TradFi Futures Surge on Crypto Exchanges as Spot Trading Slows: CryptoQuant

In the latest edition of the weekly CryptoQuant report, analysts have flagged a surge in traditional finance (TradFi) perpetual futures activity even as demand for bitcoin ($BTC) stays contracted. Even with that dip in demand, $BTC trade sizes have signaled significant institutional activity. According to the report, the rise in TradFi perpetual futures activity is showing up on crypto exchanges, with Gate and Binance leading the charge. Most exchanges are now diversifying beyond cryptocurrencies and tapping into precious metal-related trading activity, because apparently nothing says "decentralized future" quite like a 24/7 market for oil.

CryptoQuant noted that the uptick in TradFi perpetual futures activity is driven by rising demand for gold, silver, and oil amid geopolitical tensions between the U.S. and Iran. The trend underscores the growing convergence of traditional and crypto markets, with market participants now using crypto exchanges to access macro assets. Gate is leading the crypto-TradFi convergence market with $368 billion in TradFi perpetual futures volume. Together with Binance, which accounts for $298 billion, the two exchanges have processed roughly two-thirds of all TradFi futures trading volume recorded so far this year. While other exchanges like MEXC, Bitget, and Bybit also partake in the market share, Gate remains the leader with investments in tokenized stocks, metals, 24/7 derivatives markets, and indices.

"As gold and silver prices reached record highs amid persistent inflation concerns, global equities rallied to new highs driven by AI-related optimism, and oil prices surged following heightened geopolitical tensions between the United States and Iran, traders increasingly turned to crypto exchanges to gain exposure through 24/7 markets," analysts stated.

As TradFi futures activity spikes, spot trading volume declines on centralized exchanges. The metric fell to $679 billion in April 2026, slumping to the lowest level since October 2023. This reflects a decline in activity, thanks to the bear market. Perpetual futures volumes declined alongside, with leverage appetite contracting. Notably, Binance, Bybit, Gate, and Crypto.com rank as the top platforms by cumulative spot volume so far in 2026. Bitcoin liquidity has remained concentrated on a small group of exchanges, with Binance and Gate dominating spot market depth, while Gate, Hyperliquid, Binance, OKX, and Bitget lead perpetual futures liquidity. Gate also leads institutional $BTC activity, as seen in Bitcoin trade sizes on spot and futures markets. The exchange accounts for the highest average Bitcoin spot trade size ($4,000) after reaching a high of $6,200 per trade last year. For the perpetual futures market, Gate also leads with an average of $8,900, sustaining growth that started last year.

You may also like: Bitcoin Price Reacts as Iran Strikes Israel and Trump Weighs In on a Peace Deal; Here's How Deeply Underwater Corporate Crypto Bets Have Become After Latest Crash; Ethereum Has 3x More Holders Than Bitcoin Despite a Brutal Price Decline: Analyst