The rally in TradFi perpetual futures is being driven by rising demand for gold, silver, and oil amid continued geopolitical tensions.
In the latest edition of their weekly CryptoQuant report, analysts reveal that perpetual futures trading in traditional finance (TradFi) is surging even as demand for Bitcoin (BTC) continues to contract. Despite the decline in demand, BTC trading volume shows significant activity by institutional investors.
According to the report, an increase in TradFi perpetual futures trading is also being seen on crypto exchanges, with Gate and Binance leading the trend. In fact, most exchanges are now diversifying beyond cryptocurrencies and are also branching out into precious metals-related trading activities.
Trading in TradFi perpetual futures becomes more active
CryptoQuant pointed out that the rise in TradFi perpetual futures trading is driven by rising demand for gold, silver and oil amid geopolitical tensions between the US and Iran. This trend highlights the increasing convergence of traditional and crypto markets. Market participants currently rely on crypto exchanges to access macro assets.
Gate leads the crypto-TradFi convergence market with $368 billion in trading volume in TradFi perpetual futures. Together with Binance accounting for $298 billion, the two exchanges have processed roughly two-thirds of the TradFi futures trading volume recorded so far this year. While other exchanges such as MEXC, Bitget, and Bybit are joining in the market share, Gate remains a leader in investing in tokenized stocks, metals, 24/7 derivatives markets, and indexes.
“With gold and silver prices reaching record highs amid persistent inflation concerns, global stocks rebounding to new highs on AI-related optimism, and oil prices surging following rising geopolitical tensions between the US and Iran, traders are increasingly turning to crypto exchanges to gain exposure through 24/7 markets,” the analyst said.
Decrease in spot and permanent trading volumes
As TradFi futures trading activity surges, spot trading volumes on centralized exchanges decrease. This indicator fell to $679 billion in April 2026, the lowest level since October 2023. This reflects lower activity due to the bear market. Trading volumes for perpetual futures fell as well, reducing leverage demand. Specifically, Binance, Bybit, Gate, and Crypto.com rank among the top platforms by cumulative spot volume so far in 2026.
Interestingly, Bitcoin liquidity remains concentrated on a small number of exchanges, with Binance and Gate dominating spot market depth, while Gate, Hyperliquid, Binance, OKX, and Bitget lead perpetual futures liquidity.
Additionally, Gate is leading institutional BTC activity, as seen by the volume of Bitcoin trading in the spot and futures markets. The exchange accounts for the highest average trade size for Bitcoin Spot ($4,000) after hitting a high of $6,200 per trade last year. Gate also led the perpetual futures market with an average price of $8,900, maintaining the growth that began last year.
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