- TradFi perpetual open interest surpassed $2 billion after doubling from late May levels.
- Binance, Bybit, and Gate control most open interest across both derivative markets.
- TradFi perps remain only 3% of crypto open interest despite their rapid expansion.
Crypto exchanges are carrying their perpetual futures infrastructure beyond digital assets, opening round-the-clock markets tied to equities, metals, oil, and indexes.
CryptoQuant data places open interest in these TradFi contracts above $2 billion by July, roughly double late-May levels after months near $350 million to $500 million. The figure measures outstanding contracts, rather than completed trading volume.
Binance, Bybit, and Gate Dominate TradFi Perpetual Growth
According to the report, 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.
Together, those three venues control most of the category’s capital. Their positions show that crypto exchanges are extending existing liquidity networks instead of creating a separate competitive order.
That pattern closely mirrors the larger cryptocurrency perpetual market. Aggregate crypto open interest stands near $65 billion after falling about 20% from peaks above $80 billion.
Binance remains the largest venue, holding $22.86 billion, or approximately 35% of total cryptocurrency perpetual open interest. Bybit follows with $9.67 billion, while Gate accounts for $8.61 billion.
Together, the three platforms hold about $41 billion, representing roughly 63% of the market. Moreover, adding Bitget and OKX raises the top-five share to nearly 81%.
Beyond those leading venues, capital concentration declines sharply. Deribit and Phemex hold about $1.68 billion and $1.45 billion, respectively, while several smaller exchanges remain below $700 million.
TradFi Perpetuals Expand Without Reshaping Exchange Leadership
Despite this expansion, the difference between the two markets remains substantial. TradFi perpetual open interest represents only about 3% of the $65 billion held in cryptocurrency contracts.
However, its pace of expansion has been much faster. The segment stayed relatively flat through spring before accelerating from late May and passing $2 billion.
Crypto exchanges now provide continuous exposure to assets usually traded during fixed market hours. That structure places traditional instruments inside systems already built for cryptocurrency leverage.
Even so, concentration remains the defining feature. Binance, Bybit, and Gate lead both categories, while smaller competitors hold limited shares.
Therefore, the latest growth has reinforced the existing capital hierarchy rather than disrupted it. TradFi represents a new product line, but established derivatives venues still control access, liquidity, and open positions.
Related: Top Crypto Exchanges Are Disappearing—Here’s Why
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