Bitget’s TradFi Perpetual Volume Hits $70 Billion, Trails Binance

Bitget’s wager on merging Wall Street and crypto trading under one login just posted its biggest number yet. The exchange logged nearly $70 billion in TradFi perpetual trading volume in the second quarter of 2026, according to TokenInsight’s Q2 2026 Crypto Exchange Report. That is good for second place globally. Binance did roughly $380 billion of the same trade, more than five times Bitget’s total.

Bitget did not stumble into this market. It built it, then watched a much bigger rival walk in and take the largest slice.

Binance Still Dwarfs the Category Bitget Helped Build

TradFi perpetuals, shorthand for perpetual futures contracts tied to stocks, commodities and other traditional assets rather than crypto tokens, started as a Bitget specialty. TokenInsight’s Q1 2026 research shows Bitget’s early entry gave it a structural head start in equity perpetuals, and it once controlled the segment outright: research firm CoinGecko’s own tracking found Bitget controlled the majority of tokenized perp trading volume back in November 2025, before Hyperliquid and then Binance piled in with far bigger balance sheets.

By the second quarter, the order had flipped. Binance’s $380 billion in quarterly TradFi perpetual volume gave it roughly 60% of the whole segment. Bitget’s nearly $70 billion was enough for second, but OKX and MEXC each finished within a billion dollars of that total.

Back in the first quarter, the equity perpetual slice alone told a similar story: Binance led with Bitget’s 22.61% share of equity perpetuals trailing at second, ahead of Hyperliquid’s 17.36%. The ranking has held. The gap above it has only widened.

A Fivefold Surge in Six Months

None of this happened in a shrinking market. TokenInsight’s report found TradFi perpetuals were the fastest growing segment across the entire crypto exchange industry in the quarter, and the growth curve is steep by any measure.

• $268 billion: TradFi perpetual monthly volume in June, up from $52 billion in January, a fivefold jump in six months.
• $141 billion: equity perpetual volume in June alone, up from $45 billion in May, as stock-linked contracts overtook commodities as the category’s main driver.
• 15%-plus: the share of total crypto derivatives volume that TradFi perpetuals reached on several peak trading days.
• $1.32 trillion: TradFi perpetual volume processed industry-wide so far in 2026, against $104.21 billion for all of 2025, per CoinGecko’s separate tally.

Commodity contracts had carried most of the early activity. Equity perpetuals, tokenized versions of individual stocks and ETFs, took over as the main growth engine once exchanges started listing more of them, exactly the shift Bitget had staked its strategy on a year earlier.

Universal Exchange Turns Into a Product Line

Bitget calls its strategy the Universal Exchange, or UEX, and the pitch is simple: one account for crypto, stocks, commodities and foreign exchange, instead of separate logins scattered across a brokerage and a crypto exchange.

The data points to a market that is starting to catch up with the vision behind our Universal Exchange.

Gracy Chen, CEO of Bitget, said investors do not want separate platforms for crypto and traditional finance. She has made the same argument before, laying out the Universal Exchange logic in detail during her mid-year address on the Universal Exchange pivot. The Q2 numbers are the first hard data to back the pitch up.

IPO Prime Opens a Door to SpaceX

In April, Bitget launched IPO Prime, billed as the industry’s first pre-IPO trading service, powered by Republic, a private markets investment platform. It gives retail users synthetic exposure to companies that have not yet gone public, including SpaceX, well before any listing date.

Stocks 2.0 Wires In Wall Street Liquidity

Stocks 2.0 followed in June, an upgraded tokenized equity product built around 36 newly listed stock-linked assets covering names like Apple, Amazon, Tesla and NVIDIA. Each token, issued through the Stocks 2.0 product launch, maps 1:1 to the underlying share and taps liquidity from the Nasdaq and New York Stock Exchange. Base fees sit at 0.1%, with maker and taker rates cut to 0.05% for eligible traders. Holders get the stock’s price movement and its dividends, credited in USDT, but not a place on the company’s shareholder register.

Why Does Open Interest Matter More Than Volume?

