The numbers behind the rally
Q1 2026 alone saw $524.79 billion in RWA-perp volume. Daily open interest averaged $4.82 billion during the quarter, up from just $0.14 billion on January 1, 2025, and hit $6.68 billion by March 31. The trailing four-week run-rate as of mid-May sat near $46 billion per week — a pace that would put the market on track for roughly $2.4 trillion annually if sustained.
" Translation: "Tallene bag opturen
Alene i første kvartal 2026 blev der registreret 524,79 milliarder dollars i RWA-perp-volumen. Den daglige åbne interesse lå i gennemsnit på 4,82 milliarder dollars i kvartalet, op fra blot 0,14 milliarder dollars den 1. januar 2025, og nåede 6,68 milliarder dollars den 31. marts. Den rullende fireugers rate pr. midten af maj lå på omkring 46 milliarder dollars om ugen – et tempo, der, hvis det opretholdes, ville sætte markedet på sporet af cirka 2,4 billioner dollars årligt.
" Note: "billion" in Danish is "milliard" for 10^9, and "billion" for 10^12? Actually careful: In Danish, "billion" is 10^12 (en billion), while "milliard" is 10^9. The English "billion" is 10^9, so we must use "milliard" for 10^9. For 2.4 trillion (10^12), Danish is "2,4 billioner". So $2.4 trillion = 2,4 billioner dollars. Yes. Also numbers: $524.79 billion -> 524,79 milliarder dollars. $4.82 billion -> 4,82 milliarder dollars. $0.14 billion -> 0,14 milliarder dollars. $6.68 billion -> 6,68 milliarder dollars. $46 billion -> 46 milliarder dollars. $2.4 trillion -> 2,4 billioner dollars. Third paragraph: "Why traders are moving on-chain
Three forces are driving the shift. Macro traders want round-the-clock access to assets like oil, gold, or interest-rate benchmarks without being tied to traditional exchange hours. DeFi's capital efficiency has improved, meaning traders can get more leverage with less collateral. And sophisticated wrappers — especially HIP-3 — have cut the overhead of launching a new perpetual market from weeks to days, while offering unified cross-margining across different RWA perps.
" Translation: "Hvorfor handlende flytter on-chain
Tre kræfter driver skiftet. Makrohandlere ønsker døgnadgang til aktiver som olie, guld eller rentebenchmarks uden at være bundet til traditionelle børsåbningstider. DeFis kapitaleffektivitet er blevet forbedret, hvilket betyder, at handlende kan opnå mere gearing med mindre sikkerhedsstillelse. Og sofistikerede wrappers – især HIP-3 – har reduceret omkostningerne ved at lancere et nyt perpetual-marked fra uger til dage, samtidig med at de tilbyder samlet krydsmarginering på tværs af forskellige RWA-perps.
" Note: "cross-margining" -> "krydsmarginering" is a term used in finance. "Leverage" -> "gearing". "Collateral" -> "sikkerhedsstillelse" or "collateral" is also used, but "sikkerhedsstillelse" is better. "Macro traders" -> "makrohandlere". Fourth paragraph: "HIP-3's outsized role
The HIP-3 wrapper alone accounted for roughly 28.6% of all monthly RWA-perp volume in March 2026. Its own volume jumped from $12.65 billion in Q4 2025 to $130.87 billion in Q1 2026 — a tenfold increase in three months. By standardizing how markets are created, how oracles feed data, and how margins are pooled, HIP-3 has become the default launchpad for new RWA perps. That concentration brings efficiency, but it also means a single wrapper now holds significant sway over the ecosystem.
" Translation: "HIP-3's overdimensionerede rolle
HIP-3
