CryptoQuant head of research Julio said in a new report that open interest in crypto perpetual futures is now around $65 billion, down about 20% from the roughly $80 billion peaks seen in September 2025 and early 2026. The report said the decline points to partial deleveraging rather than fresh capital entering the market. It also highlighted how concentrated the sector remains, with Binance holding about 39% market share, the top three venues accounting for roughly 63%, and the top five controlling about 81%.
At the same time, perpetual products tied to traditional finance assets such as metals, crude oil and equities were identified as a growth area. According to the report, the size of that 24/7 market has doubled since late May to more than $2 billion, allowing crypto exchanges to compete more directly with traditional trading venues. Even so, the segment still represents only about 3% of the crypto perpetual market. Binance, Gate and Bybit were named as the leading platforms in this category, showing that exchanges with established infrastructure and liquidity are extending their reach into traditional asset exposure.
Crypto perpetual futures open interest currently stands at about $65 billion, according to a report released by CryptoQuant head of research Julio. The figure is about 20% below the roughly $80 billion peaks recorded in September 2025 and early 2026, and the report said the move reflects partial deleveraging rather than new money entering the market.
Market share remains concentrated among top exchanges
The report said the market is still heavily concentrated. Binance leads with about 39% share, while the top three platforms account for roughly 63% of the market and the top five make up about 81%, indicating that capital remains largely parked on major exchanges.
TradFi perpetuals grow to more than $2 billion
At the same time, perpetual contracts tied to metals, crude oil and equities were described as a key growth area. The 24/7 product category has doubled in size since late May to more than $2 billion, giving crypto exchanges a way to compete directly with traditional trading venues.
Even so, the report said the segment is still only about 3% of the size of the crypto perpetual market. TradFi perpetuals are also dominated by leading exchanges, with Binance, Gate and Bybit ranking at the top. The report said this shows platforms with mature infrastructure and liquidity are extending those advantages into markets linked to traditional assets.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
