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RWA Perps Hit Record High as CEX Volume Slumps: Is DeFi Trading Moving to New Wrappers?
Q1 2026 RWA‑perp volume hit $524.8B while May CEX trading fell 5.8%. We unpack HIP‑3 wrappers, risks, fees, and whether flow is shifting to DeFi.
➤ RWA perpetuals are experiencing record volume, driven by DeFi wrappers like HIP-3, as centralized exchange (CEX) trading cools. ➤ These wrappers offer advantages such as faster listings, unified margin, and composability, attracting both crypto-native traders and macro desks. ➤ Key risks include oracle reliability, market microstructure, and regulatory uncertainty, while CEXs still lead in overall liquidity and fiat rails.