RWA Perps to Surpass Tokenization, Says DWF Labs' Martin Lee
RWA perps will outpace tokenization, says Martin Lee, markets insight lead at DWF labs. The volume of RWA perps has seen a significant increase, with $347 billion in May, marking a 1,472 times increase from the $230 million traded at the start of 2025.
$1.32 trillion volume facilitated by exchanges in May, 13 times what was seen in all of 2025.
Live market snapshot (at publish): BTC $63,706 (-1.6% 24h) · ETH $1,884.49 (-2.2% 24h)
The growth of RWA perps is also reflected in the number of wallets, with 24,378 equity perps wallets, compared to 180,845 tokenized equities wallets. This surge in RWA perps volume indicates a shift in trading habits, as the daily open interest on DEXs in July was $4.5 billion.
31% of onchain perp volume is made up by RWA perps, a significant increase from the 1.3% seen at the start of the year.
The macro environment is exerting pressure on digital assets, with the Iran conflict and USDT delistings across EU exchanges affecting market sentiment. According to Martin Lee, "Tokenization has gotten nods of approval from the Larry Finks of the world." However, he predicts that RWA perps will surpass tokenization as the primary way to trade every asset class.
$34 billion worth of assets tokenized, with $300 billion worth of tokenized dollars.
Analysis: If the current trend continues, RWA perps may become the dominant form of trading, potentially displacing tokenization. A break below the current support level could signal a reversal in the trend, while a continued increase in volume and open interest could solidify the position of RWA perps in the market. The monthly compounding rate of perp holders is 33%, compared to 17% for spot holders, indicating a higher level of engagement and speculation in the market.
Traders and investors should monitor the market closely, as the growth of RWA perps is expected to continue, and the regulatory environment may play a crucial role in shaping the future of this market. The next key level to watch is the $400 billion volume mark, which could indicate a further acceleration of the trend.
Frequently Asked Questions
- What are RWA perps?
- RWA perps, or real-world assets perpetual contracts, are a type of financial derivative that allows traders to speculate on the price of real-world assets.
- How much volume did RWA perps see in May?
- $347 billion in volume, a significant increase from the $230 million traded at the start of 2025.
- What does Martin Lee predict for the future of RWA perps?
- Martin Lee, markets insight lead at DWF Labs, predicts that RWA perps will surpass tokenization as the primary way to trade every asset class.