A new report shows a significant surge in traditional finance (TradFi) perpetual futures trading activity on cryptocurrency exchanges, even as overall spot trading volume declines. The data highlights a growing convergence where crypto platforms are being used to access macro assets like gold and oil. Exchanges such as Gate and Binance are leading this trend, with Gate also recording the highest average trade sizes for Bitcoin, indicating substantial institutional activity.
Analysts have revealed a surge in traditional finance perpetual futures activity even as demand for bitcoin remains contracted. Bitcoin trade sizes have nonetheless signaled significant institutional activity.
The rising TradFi perpetual futures activity can be seen on crypto exchanges, with Gate and Binance leading the trend. Most exchanges are now diversifying beyond cryptocurrencies and tapping into precious metal-related trading activity.
CryptoQuant noted that the uptick is driven by rising demand for gold, silver, and oil amid geopolitical tensions between the U.S. and Iran. This trend underscores the growing convergence of traditional and crypto markets as participants use 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.
“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. This metric fell to $679 billion in April 2026, slumping to the lowest level since October 2023.
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. Binance and Gate dominate spot market depth, while Gate, Hyperliquid, Binance, OKX, and Bitget lead perpetual futures liquidity.
Additionally, Gate 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 of $4,000.
For the perpetual futures market, Gate also leads with an average of $8,900, sustaining growth that started last year.
