While the broader centralized exchange market was quietly shrinking, one corner of crypto derivatives was doing the opposite. RWA perpetual futures trading volume hit an all-time high of $211B in May, and Binance controlled more than half of it.
The exchange captured 55.7% of the total RWA perp volume across centralized platforms, cementing its position as the dominant venue for traders who want exposure to real-world assets like commodities, equities, and pre-IPO companies, all wrapped in crypto-native perpetual contracts.
The numbers behind the surge
That $211B figure represents a 10.4% jump from April, according to CoinDesk Research data. To put it in perspective, this growth happened while overall CEX trading volumes moved in the other direction, falling 3.45% to $4.41T. That’s the lowest level since September 2024.
Overall CEX derivatives volumes also dipped, declining 3.11% to $3.45T. Derivatives still maintained a 78.2% share of total trading activity.
