Your Bitcoin trade can now get liquidated because a stock crashed
Monthly volume on real-world-asset perpetual futures grew from $85 billion in January to an August record of $799.5 billion, with stocks accounting for 62.3% of that total on both DeFi and centralized venues, according to CoinMarketCap.
Trading venues are moving away from single-asset margin toward unified portfolio accounts, where a trader's entire holdings back every position at once, well beyond a single stablecoin deposit.
| Metric | January | August | What changed |
|---|---|---|---|
| Monthly RWA perp volume | $85B | $799.5B | Nearly 9.4x growth |
| Stock share of August RWA perp volume | โ | 62.3% | Equities became the dominant RWA perp category |
| Market implication | Early experimentation | Meaningful trading venue vertical | Collateral design now matters at scale |
One account is absorbing everything DeFi does
DeFi trading began with depositing USDC, posting it as margin, and trading crypto perps. Hyperliquid's portfolio margin now lets spot balances and perp positions offset each other directly, with HYPE and BTC both eligible as non-stablecoin collateral.
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