Who would have believed it! In three months, a new segment of the crypto market multiplies its volume by 17. According to CryptoQuant, the monthly volume of perpetual stocks on crypto exchanges has in fact exploded from 15 to 250 billion dollars between April and July 2026. Binance dominates with 76% of the market, while Gate records the strongest growth (+308%). AI and semiconductor stocks account for most of the volumes.
In brief
- The monthly volume of perpetual stocks on crypto exchanges increased from around $15 billion in April to nearly $250 billion in July 2026, according to CryptoQuant.
- Binance alone captures 76% of this market, with approximately $193 billion in volume processed in a month.
- Gate is the fastest growing in the industry, jumping 308% between June and July.
- Assets linked to semiconductors and artificial intelligence concentrate most of the trade.
- This phenomenon is part of a broader dynamic.
An unprecedented volume explosion in the history of crypto-assets
According to a report published on August 13, 2026 by the analytics company CryptoQuant, the monthly volume of perpetual stocks on the main crypto exchanges grew from around $15 billion in April to almost $250 billion in July. A 17-fold increase in just three months and an increase of 56% between June and July alone.
These derivative products allow traders to obtain exposure to stocks listed on a stock exchange, without going through traditional Wall Street hours. But not only that! Unlike a traditional future, a crypto perpetual contract also has no expiration date. It is maintained thanks to a periodic financing mechanism which aligns its price with that of the underlying asset.
Result: crypto exchanges become trading rooms open 24 hours a day, including when the American stock exchanges are closed.
The CryptoQuant research team summarizes the facts well in his report from August 13:
This expansion transforms crypto exchanges into permanent marketplaces for contracts linked to traditional stocks.
Enough to reinforce the ambition displayed by several crypto platforms: to become “everything exchanges”, capable of bringing together cryptocurrencies, stocks and raw materials on a single account.
Binance already controls 76% of exchanges
On this new segment of the crypto marketone actor largely dominates the debates: Binance. The platform processed approximately $193 billion in volume in July. This represents 76% of the total stock perpetual market. A level of concentration reminiscent of Binance’s dominant position in the broader crypto derivatives market!
Behind the leader, the hierarchy tightens. Bitfer, Bybit and Gate follow at a good distance, but their growth dynamics are more important than their absolute market shares.
- Spoiled sees its volume of perpetual shares increase by 308% between June and July.
- Those of Bybit and Binance are respectively 176% and only 59%.
The Gate crypto exchange has recorded continuous monthly growth since May. A signal that analysts are watching closely. That’s not all! Concentration is also reaching new heights. SanDisk and SK Hynix alone represent 53% of the total volume of perpetual stocks processed by the crypto platform last month. This figure illustrates the extent to which this young market remains dependent on a handful of technology stocks.
It’s a fact! AI and semiconductors dominate crypto trading
Beyond the overall figures, the composition of the market deserves careful examination. Trade remains concentrated on a limited number of technological and semiconductor-related assets. SanDisk, SK Hynix, Micron and the SOXL leveraged ETF form what analysts call the “AI-memory complex”. This is a collection of stocks directly exposed to the demand for artificial intelligence chips.
Additional data published by CryptoRank sheds additional light:
- SpaceX generated $84.6 billion in 90-day volume. It is even ahead of Solana (SOL), which totaled $77 billion over the same period.
- SK Hynix records $31.1 billion.
However, Bitcoin remains the dominant crypto asset with 543 billion dollars in volume. It finds itself ahead of Ethereum ($246 billion) and Hyperliquid ($93.6 billion).
Decryption: the non-crypto assets represent approximately 17% of the cumulative volume of the ten largest perpetual contracts on the market.
A phenomenon to put into perspective in the face of the global crypto market
To properly assess the scope of this growth, it must be placed in a broader context. According to CoinGecko data, crypto exchanges processed 1,320 billion dollars of perpetuals backed by traditional assets during the first five months of 2026, compared to only 104.21 billion dollars over the whole of 2025. The monthly volume thus increased from 230 million dollars in January 2025 to 347.17 billion dollars in May 2026.
Another indicator to watch: open interestthat is to say the outstanding amount open on these contracts. According to another CryptoQuant reportthe open interest of perpetuals backed by traditional assets doubled to exceed $2 billion in July, compared to $350 to $500 million in the spring.
This figure, however, remains marginal. The fact is that this segment only represents about 3% of the $65 billiontotal open interest of the crypto derivatives market. Furthermore, these volumes (as spectacular as they are) remain tiny on the scale of traditional equity markets.
In any case, the explosion of perpetual stocks marks a turning point in the convergence between traditional finance and crypto. It remains to be seen whether it will withstand a market shock or whether it will be limited to a few popular technological stocks.
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