the new frontier of onchain finance

In the global financial landscape, tokenization and perpification represent two radically different approaches to integrating real-world assets (RWA) into the blockchain.

While tokenization aims to modernize capital markets for institutions, offering benefits such as real-time settlement, fractional ownership, and programmable smart contracts, perpification directly targets the retail public, democratizing access to advanced financial instruments.

Tokenization has been enthusiastically embraced by asset managers, hedge funds, and institutional investors, but it often remains confined to permissioned platforms, with access barriers similar to those of traditional finance: KYC, intermediary relationships, jurisdictional limits. Despite the promise of a more equitable financial system, the reality is that the small investor often remains excluded.

Conversely, perpification—a concept popularized by Kaledora, co-founder of Ostium—adopts a “futures-first” approach, bringing traditional and non-crypto-native assets onto the blockchain via perpetual swaps.

These instruments, synthetic by nature, do not involve ownership of the underlying asset and circumvent legal complexities, offering leveraged directional exposure without expiration, in a permissionless and self-custodial manner. It is no surprise that perpetual futures have become the dominant product among crypto derivatives, with bitcoin volumes exceeding spot by six to ten times.

The Supercycle of Retail Speculation

This trend reflects a profound structural change: we are in the midst of a retail speculation supercycle. In 2025, retail accounted for over half of the options volume in the United States, while CFDs reached record levels, with three brokers each surpassing $1 trillion in monthly volume.

Generation Z is entering financial markets with a different risk profile than their parents: real estate ownership and gradual wealth accumulation seem out of reach, and the rational response becomes betting on high-conviction and leveraged trades.

According to Syncracy, the rising cost of living, limited social mobility, and easy access to speculation via smartphones have created a generation of traders for whom leverage is not a risk, but the norm.

Onchain perp DEXs cater to this demand by removing the complexity of traditional options and offering intuitive and directional exposure. While tokenization offers a fractional share of a BlackRock fund at 5% annually, perpification promises the possibility of early retirement: the gap between the two products, for this audience, could not be wider.

The Rise of Onchain RWA Perps

The adoption of onchain RWA perps is already a reality. The launch of Hyperliquid HIP-3 in October 2025 marked a turning point, enabling the permissionless creation of perpetual futures markets on over 100 assets including stocks, commodities, indices, FX, and pre-IPO companies. Since then, cumulative volume has exceeded $130 billion, with over 2.2 million unique traders and a total open interest of $1.7 billion (over 90% linked to RWA markets). The BRENTOIL and CL markets alone have contributed $295 million and $208 million, respectively.

The HIP-3 volume share on Hyperliquid exceeded 40% of the daily total in March, with commodities taking the lion’s share. During the geopolitical tensions between the United States and Iran at the end of February, the oil market on Hyperliquid experienced an influx of traders—many of whom were non-crypto—left without alternatives due to the closure of traditional markets, demonstrating the growing appeal of onchain DEXs and their 24/7 operation. During those days, the daily volume reached $1.7 billion.

Ostium, the second player by volume, has also consolidated its position with approximately $46 billion in cumulative volume and over 25,500 traders. The open interest, ranging between $160 and $320 million in the last two months, is concentrated 85-95% on traditional assets, with commodities leading the way. During the recent gold rally, Ostium accounted for over 50% of the onchain open interest on gold perpetuals.

The Oracle Problem and 24/7 Markets

The main technical hurdle for RWA perps is the oracle issue: how to price traditional assets 24/7 without a continuously regulated reference price? Platforms must choose between capital security and market availability, impacting the entire product architecture.

Ostium has collaborated with Stork Network to develop a custom oracle capable of handling the complexity of after-hours pricing, futures rolls, and opening gaps. The system aggregates market data and bid/ask, providing customized feeds and onchain updates only at the time of trade execution, minimizing superfluous activity and maintaining accuracy. Liquidations and limit orders are managed by Gelato Functions, an automated system for stop loss, take profit, and other advanced orders.

Trade.xyz, on the other hand, adopts a dual-mode system: an oracle for open markets and one for closed markets, used for both funding and mark price calculation. No approach is inherently superior; Ostium prioritizes predictability and capital protection, while Trade.xyz focuses on continuous availability and price discovery. As RWA perps markets mature, a convergence between the two models is likely.

The Advent of 24/7 Regulated Markets

The lack of a continuous regulated reference price could soon be overcome: NYSE and ICE are moving towards 24/7 regulated markets, a revolution that will enhance the quality of oracles and attract market makers to onchain platforms. However, this narrows the window for crypto-native platforms to differentiate themselves before regulated alternatives become operational.

A continuous regulated price flow will reduce basis risk and funding rate volatility, enhancing price accuracy and market depth. The arrival of institutional market makers will make RWA perps more appealing, with better large-scale executions. However, liquidity fragmentation and the gradual implementation of institutional infrastructures could provide onchain DEXs with an opportunity to strengthen their position, thanks to improved oracle quality and reduced after-hours trading costs.

The Future: Perpification as Global Infrastructure

In the coming years, the perpification of RWAs could follow the same trajectory as crypto perpetual futures: from a niche product to a dominant infrastructure for global retail derivatives access. The oracle infrastructure is rapidly maturing, execution on major DEXs is now competitive with centralized alternatives, and demand is shifting from pure onchain speculation to macro hedging strategies and directional trading.

The real question is not whether RWA perps will grow, but whether they will become a complement or a competitor to traditional derivatives markets. For the retail trader without intermediaries, perpification is often the only option; for those who already have access to traditional markets, the 24/7 availability of onchain platforms offers a unique added value.

The platforms that can build the best pricing infrastructure, the deepest liquidity, and the most intuitive user experience will define the market on a global scale. What began as a workaround to gain exposure to gold and oil without leaving the crypto wallet is becoming a structural pillar of the new finance. After perpetual futures, the perpification of RWAs could be the second major export of the crypto-economy to the world.