Crypto Exchanges See Surge in Traditional Finance Perpetual Contracts

The traditional finance (TradFi) perpetual market has seen significant growth on crypto exchanges, with open interest doubling to over $2 billion since late May. This surge in activity is a result of major exchanges expanding beyond digital assets and offering continuous exposure to traditional assets such as metals, crude oil, and equities.

The TradFi perpetual contracts have become one of the fastest-growing areas on crypto exchanges, with open interest rising from between $350 million and $500 million in spring 2026 to over $2 billion by July. This growth allows crypto exchanges to compete more directly with traditional trading platforms, offering continuous trading even during hours when conventional markets are closed.

Binance holds the largest share of TradFi perpetual open interest at around $720 million, followed closely by Bybit and Gate. Together, these three exchanges account for approximately 70% of the market, mirroring the concentration seen in the broader crypto perpetual market where Binance controls about 35% of open interest.

Despite this growth, TradFi perpetuals remain a small segment compared to the $65 billion held in cryptocurrency perpetual contracts. However, it suggests that demand for continuous trading is spreading beyond cryptocurrencies and may become a larger source of exchange capital with further liquidity growth and regulatory access.