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On September 17, the SEC granted temporary, conditional relief to facilitate limited onchain trading of tokenized U.S. stocks. As regulatory pathways clear and issuance of real-world assets onchain accelerates, the most interesting question, besides how much is onchain and how much is used, is whether these markets behave like the ones they reference or differently enough to produce new signals and opportunities.
That's what this report set out to measure, across cash equivalents, credit, commodities and equities.
After Issuance: Reading the Onchain RWA Market → eu1.hubs.ly/H0yJP7G0
Today we’re launching Dune Market Data Feeds: real-time trades for spot and perpetual markets.
Onchain trading data is messy and liquidity is fragmented across chains and venues. Dune turns it into market data by putting trades in one normalized data model, alongside reference data that identifies and classifies every asset.
Onchain market data is becoming more important than ever:
- About 25% of spot crypto trading now happens onchain
- Tokenized stocks and ETFs traded more than $37 billion in Q3
- Perpetuals on stocks, ETFs and equity indices traded $201 billion on Hyperliquid in Q3
- The SEC has opened the path for tokenized U.S. stocks to trade onchain, and the first venues are already applying
Request a trial if onchain trades and prices matter to your team: eu1.hubs.ly/H0zjr2W0
Some of what we found on how equities behave onchain, from After Issuance, our report on the onchain RWA market: eu1.hubs.ly/H0zd-ml0
“GPU rental prices (H200) end of October?”
That Kalshi market is a live read on NVIDIA demand. But prediction markets are free text, so it has no ticker on it.
Ticker mapping is now live on Dune. Every Kalshi and Polymarket market on a public company is matched to its ticker. The H200 market now sits under NVDA, one of 1,800+ NVIDIA markets mapped in the past 90 days alone, ready to join to your book.
Request a dataset trial: eu1.hubs.ly/H0zbLcG0
Thanks to @Ondo for contributing its perspective on tokenized equities in After Issuance, our latest report on what happens to tokenized assets once they are issued.
Read the full report → eu1.hubs.ly/H0z4pHp0
Thanks to Moody's for sharing its views on tokenized private credit in After Issuance, our latest report on the onchain RWA market.
Read the full report → eu1.hubs.ly/H0z6n4z0
September CPI took Fed prediction markets on a rollercoaster.
Track all Fed meetings, alongside other macro and financial markets: eu1.hubs.ly/H0z6mZ60
Thanks to Franklin Templeton @FTDA_US for contributing to After Issuance: Reading the Onchain RWA Market, our Q3 2026 report.
Read the full report → eu1.hubs.ly/H0z4l2K0
How commodities behave onchain, in under a minute. From After Issuance, our latest report on the onchain RWA market: eu1.hubs.ly/H0z4kST0
Dune retweeted
We've updated the nomenclature and added figures to the Ostium dashboard on Dune to make it clearer how revenue is defined and how it's split between the OLP Vault and the Ostium Protocol.
Top-Line Revenue (previously “Total Fees”) is the sum of Trading Fees and Flow Revenue:
• Trading Fees are the opening fees on each trade, currently split 30/70 between the OLP Vault and the Ostium Protocol. They are charged when the trade is opened.
• Flow Revenue is spreads, rollover and liquidation fees. Since the liquidity upgrade in April, Flow Revenue goes to the Ostium Protocol. You can see this evolution in the monthly chart.
Unlike Trading Fees, Flow Revenue is built into the trade itself (spreads on entry and exit, rollover while the position is open, liquidation fees if it is liquidated) and is settled through the trader’s PnL.
Neither value represents gross profits: Top-Line Revenue is an onchain, gross figure and does not include the off-chain cost of hedging flow. Gross profit is an off-chain metric and is the value of what remains after the OLP Vault’s share and off-chain hedging costs.
We will continue to make improvements to the Dune dashboard and welcome feedback on how it can be further improved.
A snapshot of tokenized credit from our latest RWA report.
Read more at eu1.hubs.ly/H0z027r0
Live from TOKEN2049, where we presented The Institutional Yield Map 2026 by @mpost_io HSC Asset Group.
The report, built on Dune datasets, gives institutional allocators a view of where to generate yield onchain: sixteen sources across lending, yield-bearing stablecoins, tokenized money funds, staking and liquid staking, with what each actually paid, the risks, and the limits.
eu1.hubs.ly/H0yZRnW0
Tokenized equities and equity perps are both still mostly US names. Asian companies and indices are a much bigger share of the perp market though, 24% of open interest versus 3% of tokenized equity supply, and a lot of that is memory and storage names like SK Hynix and Samsung.
Perps also get into markets that are harder to reach with tokenized wrappers, including regional indices and pre-IPO companies.
Read Dune's RWA report for more on tokenized and synthetic equity exposure, and the other asset classes we track.
eu1.hubs.ly/H0yTj1n0
Dune retweeted
We’re bringing together some incredible teams across the Arbitrum ecosystem to support founders building at Founder House Singapore.
> @Dune
> @Paxos
> @ZeroDev
> @GMX_IO
> @trailofbits
> @pendle_fi
> @Quicknode
> @RobinhoodCrypto
> SBI Digital Markets
Innovating across tokenization, AI and programmable finance?
Join us and Robinhood Chain in Singapore from October 23rd-25th.
Register here:
luma.com/openhouse-singapore…
Tokenized gold has reached $5.4B, with growth driven more by the accumulation of ounces (+73% YoY) than by the rise in gold prices (+29% YoY).
There are now roughly 36 tonnes of tokenized gold onchain, equivalent to 0.86% of gold held in ETFs worldwide. That growth has come alongside continued accumulation by central banks and ETF investors.
Read the full report for more on tokenized commodities and the other asset classes we track.
eu1.hubs.ly/H0yThzG0
Exciting new program by @arbitrum! 👏
Introducing the Arbitrum Dune Credit Program.
The Arbitrum Foundation is backing analysts with 2,500 @Dune credits/month to create and maintain public dashboards across the ecosystem.
Better data makes a stronger programmable economy.
Apply now:
tally.so/r/D4gXlp
Dune retweeted
U.S. markets keep hitting new highs
Demand for onchain access is rising alongside them, reflected in the growth of Ondo Stocks:
→ Over $1.3 billion in TVL
→ 440,000+ cumulative holders
→ Tens of billions in cumulative volume
Tokenization is opening Wall Street to the world.
Dune retweeted
Institutional crypto markets are maturing, and the bar for infrastructure is rising.
What separates a market institutions can access from one they can actually rely on?
• @arno39, VP of Institutions, @Dune
• @bobbyong, Co-Founder & CEO, @coingecko
• @ArthurB, Co-Founder, @Tezos
Oct. 8 | Amara Singapore
More than 95% of tokenized Treasury exposure matures within a year and functions as cash management. Long-duration Treasury products do exist onchain, but they have attracted far less capital, leaving limited ways to express a view on rates or the macro path.
Read the full report for more on tokenized Treasuries and the other asset classes we track → eu1.hubs.ly/H0yTgZm0
