TradFi Futures Surge on Crypto Exchanges as Spot Trading Slows: CryptoQuant
In its latest report, analytics firm CryptoQuant has identified a significant increase in traditional finance (TradFi) perpetual futures activity on cryptocurrency exchanges, even as demand for Bitcoin (BTC) shows signs of contraction. Despite this apparent dip in Bitcoin demand, the size of BTC trades suggests continued robust institutional engagement.
According to the report, this surge in TradFi perpetual futures trading is most evident on crypto exchanges, with Gate and Binance emerging as frontrunners. Many exchanges are reportedly expanding their offerings beyond cryptocurrencies to include trading in precious metals.
CryptoQuant attributes the rise in TradFi perpetual futures activity to growing demand for gold, silver, and oil, fueled by geopolitical tensions between the U.S. and Iran. This trend highlights an increasing convergence between traditional and crypto markets, with participants now utilizing crypto exchanges to access broader macro asset classes.
Gate is leading this crypto-TradFi convergence, recording $368 billion in TradFi perpetual futures volume. Combined with Binance’s $298 billion, these two exchanges have processed approximately two-thirds of all TradFi futures trading volume year-to-date. While other exchanges such as MEXC, Bitget, and Bybit also hold market share, Gate maintains its leading position through 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,” the analysts stated.
Concurrently with the spike in TradFi futures activity, spot trading volumes on centralized exchanges have declined. In April 2026, this metric fell to $679 billion, its lowest point since October 2023, reflecting a general slowdown in activity attributed to the bear market. Perpetual futures volumes have also decreased, indicating a contraction in leverage appetite. Notably, Binance, Bybit, Gate, and Crypto.com rank as the top platforms by cumulative spot volume for 2026 so far.
Interestingly, Bitcoin liquidity remains concentrated on a select group of exchanges. Binance and Gate dominate spot market depth, while Gate, Hyperliquid, Binance, OKX, and Bitget lead in perpetual futures liquidity.
Gate also stands out for institutional BTC activity, as evidenced by Bitcoin trade sizes on both spot and futures markets. The exchange reports the highest average Bitcoin spot trade size at $4,000, following a peak of $6,200 per trade last year. In the perpetual futures market, Gate also leads with an average trade size of $8,900, continuing a growth trend that began last year.
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