Injective's real-world asset (RWA) perpetuals market has reached a record milestone, with year-to-date trading volume surpassing $1.1 billion. Over the past month alone, the platform generated $230 million in trading volume.
The growth reflects expanding adoption across multiple asset classes. Injective now hosts 135 on-chain RWA perpetual markets, spanning equities, forex, commodities, indices, and pre-IPO assets. Pre-IPO trading has been particularly active, with SpaceX recording $6.6 million in volume and Robinhood reaching $5.2 million.
The ecosystem's expansion has been supported by institutional participation, including Pentiv's tokenization of a $10 billion mortgage portfolio and collaborations with entities such as Nomura and POSCO.
Token Performance Lags Market Growth
Despite robust RWA market activity, the INJ token has experienced significant weakness. After rallying to $9.4 following Injective officials' visit to the White House, the token declined to a low of $8.3, driven by intense selling pressure.
On-chain metrics reflect the selling activity. Spot market sell volume reached 1.45 million on October 17th, compared to 1.4 million in buy volume. The following day, selling continued with spot sell volume at 416,000, resulting in a negative delta of -4.39K.
On the derivatives side, open interest fell from $205 million to $182 million, representing an 11% decline and indicating that traders were closing their positions.