Open interest tracks how much money stays parked in open contracts rather than cycling in and out. Bitget’s share of it climbed from 7.81% in the first quarter to 8.58% in the second, one of the strongest gains TokenInsight tracked among major exchanges, a sign traders are choosing to hold positions on Bitget instead of closing them out elsewhere.

Penetration told a similar story. TradFi perpetuals made up 8.61% of Bitget’s total derivatives volume, the second-highest rate among major exchanges TokenInsight tracked, just behind Binance’s 8.65%. Bitget also held a top-three spot in both the commodity and equity perpetual rankings separately.

Volume can spike and fade in a week. Open interest and penetration move slower, and both moved in Bitget’s favor.

Bitget Doubles Down With Quanto Contracts

The report landed the same week Bitget rolled out something new: the industry’s first TradFi quanto perpetual futures, a contract structure that lets traders take positions on non-dollar stocks without converting currency themselves. A quanto contract prices the underlying asset in its home currency but settles every margin call, funding fee and profit or loss in USDT.

The first listing, MINIMAXHKDUSDT, tracks Hong Kong-listed AI company MiniMax, priced in Hong Kong dollars but settled entirely in USDT, live with up to 20x leverage available only on Bitget.

1. September 2025: Bitget introduces tokenized stock perpetual contracts with up to 100x leverage, settled in USDT.
2. Late 2025: CFD trading is added for global equities, commodities and forex through stablecoin settlement, later paired with copy trading and tiered margin limits in one workflow.
3. November 2025: Bitget’s tokenized perpetual volume briefly makes up the majority of the entire segment.
4. April 2026: IPO Prime launches, opening pre-IPO exposure to companies including SpaceX.
5. June 2, 2026: Stocks 2.0 adds 36 tokenized US stocks and ETFs.
6. July 2026: Bitget becomes the only major crypto exchange offering long call and put options on US stocks.
7. July 21, 2026: Quanto perpetual futures launch, starting with the MINIMAXHKDUSDT contract.

Seven product launches in eleven months is not the pace of a side project. It is the pace of a company treating TradFi perpetuals as its main event.

The Rest of the Crypto Market Is Cooling Off

TradFi perpetuals grew against a backdrop that was not growing nearly as fast. Total crypto exchange trading volume slid to $16.5 trillion in the second quarter. Spot trading did bounce back, climbing from $3.3 trillion to $4.5 trillion, which TokenInsight tied to market volatility and Bitcoin’s attempts to retest the $60,000 support level.

Set against that slower backdrop, a segment growing fivefold in six months stands out even more. It is also why Binance, OKX, MEXC, Bybit and Gate all pushed further into stock trading and tokenized securities of their own during the same quarter, chasing a pocket of growth that was not shrinking like the rest of the market.

OKX and MEXC each closed the quarter within about a billion dollars of Bitget’s total. Second place, for now, is not settled.

Frequently Asked Questions

What Is a TradFi Perpetual Contract?

It is a futures contract with no expiry date that tracks the price of a stock, commodity or other traditional asset. Instead of settling in the underlying asset, it settles in a stablecoin like USDT, using periodic funding payments to keep the contract price aligned with the real one.

Do Bitget’s Tokenized Stocks Pay Dividends?

Yes. When a company pays an eligible dividend, Bitget credits that payment to holders of the matching stock token through their existing balance, rather than requiring a separate claims process.

Who Issues Bitget’s Tokenized Stock Products?

Reality issues the tokens. It operates as a licensed platform for real-world asset issuance, while Bitget supplies trading access, liquidity and custody within its own exchange infrastructure.

Can Bitget Users Own the Actual Underlying Shares?

No. Token holders get exposure to a stock’s price and dividends, not legal ownership of the share itself, and they do not appear on the company’s official shareholder register.

How Many Users and Assets Does Bitget’s Exchange Serve?

Bitget describes itself as serving more than 125 million users, with access to over 2 million crypto tokens alongside 500 or more tokenized stocks, ETFs, commodities, foreign exchange pairs and precious metals.

Disclaimer: This article is for informational purposes only and is not investment advice. Leveraged perpetual futures and tokenized equity products carry substantial risk of loss, and all figures are accurate as of publication in July 2026.