Two different products
A perpetual contract references a price and settles profit or loss under its trading rules. An asset-backed token may represent a contractual claim on an issuer or underlying property. The label “RWA” alone does not establish ownership, redemption rights or a custody arrangement.
Continuous trading, discontinuous reference markets
An onchain venue may accept orders while the reference market is closed. Examine its oracle, pricing rules, funding, spreads and reopening behavior. Trading around the clock does not mean the underlying reference market supplies fresh executable prices around the clock.
Different risks deserve different tables
For derivatives, study margin, liquidations, oracle behavior and counterparty liquidity. For tokenized claims, also study issuer obligations, custody, redemption and eligibility. Do not combine their TVL and volume figures into one universal quality ranking.
How our coverage is organized
The current universe focuses on perpetual venues, including markets referencing real-world assets. Broader tokenized-asset coverage should have its own product definitions and comparison methodology. Coverage can expand without pretending the products are economically identical.
Further reading & sources
By the PerpsAtlas research desk · Educational analysis · Published 22 September 2026.
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