the SpaceX IPO pop. Take a look here, if you missed it. The chart below tells the tldr: a “hard landing,” maybe some damage to the landing gear, but the mission was a success.

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Tweet of the Week goes to crypto researcher Luke Cannon on the gap between attention and market activity. It’s kind of obvious, but obvious things are good, and worth considering before taking out a second mortgage to buy more HYPE. 

Other good reads this week: RISE Labs Founder Sam Battenally on some wrinkles in RFQ approaches; and Galaxy Research’s Alex Thorn on the SEC proposal to rescind Rule 611, which could open the door for onchain trading of tokenized RWAs via automated market maker (AMM) setups, by loosening best-execution standards. 

RWA perps hit a volume all-time high last week, surging to $108.8B, up from $74.6B the week before. Equities continue to be the largest category, after flipping commodity perps two weeks ago, and ETF perps continue to grow fast.  

Pre- and post-IPO trade in SpaceX futures drove a chunk of the week’s record volume, with the top four SpaceX markets (Binance, Bitget, Hyperliquid, and OKX) clearing a total of $7.5B before the IPO at 11:45 ET, Friday. The fun began with OKX’s May 7 pre-IPO listing and volume accelerated rapidly in the final hours before the IPO. (The snapshot shown in the chart above is volume from June 7, 8pm through June 14, 7pm ET). 

SpaceX perps traded another $4.9B in the opening hours of SpaceX’s trading on the Nasdaq, Friday. Extended hours and weekend trading amounted to another $1.4B in volume before our snapshot closed. Binance led both pre- and post-IPO trading volume with 64% of the post-IPO volume, and 54.6% of the pre-IPO volume in SpaceX. 

All assets increased significantly over their prior week’s numbers. Gold perps were up 66% over last week; SanDisk (SNDK) perps were up 70%. The S&P 500 perp on Hyperliquid (Trade[XYZ]) rose 84%; and the SOXL ETF was up 160%, week over week.

Half the top 10 assets by growth are AI adjacent in one way or another, from AI-driven cybersecurity trade (Crowdstrike, CRWD), to Adobe (ADBE), on an AI pivot. Applied Optoelectronics, a data center connectivity company, added $21M in average daily volume via a new Binance listing last Monday. 

Two ETFs also made the top 10: the iShares Russell 2000 ETF (IWM) and the SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX), which invests in S&P 500 companies that do not hold fossil fuel reserves.

New additions to the Perps Weekly universe also leaned heavily into the AI trade, with nine out of the 19 falling into that category. SpaceX-adjacent trades dominated the top of the list by volume, though: Satellite companies like Planet Labs (PL), Satellogic (SATL), and EchoStar (SATS), alongside a pre-IPO closed-end fund (Destiny Tech100, DXYZ). All those listings are on Bitget, which also put up about half a million in average daily volume in a perp on meme stock AMC.

Almost every exchange grew in volume this week, with modest growth rates like 37% on Hyperliquid being well shy of the top five. Binance grew by 49% and Bitget by 53%, to round out the three exchanges that bubbled under the leaderboard. Only Coinbase and Grvt lost volume. 

This issue covers the week ending June 14, 2026, and draws on volume data from Aster, Binance, Bitget, Bybit, Coinbase International, Crypto.com, Dreamcash and Trade[XYZ] on Hyperliquid, EdgeX, Grvt, Kraken, Lighter, Orderly, and OKX.

If you have questions about methodology or other data you’re seeking, please get in touch: [email protected].