Across five major trading venues, total open interest in perpetual futures has fallen to about $67B from $81B over the past year. Yet, open…
Across five major trading venues, total open interest in perpetual futures has fallen to about $67B from $81B over the past year. Yet, open interest in contracts tied to RWA has gone from virtually nothing to $9B, claiming 14% of the total across those venues.
This reflects a broader structural shift in derivatives markets, with crypto-native trading infrastructure being used to gain exposure to traditional financial assets
