Ondo Perps Open Interest Surpasses $100M, RWA Perps Rank Top 3

The number itself matters less than the category it validates: real-world asset perpetuals are now attracting enough positioning to sit alongside the market's established derivatives venues, which suggests traders are treating tokenized RWAs as instruments to speculate on rather than just hold. That shift has implications for the projects issuing these assets, since deeper derivatives liquidity tends to reinforce the underlying spot market's relevance. The open question is whether this open interest reflects durable, two-sided demand or a handful of concentrated positions that could unwind quickly.