In the latest edition of CryptoQuant’s weekly report, analysts revealed an increase in traditional perpetual finance (TradFi) futures activity even as demand for Bitcoin (BTC) continues to contract. Even with lower demand, Bitcoin trading volumes indicated significant institutional activity.
According to the report, increased perpetual futures activity for TradFi can be seen on cryptocurrency exchanges, with Gate and Binance leading the trend. In fact, most exchanges are now Diversification Beyond cryptocurrencies and profit from trading activities related to precious metals.
TradFi perpetual futures are seeing increased activity
CryptoQuant noted that the rise in TradFi perpetual futures activity is driven by rising demand for gold, silver and oil amid geopolitical conditions. Tensions Between the United States and Iran. This trend confirms the increasing convergence between traditional markets and cryptocurrency markets. Market participants are now using cryptocurrency exchanges to access aggregate assets.
Gate leads the Crypto-TradFi convergence market with $368 billion in TradFi perpetual futures volume. Together with Binance, which is valued at $298 billion, the two exchanges have processed nearly two-thirds of the total TradFi futures trading volume recorded so far this year. Although other exchanges such as MEXC, Bitget, and Bybit also participate in the market share, Gate remains a leader in investments in token stocks, metals, financial derivatives markets, and indices 24/7.
“With gold and silver prices reaching record highs amid persistent inflation fears, global stocks rising to new highs driven by AI optimism, oil prices rising after geopolitical tensions between the US and Iran rose, and traders increasingly turning to cryptocurrency exchanges to gain exposure through 24/7 markets,” the analysts said.
Low spot and permanent trading volumes
As TradFi futures activity rises, spot trading volume on central exchanges declines. This metric fell to $679 billion in April 2026, falling to the lowest level since October 2023. This reflects a decline in activity, thanks to a bear market. Perpetual futures contract volumes have fallen in tandem, as the appetite for leverage has diminished. Notably, Binance, Bybit, Gate, and Crypto.com rank as the top platforms in terms of cumulative spot volume so far in 2026.
Interestingly, Bitcoin liquidity has remained Focused In a small group of exchanges, Binance and Gate dominate spot market depth, while Gate, Hyperliquid, Binance, OKX and Bitget lead perpetual futures liquidity.
Additionally, Gate drives institutional BTC activity, as demonstrated by Bitcoin trading volumes in the spot and futures markets. The exchange accounts for the highest average spot trading volume for Bitcoin ($4,000) after reaching a high of $6,200 per trade last year. For the perpetual futures market, Gate also leads with an average of $8,900, maintaining the growth that began last year.
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