Crypto Exchanges Hit $347B in RWA Perps by May 2026

Crypto exchanges processed $347 billion in real-world asset perpetuals in May 2026, a 1,472-fold increase from early 2025 levels, according to CoinGecko. Year-to-date volume reached $1.32 trillion, already exceeding 2025's full-year total of $104 billion.

Binance handled 35.9% of the market. MEXC took 22.8%, Hyperliquid 19.8%. Tokenized equity perpetuals – contracts tracking stocks like Nvidia, Circle, and Micron – drove the growth. Micron volume jumped from $736 million in April to $13.16 billion in May, a 17-fold increase, CoinGecko said.

Pre-IPO perpetuals also expanded. SpaceX contracts posted $305 million in monthly volume, 43.55% of the segment. Ahead of SpaceX's June 12 Nasdaq listing, pre-IPO prices ranged $155 to $170 across Binance, WEEX, and Coinbase, settling within 5% of the $150 opening price.

Since January 2025, exchanges listed 358 RWAs across spot and perpetual markets. MEXC listed 199 spot RWAs and 159 perpetuals. Gate and WEEX listed 224 and 192 total assets respectively. Perpetuals averaged 75 listings per exchange versus 37 spot assets. In May, perpetual volume was eight times spot RWA volume, CoinGecko said.

The report tied the expansion to clearer rules. The U.S. introduced digital asset securities rules in 2025. Europe's MiCA set guidelines for tokenized products. The New York Stock Exchange is building a 24/7 tokenized trading platform; Nasdaq plans token-settled securities trades by late 2026.