Our partner Extended just launched Request for Quote (RFQ) markets in RWA perpetual futures, powered by Stork. We're excited to be part of it, and the infrastructure and oracle decisions are worth breaking down.
Perpetual futures (perps) tracking real-world assets (RWAs) are in an explosive early stage of growth. Stork Research put Q2 2026 volume at $937.3 billion, nearly double Q1 and already 3 X all of 2025 combined. The market is led by Binance and Hyperliquid, so far, and a strong early cohort of venues has established real liquidity, based on demand both from crypto-native users and participants coming in from the TradFi side.
The next phase of scale requires building out broader coverage, attracting market makers to provide liquidity on a range of contracts. Orderbook infrastructure works when trading is constant, since a market maker can justify sitting on both sides of the book all day. Many RWA perps don't trade that way. Parking capital across thousands of quiet books isn't worth it for most makers, which is why RWA listings have stayed limited on orderbook-only venues.
Read: Order Flow Balance in RWA Perps Markets (deep dive).
RFQ sidesteps that by pricing trades on demand instead of maintaining standing depth. A trader requests a quote, a maker prices and hedges just that trade. Capital tracks flow, unlocking liquidity when and where it is needed. Extended is going live with 100+ RWA markets and a road map to list 1,000+, putting it among the top five exchanges by RWA perps listings per Stork Research.
One thing thatsets Extended's approach apart is how it sources liquidity for markets that don't have crypto-native depth to hedge against at all—by hedging through a TradFi partner, launching with conservative caps that scale up with flow.
Another thing we like about Extended's approach: the RFQ back end is largely invisible to traders. The interface, charts, and order types look identical to any other Extended market. Extended still runs its most liquid majors on orderbooks, where that structure gives traders better execution. RFQ is specifically for the long tail, where it's the better fit, and the transition between the two is seamless.
Stork delivers NYSE and Nasdaq oracle pricing for the most liquid names in the lineup. Feels like looking around a corner. We're glad to be part of what Extended is building. Read their full announcement and follow Extended on X, here.
