In the latest weekly CryptoQuant report, analysts highlight a notable rise in traditional finance (TradFi) perpetual futures activity on crypto exchanges, even as overall demand for bitcoin (BTC) shows signs of contraction. Despite the subdued BTC demand, trade size data point to considerable institutional participation in both spot and derivatives markets.
The report identifies Gate and Binance as the primary drivers of this TradFi futures surge. Many exchanges are expanding beyond pure crypto offerings to include tokenized exposure to precious metals and other macro assets, reflecting a broader convergence between traditional financial markets and crypto trading venues.
TradFi Perpetual Futures Experience Strong Growth
CryptoQuant attributes the uptick in TradFi perpetual futures to rising interest in gold, silver, and oil, prompted in part by recent geopolitical tensions. This growing demand suggests market participants are using crypto exchanges as an around-the-clock gateway to macro assets, taking advantage of 24/7 derivatives markets to hedge or gain exposure outside traditional trading hours.
Gate leads the market for crypto-based TradFi perpetual futures with $368 billion in volume, followed by Binance at $298 billion. Together, these two platforms have processed roughly two-thirds of all TradFi futures trading recorded so far this year. Other exchanges such as MEXC, Bitget, and Bybit also participate, but Gate’s broad product set—including tokenized stocks, metals, indices, and continuously open derivatives—keeps it at the forefront of the crypto-TradFi crossover.
“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, traders increasingly turned to crypto exchanges to gain exposure through 24/7 markets,” the analysts stated.
Spot and Perpetual Volumes Have Declined
While TradFi perpetual activity has climbed, spot trading volumes on centralized exchanges have contracted, falling to $679 billion in April 2026—the lowest level since October 2023. The decline reflects reduced market participation amid an overall bear market environment. Perpetual futures volumes also softened, with demand for leverage decreasing across platforms.
Despite lower overall volumes, trading depth and liquidity remain concentrated on a limited number of exchanges. Binance and Gate dominate spot market depth, and Gate, Hyperliquid, Binance, OKX, and Bitget rank among the top venues for perpetual futures liquidity. This concentration underscores the role of major platforms in shaping price discovery and execution conditions for both crypto and TradFi-linked instruments.
Institutional Activity Evident in Bitcoin Trade Sizes
Bitcoin trade sizes provide a clear signal of institutional involvement. Gate, in particular, stands out for its large average trade sizes on both spot and futures markets. The exchange reports the highest average BTC spot trade size at $4,000, having reached peaks near $6,200 per trade last year. In perpetual futures, Gate also leads with an average trade size of $8,900, continuing a growth trend that began in the prior year.
These figures suggest that while retail-driven spot volume has retreated, institutional participants are still actively trading large blocks of BTC and TradFi derivatives on major exchanges. The result is a bifurcated market: lower retail engagement in spot markets alongside concentrated institutional flows and growing interest in macro-related perpetual products.
Overall, the report paints a nuanced picture of the current market landscape. TradFi perpetual futures have emerged as a significant growth area for crypto exchanges, enabling traders to access macro assets and hedge geopolitical risks around the clock. At the same time, spot volume contraction and lower leverage appetite reflect persistent market caution. The concentration of liquidity and large institutional trade sizes on a few leading platforms will likely continue to influence price behavior and market structure as participants navigate evolving macro and crypto dynamics.