Binance Data Reveals High Overlap Between Tokenized Stock Investors and Derivatives Traders

Exchange data from Binance shows that 58.5% of bStocks holders also trade perpetual futures, direct equities, or both, with 20.7% remaining active across all three formats.

This behavioral overlap indicates that the traditional segmentation separating a stock investor from a derivatives trader from a cryptocurrency holder no longer applies when one account carries all three instruments.

The retail investor taxonomy used by the financial industry was largely inherited from an infrastructure constraint, with equities, derivatives, and digital assets historically living in separate accounts at separate firms under separate regulators.

Independent data from Kaiko shows that between April 1 and May 25, 2026, Binance and Hyperliquid each averaged around $2 billion in daily volume on perpetuals referencing traditional assets.