Perpetuals on real-world assets, all venues
Where perpetual contracts written on the section's equities, ETFs, gold and silver trade, venue by venue: open interest, the share of the leading venue, and the gap between each contract and its own reference index.
What is it?
A perpetual contract replicates an underlying's price with no expiry and without holding the security. On equities, ETFs and metals, such contracts are listed by many venues, centralised order books and on-chain venues alike. This view brings them together by underlying. For each underlying in the section, it adds up the open interest of its perpetuals venue by venue, says which venue carries the largest share and what share goes to Hyperliquid, and measures the gap between each contract's price and its own reference index, both read at the same instant on the same venue. A contract is kept only if its underlying is exactly the section's and if its index stays close to that of the other venues listing it, or to our price when they are too few.
How to read
Four capsules summarise the snapshot: total open interest, the number of venues, the leading venue with its share, and Hyperliquid's share. Each row is then an underlying, from the most committed to the least, with its logo and a link to its page; the first twenty show first, the rest on request. The bar splits the underlying's open interest across its venues: the first in gold, the next ones in a gradient, the smallest grouped together; the leading venue and its share are written beside it, and each segment's detail appears on hover. The columns give the number of venues, 24-hour volume, Hyperliquid's share and the median gap to the index. From Pro, each row unfolds into the per-venue detail: contract, open interest, volume, the ratio of one to the other, gap to the index and last trade, with the count of contracts excluded on this underlying.
Key zones
The leading venue's share is the most telling zone. Above half, price formation for this underlying's derivatives depends on a single place: an interruption there would suspend it. The gap to the index reads in hundredths of a per cent. Near zero, the contract tracks its index; positive, buyers pay the perpetual above its reference; negative, the reverse. A gap far wider than other venues' on the same underlying describes a lightly arbitraged venue, or an index it computes differently. A very high open interest to volume ratio describes a declared commitment the venue's trading does not corroborate: amounts are published as each venue declares them, and this ratio is what allows reading them with caution.
What to observe
Watch Hyperliquid's share against centralised books. It says whether these underlyings are replicated mostly on an on-chain venue, verifiable by anyone, or on books run by platforms. Watch new venues arriving on the same underlying: liquidity disperses there, and the leading venue loses weight. Watch finally the count of excluded contracts: it says how many quotes claim an underlying without following its price.
Historical context
Perpetual contracts were born on crypto-asset markets, where they became the most traded instrument. Their extension to equities, ETFs and metals is recent: venues added them underlying by underlying, so that the same security can be replicated on many venues at once. The series of total open interest builds one snapshot per day; it only appears from eight days, because two or three points would suggest a trend that does not exist.
Expert notes
The snapshot comes from the derivatives universe the section reads several times an hour; its time and scope are written at the top of the panel. Open interest is what each venue declares, converted to dollars by the source; it is not cross-checked venue by venue. A contract's underlying is read from its index identifier, never guessed from a resemblance of names: a contract whose name contains a symbol is not thereby written on it. A contract's reference is the median index of the contracts written on the same underlying, across all venues, as soon as there are at least three and that median stays within 15% of our price: a contract straying more than 5% from it is excluded. Without such a consensus, our price is the reference, at 15%. An index more than 50% away from our price designates another asset sharing the symbol: it is excluded outright and does not weigh on the median. An excluded contract is kept in the database and counted below the table. An isolated venue therefore cannot skew the reading, and a drift in our own price does not exclude twenty venues that agree. The funding rate is not compared from one venue to another: its period and convention vary by venue, and the source does not publish them.
Common mistakes to avoid
Adding up every venue's open interest into the size of a single market is misleading: these venues share neither book nor clearing house, and the total describes a dispersed commitment, not a place where an order would execute. Reading open interest as volume is another: it counts what remains open, not what trades. Finally, taking a perpetual's gap to its index for the gap between the token and the perpetual would confuse two readings: this one compares the contract with its own venue's reference, the token / perpetual spread compares the tokenized wrapper with the perpetual.
Programmatic access
MCP server
{
"tool": "get_chart_value",
"metric_id": "rwa-perp-venues",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.