3/ But commodities are where the real volume is.
This RWA asset class crossed $1B in daily perp volume during Q1. On both
@HyperliquidX and
@Ostium, commodities accounted for mroe than half of all RWA perp activity. Ostium alone was sitting above $150M in commodity open interest.
Meanwhile, gold on Hyperliquid regularly saw ~$200M OI against $100M daily volume as gold prices whipsawed week-to-week.
Silver was an outlier, with perp volume frequently 2-3x gold's, often around 40% of precious metals perp activity despite having a significantly smaller onchain spot footprint.
Copper and oil were, and to some degree still are, nascent markets. Copper ran ~$8M in daily perp volume with $28M OI, and oil around $1M daily with ~$5M OI.
Zooming out, data from
@DefiLlama's LlamaAI shows total commodity perp volume hit $80.3B in Q1 2026. And now that Q2 has just wrapped, that figure grew nearly 20% to $95.7B. Those figures go beyond the scope of the report, but give a sense of the broader scale this market is operating at.