By Binance’s monthly trading volume for perpetual futures tied to traditional financial assets reached approximately $445 billion in July, nearly 15 times its January level as crypto exchanges increasingly compete for stock, commodity and ETF trading. The figure, provided by Binance to Bloomberg, compares with approximately $30 billion of traditional-asset perpetual volume in January. That represents an increase of about 1,383% in six months.
The expansion comes as Binance broadens its strategy beyond cryptocurrency derivatives, offering perpetual contracts linked to individual equities, commodities and major exchange-traded funds through the same infrastructure traders already use for Bitcoin and other digital assets. Shunyet Jan, Binance’s head of exchange and trading, said demand for using crypto infrastructure to trade traditional assets has grown rapidly. The trend has become pronounced enough that a perpetual contract tracking SanDisk shares recently generated more daily trading volume on Binance than its Bitcoin perpetual contract, according to Jan.
Equity Perpetuals Become a Major Crypto Product
Binance’s traditional-asset perpetual contracts are derivatives rather than tokenized ownership of the underlying securities. Stock contracts track companies including Amazon, Strategy, Coinbase, Circle and Palantir, while ETF-linked products provide exposure to instruments such as SPY and QQQ. Contracts are settled in USDT and can generally be traded 24 hours a day, seven days a week, with leverage reaching 10 times. That structure allows traders to speculate on U.S. equity prices outside conventional exchange hours without owning the underlying shares. Industry-wide data show Binance’s growth is part of a broader shift.
CoinGecko found that crypto-based traditional-asset trading across six major centralized exchanges reached $1.45 trillion during the first half of 2026, approximately 10 times the volume generated throughout 2025. Open interest increased from just $60 million at the beginning of 2025 to $4.67 billion by June 30, 2026. Binance emerged as the largest venue during that expansion. Its tracked traditional-asset volume rose from $39.6 billion in January to $231.49 billion in June, giving it 58.9% of volume across CoinGecko’s six-exchange sample. Separate industry data cited by Binance showed it captured approximately 76% of equity-perpetual volume across tracked exchanges during July.
Binance Expands From Perpetuals Into Options
The $445 billion milestone arrives as Binance pushes deeper into conventional financial products. The exchange is now offering eligible users outside the United States access to options on more than 1,000 U.S. stocks and ETFs. The service operates through Nest Trading Limited, Binance’s Abu Dhabi-based regulated entity, with U.S.-registered broker-dealer Alpaca Securities handling execution, clearing and custody. Options broaden Binance’s traditional-market offering beyond perpetual futures, tokenized stocks and direct equity access. The products also serve different trading purposes. Perpetual futures have no expiration date and use funding mechanisms to keep prices aligned with reference markets, while options give traders the right to buy or sell an underlying asset at a predetermined price and expiration.
Binance’s expansion reflects intensifying competition among crypto exchanges to become multi-asset financial platforms. Coinbase, Kraken and other digital-asset companies have similarly expanded into stocks, derivatives or tokenized securities as regulatory frameworks evolve. The attraction is straightforward: crypto exchanges already operate continuous trading systems, global customer networks and collateral infrastructure capable of supporting products beyond cryptocurrencies. But traditional-asset perpetuals introduce additional risks. Underlying stock markets do not operate continuously, creating periods when crypto derivatives remain tradable while their primary reference markets are closed. Binance has introduced pricing controls, including an exponentially weighted moving-average mechanism, designed to reduce abrupt price dislocations during those periods.
The July numbers nevertheless show that these instruments have moved beyond a niche experiment. At $445 billion of monthly volume, Binance’s traditional-asset perpetual business is generating turnover at a scale comparable with major segments of the crypto derivatives market itself. The next stage is whether that demand remains concentrated in leveraged perpetual speculation or carries into Binance’s expanding range of options, tokenized securities and conventional stock products.