yandhii

🗑️

[yandhii @andyandhii]

RWA Perps Dashboard now tracks 10 DEXs + 7 CEXs.

New filters let you toggle between volume across all exchanges, DEX / CEX share, and compare Hyperliquid vs Binance.

Some points I found interesting:

> RWA volume on perp DEXs is now ~1/3 of CEX volume

> Binance alone did more volume than all DEXs combined, taking 50.8% market share w $20.4B vol.

> HIP-3 was the second-largest venue at $6.1B, around 30% of Binance volume. Still the dominant DEX venue, with ~56% of DEX volume last week.

> Top 3 venues (Binance, Hyperliquid HIP-3, Bitget) made up ~79.0% of total RWA perp volume last week.

Link: https://t.co/wxNXmGsXKh

[Fishy Catfish @CatfishFishy]

I'm dropping a thread of all the protocols that had to freeze their interop because of LayerZero being compromised.

Let's go:

[yandhii @andyandhii]

@hoidya_

[trade.xyz @tradexyz]

S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid.

For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes.

The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale. 

SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain.

Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.

[Ondo Perps @OndoPerps]

Welcome to Ondo Perps.

Where users can trade perpetual futures on leading U.S. stocks and ETFs 24/7, starting with up to 20x leverage. Available solely outside the U.S.

→ Use tokenized securities as collateral
→ Cross-collateralize positions
→ Access up to 20x leverage

All with market-leading liquidity and unmatched capital efficiency.

[edgeX🦭 @edgeX_exchange]

The world's largest regulated stablecoin @USDC is coming to EDGE chain.

edgeX has received a strategic investment from @Circle Ventures.

[cap @CapApp]

Cap had two concurrent points programs happening at the same time.

One for users earning caps for cUSD activities and another for delegators earning COGs for providing ETH and BTC.

Here's how much each point was worth 👇

• cUSD per caps: 0.000027772
• cUSD per COG: 0.000021267

[yandhii @andyandhii]

1/ 𝐑𝐖𝐀 𝐏𝐞𝐫𝐩𝐬 𝐆𝐞𝐦𝐬: 𝐖𝐡𝐨 𝐢𝐬 𝐭𝐡𝐞 𝐤𝐢𝐧𝐠?

A breakdown into Lighter, HIP-3, Ostium, and Avantis🧵

[yandhii @andyandhii]

@0xmev 10/ Dashboard: https://t.co/Br7QXRhvLt

h/t to @asxn_r, @ostium, @rztaji for the data and thanks to @poopmandefi for talking this through.

[yandhii @andyandhii]

1/ 𝐑𝐖𝐀 𝐏𝐞𝐫𝐩𝐬 𝐆𝐞𝐦𝐬: 𝐖𝐡𝐨 𝐢𝐬 𝐭𝐡𝐞 𝐤𝐢𝐧𝐠?

A breakdown into Lighter, HIP-3, Ostium, and Avantis🧵

[yandhii @andyandhii]

9/ 𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐓𝐡𝐨𝐮𝐠𝐡𝐭𝐬 🧠

> User Pivot: No evidence yet that 0DTE/CFD traders are pivoting to perps, despite perps being an easier speculation tool.

> Price Discovery: Still mostly off-chain (Oracle-fed), though XYZ100's Sunday session notably tracked the CME open.

Overall RWA Perps are growing but remain niche due to size limits and OI caps. Scaling now depends on onboarding more users while optimizing execution for large orders.

[Poopman (💩🧱✨) @poopmandefi]

Do We Actually Trade RWA Perps in Crypto?

Here's a quick breakdown of RWA perp volume and activity including Lighter, Ostium, HIP-3, Vest, and AVNT with from @andyandhii 👇

1/
Non-trading hours (weekends or holidays) see 10x less volume compared to weekday trading hours.

2/
Lighter and HIP-3 currently dominate the RWA perps market, capturing ~ 50% and 30% of the market share on avg respectively.

3/
Each platform is seen to specialize in an asset class. For example:

HIP-3 = leading platform to trade indices (xyz100)
Lighter = Stands out with forex volume
Ostium = Mostly with commodities
....

4/
Forex represents the largest asset class in RWA perps, with an average daily volume of $300–700M.

This actually aligns with the traditional market, where forex trading volume surpasses $6T per day.

5/
Crypto assets still dominate the exchange volume on Lighter and Hyperliquid (>90%).

In contrast, Ostium has 40–50% of the market in commodities, while AVNT has 40–50% of the volume in forex.

------------------------------------------------
A quick thought 🧠 :

The overall RWA perp trend is positive, which make sense as the performance of stocks and RWAs has beaten crypto assets in recent months.

However, at this stage, RWA perps still feel like a niche tool mostly used by existing cryptoer who want to gain leveraged exposure to forex or stocks at a shorter time frame.

It will take more than "simple" integration into different perps and exchanges to expand adoption of RWA perp imo. We will see.

[yandhii @andyandhii]

@poopmandefi gud one ser 🫡