Mainstream crypto exchanges processed more than $1.3 trillion in TradFi trading volume during the first half of 2026, according to a research report by RootData Research. That marks a roughly tenfold increase over the full-year 2025 total. TradFi derivatives alone contributed over 98% of the volume, making them the core driver behind the sector's surge.
The competitive landscape is shifting from a single dominant player to a multi-polar race. Binance still leads by cumulative market share at 68.3%, but its monthly trading share dropped from 78.8% at the start of the year to 58.2% in August. Meanwhile, second-tier exchanges OKX, Gate and Hyperliquid have been expanding rapidly, capturing 18.2%, 10.7% and 9.9% of August market share, respectively.
In the stock derivatives segment, Binance remained dominant in August with daily average turnover of $14.927 billion. OKX built a cost advantage with the industry's tightest spread at 0.0091%, tying with Gate for second place in overall scoring. Gate has charted its own growth path, posting triple-digit month-on-month gains for four consecutive months from May through August. In mid-August, Gate's ±2% weighted depth ranked first in the industry for 11 straight trading days.
The report suggests the competition in TradFi may be evolving from a pure traffic contest to a more comprehensive battle over position size, order book depth, trading costs and product coverage.