Refraction Research

Insights built on RWA Markets, the market-structure layer for tokenized assets: fills, funding, flows and yields, onchain down to the wallet.

[Refraction Research @RefractionRWA]

Tokenization is eating traditional finance.

Since April over 1 Trillion Dollars of RWA volume have traded through centralized and decentralized crypto exchanges.

Now you can see the flows down to the wallet on the all new https://t.co/A8LViJ6ryz website.

[Refraction Research @RefractionRWA]

@DIMIDJ okay this is pretty cool

feels obligatory to end this message with:

Hyperliquid.

[Pierre @realpepito]

$1.69B of $NVDA perp volume in the 2 hours after the report.

→ binance $712M
→ hyperliquid $503M
→ okx $219M
→ bybit, bitget, lighter and the rest $252M

98.5% priced by pyth.

[Refraction Research @RefractionRWA]

@PythNetwork @bulktrade 💯 now we just need to see an oracle yeti from the cool yeti's bulk makes 👀🔮

[Refraction Research @RefractionRWA]

RWA Markets now tracks @bulktrade.

A decentralized exchange featuring a SPAN-style margin system with 11 RWA perps currently live led by SNDK at 21.6% of todays $15.8M volume.

Explore volume, open interest, funding, the live book, execution from every fill and USDC flows.

[Refraction Research @RefractionRWA]

@Byel_0x @bulktrade Like this? Or a toggle allowing you to see the bps by <1k, 10k, 100k without having to expand each exchange (as an option on screenshot 2)?

[Refraction Research @RefractionRWA]

It's like you read our minds, realized execution with every fill matches to mid + quotes going live as we speak!

You'll be able to see them per asset with each venue we track and can collect trade tapes from (including some CEXs) 🫡

This way you can see who gives best quotes + realized execution

[Refraction Research @RefractionRWA]

@murataydn_34 @bulktrade 🫡🫡

[Refraction Research @RefractionRWA]

@0xageth @metricxyz 👀👀

[Refraction Research @RefractionRWA]

@OndoPerps Hey we'd love to query this through an api endpoint if possible so we could show this off vs other exchanges to highlight Ondo Perps efficiency!

Is there any way you could make this possible please?

[Refraction Research @RefractionRWA]

@realpepito @zinnresearch 👀👀

[Refraction Research @RefractionRWA]

@thePIRB PIRB in control now

[Refraction Research @RefractionRWA]

Pyth's RWA Perp reports are always a joy to read.

October made new highs and November accelerating even faster.

November has already seen $354.4B in RWA perp volume by the 9th, with 92.0% priced by Pyth.

Will November be the first $1T month for RWA perps? 👇

[Pyth Network 🔮 @PythNetwork]

RWA perps in October:

→ $829.4B in volume, +29% on September
→ 49.8% of US single-stock perp volume traded while NYSE was closed
→ $14.6B open interest, a new high
→ 88.5% priced by Pyth

Read the full report ⤵️ https://t.co/k8XPgboZXe

[Refraction Research @RefractionRWA]

@artistarjay18 need a prediction market on it Jayjay

[Refraction Research @RefractionRWA]

@PythNetwork 🔮🔮

[Refraction Research @RefractionRWA]

@Quicknode @Enter_Elysium ⚡️⚡️

[Refraction Research @RefractionRWA]

RWA Markets now tracks @Enter_Elysium.

Explore tokenized-stock trading across DEXs, stock-quoted memes, liquidity providers and who earns the fees, bridge flows and more.

The whole ecosystem in one place.

[Quicknode @Quicknode]

Elysium Mainnet is live on Quicknode.

Build on @Enter_Elysium, the high-performance L2 for the Hyperliquid ecosystem, with RPC endpoints that work with Foundry, Hardhat, viem and ethers out of the box.

🧵 👇

[RWA Foundation @RWAFoundation_]

View all oracles & data at https://t.co/Et0VgKsIVz. 🐘

[Pierre @realpepito]

horny $NVDA ceo priced in with 24/7 perps over the weekend.

here's what happened:

- sun 20:00: nvidia's board announces an investigation into jensen huang
- within the hour, pyth's nvda price drops from $187.55 to $183.36
- sun 23:57: sunday low at $179.23, -4.4% from before the news
- mon 07:00: pyth's nvda price at $175.39, -6.5%, with the us open still hours away

on the perps volume front:

- avg rwa perp volume on nvda before the news: ~$3.1M an hour
- the hour the news broke: $115M. 37x normal
- the 12 hours after: $839M across 14 venues
- peak hour, mon 01:00: $179M

perps doing what perps do best.

stocks close. markets don't.

[Harry Tran @HarryTran_RWA]

who to follow in RWA:

1) everything tokenization:
@RWAFoundation_

2) technical - how it work stuffs:
@RwaLlama
@steinRWA

3) everyday RWA education:
@ZeusRWA
@ScofieldOnchain
@happytokenizing
@RayBuckton
@diegoxyz
@skygecko_

4) data analyst:
@zinnresearch
@RefractionRWA
@bigbright0x

5) video content:
@Grace_Jhayy
@thechulprecious