TradFi Futures Trading Surges While Crypto Spot Activity Slows

TLDR

• CryptoQuant reported strong growth in TradFi futures trading across major crypto exchanges.
• Gate and Binance processed roughly two-thirds of all TradFi futures volume recorded this year.
• Rising demand for gold, silver and oil contracts helped drive TradFi futures activity higher.
• Spot trading volume on centralized exchanges fell to its lowest level since October 2023.
• Gate recorded the largest average Bitcoin trade sizes across both spot and perpetual futures markets.

Crypto exchange activity is shifting toward traditional finance-linked derivatives, according to CryptoQuant’s latest weekly report. The firm said traders increased exposure to gold, silver, and oil contracts, while spot cryptocurrency activity weakened. At the same time, Bitcoin trade sizes continued to show strong institutional participation across selected exchanges.

TradFi Futures Activity Expands Across Major Crypto Platforms

CryptoQuant reported rising TradFi Futures activity on several crypto exchanges during 2026. The report linked the increase to stronger demand for macro assets and commodity-linked contracts.

According to the firm, Gate recorded $368 billion in TradFi perpetual futures volume this year. Meanwhile, Binance processed $298 billion and ranked second in the category.

Together, Gate and Binance accounted for roughly two-thirds of total TradFi futures volume. As a result, both exchanges remained the largest venues for this trading segment.

CryptoQuant said traders increasingly used crypto platforms to access traditional market exposure. The trend covered gold, silver, oil, and other macro-linked instruments.

The report connected the shift to U.S.-Iran tensions and higher commodity demand. Consequently, traders sought round-the-clock access through crypto-based derivatives markets.

“As gold and silver prices reached record highs amid persistent inflation concerns, global equities rallied to new highs driven by AI-related optimism, and oil prices surged following heightened geopolitical tensions between the United States and Iran, traders increasingly turned to crypto exchanges to gain exposure through 24/7 markets,” analysts stated.

Gate maintained its lead through tokenized stocks, metals, derivatives products, and index offerings. Meanwhile, exchanges such as MEXC, Bitget, and Bybit also captured portions of the market.

Spot Trading Weakens While Bitcoin Liquidity Stays Concentrated

CryptoQuant reported weaker spot market activity across centralized exchanges during April. Spot trading volume fell to $679 billion, reaching its lowest level since October 2023.

The report attributed the decline to reduced market activity during the current downturn. At the same time, perpetual futures volume also decreased as leverage demand weakened.

Binance, Bybit, Gate, and Crypto.com ranked among the leading exchanges by cumulative spot volume. However, overall spot participation remained below previous periods.

Bitcoin liquidity remained concentrated across a limited number of exchanges. Binance and Gate led spot market depth, according to the report.

For perpetual futures liquidity, Gate ranked alongside Hyperliquid, Binance, OKX, and Bitget. These exchanges maintained the strongest liquidity positions in futures markets.

CryptoQuant also tracked institutional Bitcoin trading through average trade size data. Gate recorded the largest average Bitcoin spot trade size at roughly $4,000.

The exchange reached an average spot trade size of $6,200 during last year. Meanwhile, its average Bitcoin perpetual futures trade size stood near $8,900.

CryptoQuant said Gate sustained growth in futures trade sizes throughout the past year. The report identified the exchange as the leading venue for institutional Bitcoin activity across both markets.

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