Real-world assets, traded on-chain
Spot RWA is an on-chain swap: Ondo Global Markets tokens track real shares and ETFs, settle in USDC on Ethereum, and route through the KyberSwap aggregator to whichever venue is cheapest at the time.
RWA perpetuals are Hyperliquid markets deployed on the xyz dex, covering equities, indices and commodities. They use the same order book, margin engine and leverage as any other perp on the protocol.