Trading in tokenized versions of traditional assets, particularly perpetual swaps tied to commodities and equities, experienced a dramatic surge in the first quarter of 2026, bringing 24/7 activity to a wider range of markets. According to a report from crypto exchange BitMEX, the weekly trading volume for these tokenized perpetuals jumped to $30.7 billion by the end of March, representing 1.72% of the total crypto derivatives market. This marks a staggering increase from just 0.03% in December 2025.
Commodities were the primary driver of this growth. Contracts linked to silver, gold, and crude oil saw sharp gains as price swings and geopolitical tensions fueled demand. Notably, weekly oil trading volume alone climbed to $6.9 billion following U.S.-Israel strikes on Iran that began on February 28, which prompted a surge in round-the-clock trading. The price surge was linked to Iran's control of the Strait of Hormuz, a vital passage for roughly 20% of the world's oil.
BitMEX noted that commodities saw a 65,000% jump in volume during the quarter, though this figure is contextualized by a historic rally in precious metals at the start of the year. Silver briefly topped $100 per ounce for the first time, and gold rose nearly 24%, before both largely retraced those gains. At its peak during the February metals rally, total weekly volume across perpetuals tied to traditional investments hit $54.5 billion.
Equities also saw significant growth, with perpetual swaps tied to stocks growing 908% over the quarter to roughly $4.9 billion in weekly volume. The report attributes the overall growth to the permanent, 24/7 access to traditional financial markets that these instruments provide, with current macroeconomic volatility serving as a key catalyst.
However, a separate report from Binance Research highlights that while crypto exchanges are capturing more market share, mainstream adoption faces hurdles. Tokenized silver perpetuals reached about 40% of the equivalent volume of the Comex Silver (SI) Contract at their peak. In March and April, tokenized silver accounted for nearly 15% of Comex volume, up from just 1.37% in January.
Analysts at Kaiko point to liquidity depth and price formation as major obstacles. Research analyst Laurens Fraussen explained that the 24/7 trading of tokenized commodities can lead to vulnerabilities like degraded order book depth, widened spreads, and a lack of reference pricing when traditional venues are closed—issues avoided by TradFi's centralized clearing and coordinated operating hours. Despite these concerns, tokenized gold perpetuals have surpassed the gold futures trading volumes of several regional commodity exchanges, including reaching 401% of the volume on Japan's TOCOM exchange in March.
