Your Bitcoin trade can now get liquidated because a stock crashed

Monthly volume on real-world-asset perpetual futures grew from $85 billion in January to an August record of $799.5 billion, with stocks accounting for 62.3% of that total on both DeFi and centralized venues, according to CoinMarketCap.Trading venues are moving away from single-asset margin toward unified portfolio accounts, where a trader's entire holdings back every position at once, well beyond a single stablecoin deposit.MetricJanuaryAugustWhat changedMonthly RWA perp volume$85B$799.5BNearly 9.4x growthStock share of August RWA perp volume—62.3%Equities became the dominant RWA perp categoryMarket implicationEarly experimentationMeaningful trading venue verticalCollateral design now matters at scaleOne account is absorbing everything DeFi doesDeFi trading began with depositing USDC, posting it as margin, and trading crypto perps. Hyperliquid's portfolio margin now lets spot balances and perp positions offset each other directly, with HYPE and BTC both eligible as non-stablecoin collateral.Backpack added equity holdings to that same pool on Sept. 3, letting shares in SPCX support perp trades, dollar borrowing and spot-margin positions inside one unified account. Synthetix built a...