What are RWA perpetuals?
RWA perpetuals are perpetual futures contracts on real-world assets — gold (XAUUSDC), silver (XAGUSDC), crude oil (WTIOIL), equity indices (kSP500), individual stocks (kTSLA) — that trade on-chain on a perpetual DEX like Hyperliquid. They behave like crypto perps in mechanics (perpetual settlement, leverage, hourly or 8-hour funding) but reference real-world prices via on-chain oracles. The user trades exposure to gold without owning physical gold, ETF shares, or COMEX futures.
How are RWA perps different from CFDs?
Three structural differences. Fees: CFDs charge overnight financing of typically 3–7% per year on every open position, set unilaterally by the broker; RWA perps charge market-driven funding that can be positive, zero, or negative depending on positioning. Hours: CFDs have closed sessions (gold CFD typically pauses Friday evening through Sunday evening); RWA perps trade 24/7 with no gaps. Custody: CFD positions are an IOU on the broker's balance sheet; RWA perp positions are settled in your own wallet via smart contract.
How are RWA perps different from regulated futures (COMEX, CME)?
Regulated futures have a fixed expiry, lower retail leverage caps (typically 10×-20×), require a futures-trading-eligible brokerage account, are subject to overnight margin calls, and have closed sessions. RWA perps have no expiry (the “perpetual” in the name), higher leverage caps (up to 50× on Hyperliquid for major RWA pairs), require only a Web3 wallet, and trade continuously. The trade-off: regulated futures are CFTC-supervised; RWA perps are not.
Which RWAs are tradable as perps on Hyperliquid?
As of 2026, the live HIP-3-deployed RWA perp markets include gold (XAUUSDC), silver (XAGUSDC), crude oil (WTIOIL), the S&P 500 (kSP500), and selected individual equities (Tesla, Nvidia, others through deployer cohorts). New RWA markets are added by approved HIP-3 deployers as oracle integrations are completed. Current live markets are listed at arx.trade/markets/ with real-time price, OI, and funding data.
What are the risks specific to RWA perps?
Beyond the standard perp risks (leverage liquidation, funding payments, smart-contract risk), RWA perps add three: oracle drift (the on-chain spot reference can diverge briefly from the off-chain real-world price during volatility, affecting funding); delisting risk (a HIP-3 deployer can wind down a market with notice); and regulatory ambiguity (some jurisdictions treat on-chain RWA perps as unregistered derivatives, which can create access restrictions). The full risk breakdown is at arx.trade/risk.