TradFi perpetual – A new CryptoQuant weekly report shows a sharp rise in traditional finance (TradFi) perpetual futures activity on crypto exchanges, led by Gate and Binance, even as bitcoin spot trading volume declines to a post-2023 low. The shift tracks growing demand for gol
For the third time this year, the rhythm of crypto trading seems to be changing—only this time the loudest movement isn’t happening in spot markets.
In April 2026, spot trading volume on centralized exchanges fell to $679 billion, the lowest level since October 2023. It’s the kind of number that usually signals a pause in appetite. and CryptoQuant’s latest weekly report frames it as “spot and perpetual trading volumes” declining together. with leverage appetite contracting as well.
Yet while spot markets cooled, TradFi perpetual futures heated up.
CryptoQuant says TradFi perpetual futures activity has surged even as demand for bitcoin (BTC) remains contracted. The report points to crypto exchanges as the place where the migration is visible: Gate and Binance lead the trend. while many other platforms are diversifying beyond cryptocurrencies and pushing into precious metal-related trading activity.
This isn’t just a technical shift. The report links the uptick to rising demand for gold. silver. and oil during ongoing geopolitical tensions between the United States and Iran. Traders. it says. are using crypto exchanges to access macro assets through 24/7 derivatives markets—markets that never close. and don’t wait for traditional trading hours.
Gate and Binance stand at the front of that shift. Gate leads with $368 billion in TradFi perpetual futures volume. Binance follows with $298 billion. Together, the two exchanges have processed roughly two-thirds of all TradFi futures trading volume recorded so far this year.
CryptoQuant also describes a broader move among exchanges, not limited to the biggest names. Platforms such as MEXC, Bitget, and Bybit also take part in the market share. Gate, the report emphasizes, stands out for its investments in tokenized stocks, metals, 24/7 derivatives markets, and indices.
Analysts tie the pivot to price action and uncertainty across traditional markets: 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 U.S.-Iran tensions. Against that backdrop, traders increasingly turned to crypto exchanges to gain exposure.
Still, the same report that charts this diversification also shows something tighter underneath.
Bitcoin liquidity, it notes, 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.
The concentration shows up again in institutional trading sizes. Gate leads institutional BTC activity: its average Bitcoin spot trade size is $4. 000. after reaching a high of $6. 200 per trade last year. In the perpetual futures market, Gate also leads with an average of $8,900, sustaining growth that started last year.
So the story isn’t simply that traders are looking elsewhere. It’s that. even as spot activity weakens to the lowest point since October 2023. TradFi perpetual futures are pulling volume toward a handful of major platforms—especially Gate and Binance—while demand for gold. silver. and oil finds a new home inside crypto’s always-on markets.
TradFi perpetual futures CryptoQuant Gate Binance spot trading volume bitcoin liquidity gold and silver oil demand U.S. Iran tensions 24/7 derivatives