Korbit Research Center published a report on the 16th titled 'Perpetual Futures: Beyond Crypto Market to RWA,' documenting the expansion of perpetual futures markets from crypto assets into real-world assets (RWA). The report examines how global centralized exchanges like Binance leverage offshore licenses and proprietary indices for rapid product listings, while decentralized perpetual exchanges (PerpDEX) such as Hyperliquid transfer listing authority to protocol-level mechanisms to accelerate expansion. This shift reflects structural changes in how traditional financial assets gain 24/7 trading access outside conventional regulatory frameworks.
Hyperliquid RWA Open Interest Surpasses Bitcoin Futures
According to the report, Hyperliquid's RWA perpetual futures open interest reached approximately $2.9 billion (approximately 4.3 trillion won) as of July 2, surpassing the exchange's Bitcoin (BTC) perpetual futures open interest of approximately $2.1 billion. This milestone marks the first instance where RWA derivatives outpaced crypto-native products on a major decentralized perpetual exchange.
Korbit Research Validates Perpetual Futures Price Reliability Through Correlation Analysis
Korbit Research conducted proprietary verification using publicly available data to analyze the reliability of perpetual futures pricing. S&P 500 perpetual futures replicated existing index and futures prices without distortion during trading hours, achieving a correlation coefficient of 0.98. SK Hynix perpetual futures demonstrated pre-market price discovery capabilities during overnight hours when Korean stock markets were closed, showing correlation coefficients of 0.97 to 0.99 with next-day opening prices.
However, perpetual futures for unlisted companies such as Cerebras and SpaceX showed no reference spot prices, with pricing mechanisms generated internally within exchanges.
Report Identifies Four Conditions for Regulated Perpetual Futures Inclusion
The report outlined four requirements for assets to qualify as regulatable perpetual futures: continuous reference pricing, deep liquidity, real-time arbitrage capabilities, and transparent pricing and liquidation systems. These criteria establish a framework for distinguishing between assets suitable for structured derivative markets and those reliant on exchange-internal pricing mechanisms.
Korean Stocks Trade 24/7 on Offshore Perpetual Markets Outside Domestic Jurisdiction
The report highlighted that major Korean corporations including Samsung Electronics and SK Hynix trade around the clock on offshore perpetual futures markets after regular trading hours close, yet these markets operate entirely outside the regulatory scope of domestic capital market law. With the emergence of perpetual futures based on the Korean won-US dollar exchange rate, the report noted that domestic regulatory frameworks lack mechanisms to address price distortions or liquidation incidents occurring in these offshore venues.
Jung Ji-seong, researcher at Korbit Research Center, stated: "RWA perpetual futures already operate as a market worth several billion dollars, and assets with robust reference price infrastructure showed higher price reliability." Jung added: "Given that Korean asset prices are being determined in venues beyond the reach of domestic regulation, discussions are needed on how to monitor these markets and what preparatory measures to implement."
FAQ
What did Korbit Research Center publish on the 16th?
Korbit Research Center published a report titled 'Perpetual Futures: Beyond Crypto Market to RWA' on the 16th, analyzing the expansion of perpetual futures markets from cryptocurrency assets into real-world assets (RWA).
How does Hyperliquid's RWA perpetual futures open interest compare to its Bitcoin futures?
As of July 2, Hyperliquid's RWA perpetual futures open interest reached approximately $2.9 billion, exceeding the exchange's Bitcoin perpetual futures open interest of approximately $2.1 billion.
What regulatory concern does the report raise about Korean stocks?
The report notes that major Korean stocks including Samsung Electronics and SK Hynix trade 24/7 on offshore perpetual futures markets that operate outside the regulatory framework of domestic capital market law, creating challenges for addressing price distortions or liquidation incidents through Korean regulatory mechanisms.
