@KaiaChain reply (Wed Oct 21 09:02:32 +0000 2026): @andrewmoh 42.7% of DeFi perps open interest in a category that barely existed a year ago is a big shift. Demand for exposure to traditional markets outside their hours is clearly real. Original @andrewmoh (Tue Oct 20 16:13:58 +0000 2026): rwa perps open interest just hit $5.64b. that's 42.7% of all defi perps oi ($13.2b), on a product category that barely existed a year ago. the trigger was hip-3, which went live on hyperliquid on oct 13, 2025. since then, rwa perps went from near zero to almost half the market. defillama data shows the growth is real, but heavily concentrated: + @tradexyz (the frontier of hip-3) - $3.82b (~68% of rwa oi) + @variational_io - $824.5m + @QFEX - $268.2m + @gmtrade_xyz - $176.19m + @Lighter_xyz - $115.2m + @OndoPerps - $94.56m + @entropyIO - $74.27m + @arcus_xyz - $73.48m + @extendedapp - $43.42m + @risextrade - $37.38m top 10 hold ~$5.53b, or 98% of the segment. one venue holds two thirds of it. the part that stands out: equities are the largest share of oi, ahead of gold and oil. that's odd, because spot tokenized stocks never got much traction with crypto natives. so who's driving this? two likely answers: + crypto traders who want leveraged equity exposure without leaving onchain rails + tradfi traders who want 24/7 access when stock markets are closed ➜ either way, the demand was never for owning tokenized stocks. it was for trading them with leverage, around the clock.