Research Report: Perpetual Stock Contracts Saw $376.3 Billion in Trading Volume in July, 50 Times the Spot Market

BlockBeats News, September 9 — In the RWA report "Tokenized Stocks: Insights from SpaceX, Pre-IPO Price Discovery, and the Perpetual Contract Boom," co-produced by CoinGecko and BlockBeats, it was stated that trading demand in the tokenized stock market is rapidly concentrating toward perpetual contracts. In July 2026, stock perpetual contract trading volume reached $376.3 billion, while spot token trading volume stood at approximately $7.5 billion, with the former roughly 50 times the latter; average open interest during the same period was about $6.1 billion.

The report noted that monthly trading volume for stock perpetual contracts has grown approximately 209-fold over the past 12 months, indicating that leverage, shorting, cash settlement, and rapid listing capabilities are becoming the primary reasons traders choose such products. In contrast, spot tokens require 1:1 custody, minting, and redemption of the underlying stocks, entailing higher capital occupation and operational costs, while the speed of listing popular targets is also prone to constraints.

The report also revealed that on-chain stock perpetual contracts have become a 24-hour tool for trading sector themes. Active trading in AI memory chip stocks such as SanDisk, Micron, and SK Hynix reflects capital chasing memory cycle trends, AI infrastructure investment, and macroeconomic shifts through on-chain perpetual contracts.