Gate and Binance are pulling more weight in crypto exchanges’ TradFi perpetual futures businesses, even as CryptoQuant reports that spot activity for bitcoin demand has cooled.
TradFi perpetual futures grow while spot demand contracts
In its latest weekly report, CryptoQuant says traditional finance (TradFi) perpetual futures activity has surged on crypto exchanges while bitcoin (BTC) demand stays contracted. Despite lower overall demand, the report also points to BTC trade sizes showing “significant institutional activity,” suggesting fewer trades but bigger ones.
The visible shift is happening inside exchange order flows. CryptoQuant frames the uptick in TradFi perpetual futures as something traders are doing via crypto venues to access macro assets.
Gate leads the crypto-TradFi mix, fueled by gold, silver, and oil
CryptoQuant links the rise in TradFi perpetual futures to increased demand for gold, silver, and oil. The catalyst, per the report, is geopolitical tension between the U.S. and Iran.
The numbers are concentrated. CryptoQuant reports that Gate leads crypto exchanges’ TradFi perpetual futures volume with $368 billion. Binance follows with $298 billion. Together, Gate and Binance account for roughly two-thirds of all TradFi futures trading volume recorded so far this year.
CryptoQuant also says many exchanges are diversifying beyond cryptocurrencies. It specifically notes precious metal-related trading activity.
Gate’s role is broader than just BTC exposure. The report says Gate has investments in tokenized stocks, metals, 24/7 derivatives markets, and indices. That set-up helps explain why it appears at the center of the trend when traders want more continuous access to macro instruments.
CryptoQuant’s analysts also connect the behavior to market conditions. They write that as gold and silver hit record highs amid persistent inflation concerns, global equities rallied on AI optimism, and oil surged due to heightened U.S.-Iran tensions, “traders increasingly turned to crypto exchanges to gain exposure through 24/7 markets.”
traders increasingly turned to crypto exchanges to gain exposure through 24/7 markets.
Spot volumes sink, leverage appetite follows
While TradFi perpetual futures volume rises, CryptoQuant reports spot trading volume declines on centralized exchanges. It gives a concrete datapoint: spot volume fell to $679 billion in April 2026, the lowest level since October 2023.
The report ties this drop to “the bear market” and says perpetual futures volumes declined alongside, with leverage appetite contracting.
CryptoQuant also names where spot activity has been concentrated so far in 2026 by cumulative spot volume. It lists Binance, Bybit, Gate, and Crypto.com as top platforms.
Liquidity is concentrated, and Gate looks especially active with institutions
CryptoQuant says bitcoin liquidity remains concentrated on a smaller group of exchanges. On spot depth, it reports Binance and Gate dominate.
For perpetual futures liquidity, the report lists Gate, Hyperliquid, Binance, OKX, and Bitget.
Gate also stands out in institutional trade size. CryptoQuant reports Gate accounts for the highest average BTC spot trade size at $4,000. It also points to a prior high of $6,200 per trade last year.
For perpetual futures, CryptoQuant reports Gate leads with an average of $8,900 and says this growth started last year.
These details matter because they align with the broader theme in CryptoQuant’s framing. When spot demand softens but institutions keep placing larger trades, venues that can offer both crypto and macro access around the clock become more attractive.
Key figures from CryptoQuant
| Metric | What CryptoQuant reported | Numbers / list |
|---|---|---|
| Gate TradFi perpetual futures volume (so far this year) | Leading exchange | $368B |
| Binance TradFi perpetual futures volume (so far this year) | Second exchange | $298B |
| Share of total TradFi futures volume (so far this year) | Gate + Binance concentration | ~2/3 |
| Spot trading volume on centralized exchanges | April 2026 level | $679B, lowest since Oct 2023 |
| Top spot platforms by cumulative spot volume so far in 2026 | Concentration | Binance, Bybit, Gate, Crypto.com |
| Spot liquidity depth leaders | Where depth sits | Binance, Gate |
| Perpetual futures liquidity leaders | Depth distribution | Gate, Hyperliquid, Binance, OKX, Bitget |
| Gate average BTC spot trade size | Institutional activity signal | $4,000 average, prior high $6,200 last year |
| Gate average BTC perpetual futures trade size | Institutional activity signal | $8,900 average |
So what for exchange strategy
CryptoQuant’s report describes a split-screen market. Spot demand and leverage on centralized exchanges soften, but TradFi perpetual futures activity rises as traders seek macro exposure.
That convergence doesn’t require crypto to “go away.” It just shifts what users do on crypto venues. If geopolitical shocks lift demand for assets like gold, silver, and oil, the exchanges that can package those exposures as 24/7 derivatives become the natural routing layer.