POPA ReconWhere RWA Perps Trade: Kalshi Enters at #11
Where RWA Perps Trade: Kalshi Enters at #11 One day after launching US-regulated stock perps, Kalshi is already doing $598M in 24-hour volume on real-world asset perps, per Loris Tools. That ranks it #11 by volume, right behind Lighter ($676M) and ahead of Lighter on Robinhood Chain ($567M) and Ondo Perps ($500M). Centralized exchanges still run this market. RWA perps on stocks, indices, commodities and FX did $66.9B in 24 hours, and 44% of it, $29.4B, traded on Binance alone. OKX ($7.4B) and MEXC ($6.2B) follow, while Hyperliquid-based trade.xyz is the only on-chain venue in the top 7, rank…
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