从加密货币到全球市场：链上交易如何扩展到代币之外

This article is contributed by Injective.

Perpetual markets began as a crypto-native invention. Their next phase is turning equities, commodities, currencies, indices, and private-market references into programmable markets.

Perpetual futures solved an early crypto problem: how can traders take long or short exposure in a market that never closes without constantly rolling an expiring contract? The answer was a derivative with no expiration date, anchored to an index through funding payments.

That structure is now moving well beyond crypto. Equities, commodities, foreign exchange, indices, and pre-IPO references are becoming available through the same onchain market infrastructure that traders already use for Bitcoin and other digital assets. CoinGecko found that the market for actively traded crypto representations of traditional assets expanded from $1.41 billion to $6.59 billion over the last year and a half. Trading volume reached $1.45 trillion in the first half of 2026, while open interest in traditional-asset perpetuals rose as high as $4.67 billion.

Injective offers one of the clearest examples of this expansion, with 135 active RWA perpetual markets quoted against native USDC across equities, commodities, foreign exchange, indices, and pre-IPO references. That breadth rests on an exchange, oracle, liquidity, and risk stack built directly into the network, giving new markets access to infrastructure that would otherwise have to be assembled market by market.

Key Findings

Perpetuals provide long and short price exposure without requiring the underlying stock, commodity, or currency to be wrapped, custodied, or pre-funded on the network.

Injective offers 135 active RWA perpetual markets, including 111 equity markets, 11 foreign-exchange markets, nine commodity markets, two indices, and two pre-IPO references.

Injective's RWA perpetual markets have generated more than $5.3 billion in cumulative onchain volume since early 2025.

Monthly RWA perpetual volume reached $186.5 million in July 2026 and $209.7 million in August, the two strongest full months of the year. August volume was 3.4 times May's level.

Selected U.S. equity markets use a unified 24/5 oracle stream that combines pre-market, regular, after-hours, and overnight pricing, with updates approximately every two seconds.

Injective places orderbook management, matching, settlement, margin, liquidation, oracle pricing, and insurance at the protocol level. Applications can reach the same canonical markets without rebuilding that stack.

Native USDC and an onchain orderbook that can be shared across applications give participating venues a common settlement asset and liquidity layer.

Snapshot

Metric Value Active RWA perpetual markets 135, all quoted against native USDC Active markets by class 111 equity; 11 FX; 9 commodity; 2 index; 2 pre-IPO Cumulative RWA perpetual volume since early 2025 More than $5.3B July 2026 RWA perpetual volume $186.5M August 2026 RWA perpetual volume $209.7M RWA perpetual volume, 2026 year to date $845.9M

Source: Injective public mainnet data, compiled by Injective Research, as of September 1, 2026.

1. Perpetuals Are Becoming a Global-Market Product

A perpetual future tracks a reference price without expiring. Traders post collateral, take a long or short position, and settle profit and loss in the market's quote asset. Funding payments are periodic transfers between long and short traders. When the contract trades above its index, longs typically pay shorts; when it trades below, shorts may pay longs. This encourages the market price to stay close to the reference price.

For crypto assets, that design created a market that could operate continuously without the quarterly expirations familiar from traditional futures. For global assets, the same design brings price exposure onchain without first recreating the underlying asset as a transferable token.

An equity perpetual is designed for trading and hedging rather than shareholder ownership. Tokenized securities address issuance and ownership; perpetuals address price exposure, leverage, liquidity, and risk transfer. Each product serves a distinct financial purpose.

The addressable market is wider than equities. The same engine can support indices, metals, foreign exchange, oil, or an implied private-company valuation when an appropriate price source and risk framework exist.

2. Why Global Assets Fit the Perpetual Model

The first advantage is speed of market formation. Tokenizing an underlying security can involve custody, legal claims, transfer restrictions, corporate actions, and jurisdiction-specific distribution. Perpetuals take a different route by creating a purpose-built market for price discovery, hedging, and risk transfer without requiring the underlying security itself to be issued onchain.

The second advantage is two-sided access. The same product can express a bullish or bearish view. A portfolio with technology-stock exposure, for example, can use an index or single-name perpetual to offset part of that risk without moving the portfolio onchain.

The third advantage is capital efficiency. Perpetuals are margined products, so traders post a fraction of the position's notional value rather than paying the full value upfront. Leverage magnifies losses as well as gains, but it allows a smaller amount of collateral to support a larger exposure. Stablecoin settlement gives otherwise unrelated markets a common unit of account.

The fourth advantage is programmability. Applications can route orders, monitor margin, automate strategies, or combine exposures. Injective's iAssets framework describes these markets as programmable primitives built for position-based exposure and cross-market composability.

3. Injective Is Turning Market Breadth Into Measurable Activity

Onchain data as of September 1 shows 135 active RWA perpetual markets on Injective: 111 equity markets, 11 foreign-exchange markets, nine commodity markets, two indices, and two pre-IPO references. All were quoted against native USDC, the shared settlement asset for this market roster.

The trading history now provides evidence alongside the market count. Injective's RWA perpetual markets have generated more than $5.3 billion in cumulative onchain volume since early 2025 and $845.9 million in 2026 year to date. Monthly activity accelerated into the third quarter. Volume rose from $61.4 million in May to $95.6 million in June, $186.5 million in July, and $209.7 million in August. August was the strongest full month of 2026 and reached 3.4 times May's volume.

Figure 1. Monthly Injective RWA perpetual volume, January through August 2026. Source: Injective public mainnet data, compiled by Injective Research, as of September 1, 2026.

The July and August increase is particularly relevant because it followed the expansion of the market roster. More listings do not guarantee more trading, but this sequence shows breadth and usage moving in the same direction. Injective is progressing from an early collection of equity experiments toward a multi-asset venue with repeat activity across a much larger set of global references.

4. Why Onchain RWA Perpetuals Are Difficult

RWA perpetuals combine the demands of traditional market data with the demands of a leveraged, continuously operating onchain venue. A credible product has to solve several problems at once.

Markets follow different clocks. U.S. equities move through pre-market, regular trading, after-hours, and overnight sessions. Commodities follow futures calendars and contract rollovers. Foreign-exchange markets operate on a different weekly schedule. The blockchain continues producing blocks through every session boundary.

External prices drive onchain risk. The index price influences funding, margin, and liquidation. Feed gaps or abrupt session switches can therefore affect much more than a chart. They can change the risk state of every open position.

Liquidity can fragment quickly. A broad market roster becomes less useful if every application creates a separate pool or if liquidity providers must integrate with a different matching system for each frontend. RWA markets also need dependable quoting during extended hours, when the underlying market may be thinner.

Leverage requires coordinated safeguards. Margin rules, liquidations, insurance, settlement collateral, position parameters, and oracle behavior must work together. Building each component inside an application increases engineering complexity and makes consistency harder to maintain across markets.

Injective's architectural advantage is that these functions already operate as shared network infrastructure. A market can plug into a canonical oracle, onchain orderbook, matching engine, margin system, liquidation process, insurance module, and native settlement asset. The application layer can then focus on distribution, portfolio design, and user experience.

5. Injective Extends Equity Price Discovery Across the Trading Week

Selected U.S. equity markets on Injective use SEDA to combine four Pyth session feeds into one continuous 24/5 oracle stream. The system selects the appropriate feed for pre-market, regular trading, after-hours, or overnight activity, applies continuity checks, and publishes a unified price approximately every two seconds.