In a new CryptoQuant report, traditional finance (TradFi) perpetual futures activity has surged on crypto exchanges even as spot trading volumes drop to their lowest levels since October 2023. The trend is driven by rising demand for gold, silver, and oil amid escalating geopolitical tensions between the U.S. and Iran, marking a structural shift in how market participants use digital asset platforms.
Gate and Binance dominate the convergence. Gate leads with $368 billion in TradFi perpetual futures volume, while Binance follows with $298 billion—together handling roughly two-thirds of all such volumes year-to-date. Other exchanges like MEXC, Bitget, and Bybit also contribute, but Gate stands out with tokenized stocks, metals, 24/7 derivatives, and indices. “As gold and silver prices reached record highs… traders increasingly turned to crypto exchanges to gain exposure through 24/7 markets,” the report stated.
Spot volumes plummet. Centralized exchange spot volume fell to $679 billion in April 2026, a multi-year low. Perpetual futures volumes also declined, with leverage appetite contracting. Bitcoin liquidity remains concentrated: Binance and Gate lead spot market depth, while Gate, Hyperliquid, Binance, OKX, and Bitget dominate perpetual futures liquidity. Notably, Gate also signals institutional BTC activity, with average spot trade sizes of $4,000 and perpetual futures average of $8,900.
The shift from spot to derivatives suggests traders are positioning, hedging, or speculating rather than accumulating. While it may reflect market maturation, analysts caution that a derivatives-led market can amplify price swings and increase fragility during sudden moves.
