Equity perpetual futures volume on major crypto exchanges surged to approximately $250 billion in July, a seventeenfold increase from $15 billion in April. Binance dominated with 76% of the market, handling roughly $193 billion. Gate.io recorded the fastest growth, with a 308% month-over-month increase. Trading remained concentrated on AI and semiconductor stocks, with SanDisk and SK Hynix accounting for 53% of Gate’s volume. The products give crypto investors round-the-clock access to traditional equities, reflecting a broader shift by digital asset exchanges into traditional financial instruments.
Equity perpetual futures on major digital asset exchanges reached about $250 billion in monthly volume in July, marking a seventeenfold jump from roughly $15 billion in April. According to CryptoQuant, that expansion has turned crypto exchanges into round-the-clock venues for contracts linked to traditional equities.
Binance remained the largest venue, accounting for 76% of total equity perpetual futures volume in July. The exchange handled roughly $193 billion, while Bitfer, Bybit, and Gate followed at a considerable distance.
Gate was identified as the fastest-growing venue during July, with its equity perpetual futures volume increasing by about 308% from June. By comparison, Bybit’s volume rose 176% and Binance’s grew 59%, with Gate recording consecutive monthly growth since May.
Trading remains concentrated across a small group of technology and semiconductor-related assets. SanDisk, SK Hynix, Micron, and the leveraged semiconductor ETF SOXL made up the core of what analysts describe as the AI-memory complex.
On Gate in particular, the concentration was especially pronounced: SanDisk and SK Hynix together accounted for 53% of the exchange’s total equity perpetual futures volume last month. Beyond Gate, the broader market also remained focused on companies linked to artificial intelligence and memory chips.
The products reflect a broader shift in how digital asset exchanges are expanding beyond traditional cryptocurrency markets. Rather than focusing only on assets such as BTC and Ether, exchanges are offering perpetual contracts linked to traditional financial instruments.
This approach allows crypto-native capital to access equity-linked products through infrastructure that operates continuously. The contracts provide exposure to selected traditional assets while retaining the always-on structure associated with crypto markets.
CryptoQuant’s report shows a market that has expanded rapidly while remaining focused on a narrow group of assets. Whether activity eventually spreads across a broader range of equity perpetual contracts will depend on how the market develops beyond its current concentration.
