Korbit Research Center published a report on July 19 revealing that perpetual futures trading, which originated in crypto markets, is rapidly expanding to real-world assets (RWA) including Samsung Electronics and SK Hynix stocks. Data as of July 2 shows Hyperliquid's RWA perpetual futures open interest reached approximately $2.9 billion, surpassing its Bitcoin perpetual futures open interest of $2.1 billion. Global centralized exchanges like Binance utilize offshore licenses and proprietary indices to rapidly list new products, while decentralized perpetual exchanges (perp DEXs) represented by Hyperliquid transfer listing authority to protocols to accelerate expansion. Korean stocks continue trading 24/7 on offshore perpetual futures markets even after domestic exchanges close, raising concerns as this entire market operates outside the jurisdiction of Korea's Capital Markets Act.
Hyperliquid RWA Perpetual Futures Surpass Bitcoin Open Interest
As of July 2, Hyperliquid's RWA perpetual futures open interest stood at approximately $2.9 billion (approximately 4.295 trillion won), exceeding the platform's Bitcoin perpetual futures open interest of approximately $2.1 billion. The report titled "Perpetual Futures: Beyond Crypto Markets to RWA" documented how global centralized exchanges employ offshore licenses and proprietary indices to rapidly list new products, while decentralized perpetual exchanges transfer listing authority to protocols to accelerate market expansion.
Korbit Research Center Analyzes Perpetual Futures Price Reliability
Korbit Research Center conducted internal verification using public 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 pre-reflected the next day's opening price during overnight hours when domestic markets were closed, recording correlation coefficients of 0.97 to 0.99. Perpetual futures for unlisted companies such as Cerebras and SpaceX showed no reference spot prices, with prices being generated internally within exchanges. The report identified four conditions for assets to be incorporated into regulated perpetual futures: continuous reference pricing, deep liquidity, real-time arbitrage, and transparent pricing and liquidation systems.
Korean Stocks Trade 24/7 Outside Domestic Regulatory Framework
Samsung Electronics and SK Hynix stocks are traded 24 hours a day on offshore perpetual futures markets even after regular trading sessions close, yet this entire market operates outside the regulatory framework of Korea's Capital Markets Act. Perpetual futures based on the won-dollar exchange rate have also emerged. Jung Ji-seong, a researcher at Korbit Research Center, stated that "RWA perpetual futures already operate as a market worth billions of dollars, and assets with robust reference price infrastructure showed higher price reliability," adding that "Korean asset prices are being set in places beyond the reach of domestic regulations, so discussions are needed on how to monitor this and what to prepare for."
FAQ
What is the open interest of Hyperliquid's RWA perpetual futures as of July 2?
As of July 2, Hyperliquid's RWA perpetual futures open interest reached approximately $2.9 billion (approximately 4.295 trillion won), surpassing the platform's Bitcoin perpetual futures open interest of approximately $2.1 billion.
What correlation coefficients did Korbit Research Center report for perpetual futures pricing?
Korbit Research Center reported that S&P 500 perpetual futures achieved a correlation coefficient of 0.98 with existing index and futures prices during trading hours, while SK Hynix perpetual futures recorded correlation coefficients of 0.97 to 0.99 when pre-reflecting the next day's opening price during overnight hours.
Why are Korean stocks trading on offshore perpetual futures markets a regulatory concern?
Samsung Electronics and SK Hynix stocks trade 24 hours a day on offshore perpetual futures markets outside the jurisdiction of Korea's Capital Markets Act, meaning price distortions or liquidation incidents cannot be addressed through domestic regulations.
