Crypto Exchanges Expand Perpetual Futures to TradFi Assets

Crypto exchanges have been expanding their perpetual futures infrastructure beyond digital assets to include traditional financial instruments. According to CryptoQuant data, open interest in TradFi contracts surpassed $2 billion by July, roughly double late-May levels after months near $350 million to $500 million.

The same platforms dominating cryptocurrency derivatives also lead this newer market. Binance holds about $720 million, while Bybit and Gate each account for roughly $381 million, with those three venues controlling most of the category's capital.

TradFi perpetual open interest represents only about 3% of the $65 billion held in cryptocurrency contracts, but its pace of expansion has been much faster. The segment stayed relatively flat through spring before accelerating from late May and passing $2 billion.