Overview
- Open interest in perpetual contracts tied to stocks, metals and oil has more than doubled since late May to exceed $2 billion, driven by rapid product launches on major crypto venues.
- Binance is the largest venue in the space with roughly 35% share, about $720 million in TradFi perpetual open interest, followed by Bybit and Gate.
- The TradFi perpetual market is highly concentrated: the top three exchanges hold about 70% of open interest and the top five account for roughly 93%.
- Despite fast growth, TradFi perpetuals remain small relative to crypto perpetuals, representing about 3% of roughly $65 billion in crypto perpetual open interest that has fallen roughly 20% from recent peaks.
- U.S. access is evolving under regulation as the CFTC has approved a cash-settled Bitcoin perpetual and firms like Coinbase offer term-limited perpetual-style contracts, which means future growth will depend on regulatory approvals, liquidity and whether traders shift activity from traditional venues.