Leverage in crypto derivatives is shifting away from native tokens. Over the past year, open interest in perpetual futures tied to real-world assets climbed from almost zero to $9 billion across major trading venues.

RWA contracts now account for 14% of total perpetual open interest.

The growth came while the overall market shrank: total perp open interest fell from $81 billion to about $67 billion. Bitcoin perps lost roughly $8 billion, Ethereum about $5 billion and other tokens a combined $10 billion.

The gains in contracts on traditional assets only partially offset those declines, but they show perpetuals becoming a venue for leveraged bets on stocks, commodities and other off-chain markets.