TradFi perpetual contracts are not lacking in targets, and platforms are starting to compete for real holdings

In the first five months of 2026, the TradFi perpetual trading volume exceeded $13.2 trillion, more than eight times the spot RWA trading volume. As the number of underlying assets rapidly increases, which contracts can maintain trading after the market heat fades is becoming more important than just the number of listings.

According to CoinGecko, from January to May 2026, the TradFi perpetual trading volume processed by cryptocurrency exchanges has surpassed $13.2 trillion, while the total for 2025 was about $104.2 billion. In May 2026 alone, the relevant trading volume reached approximately $347.2 billion. After entering 2026, the trading scale of TradFi perpetuals has already exceeded eight times that of spot RWA.

Exchanges are also accelerating the launch of stocks, indices, commodities, and other RWA-related products. CoinGecko statistics show that platforms on average offer 75 TradFi perpetual products, with a single platform listing up to 358 combined RWA spot and perpetual products.

Users are unlikely to place orders simply because there are dozens more trading codes on the page. Financial reports, listings, index adjustments, industry changes, and macro market conditions often influence which underlying assets traders focus on and in which contracts they are willing to establish positions. These choices will ultimately be reflected in trading volume and position size.

Truly Active Underlyings Concentrated in a Few Themes

Stock perpetuals are one of the more active segments in recent trading. In July 2025, its monthly trading volume was about $831 million; by May 2026, this figure had reached $34 billion, approximately 40 times the previous amount. CoinGecko also reported that Micron-related perpetual contracts recorded about $13.16 billion in trading volume in May 2026.

A trader preparing to go long on MU needs to assess how long the demand for AI servers can last, whether memory prices will continue to rise, and how much market expectation is already reflected in the current price. The platform provides an entry point for trading stock prices, but the real factors influencing the opening decision are still the underlying financial reports, storage cycles, and data center investments.

SPCX belongs to event-driven underlyings. SpaceX began trading on Nasdaq on June 12, with an IPO price of $135, raising about $75 billion. The company subsequently joined the Nasdaq 100 on July 7 and plans to release its first quarterly performance report since listing after the U.S. stock market closes on August 4. The listing, index inclusion, and first financial report are all concentrated within less than two months, which could impact individual stocks and related index contracts.

This also explains why the number of listings and trading activity do not always synchronize. Dozens of trading codes that have long lacked market attention may not attract trading more than a single underlying that is in the midst of earnings season, an industry turning point, or a significant company event.

Daily Average Positions Better Reflect User Willingness to Hold Positions

Trading volume can be easily amplified in a short time due to new product launches, earnings releases, and market stimuli. To determine whether a certain type of TradFi perpetual has formed sustained demand, it is also necessary to observe whether traders are willing to keep their positions in the market. Compared to a peak trading volume at a specific point in time, the daily average position reflects both the size and holding time of positions, making it closer to users' actual usage of the relevant contracts.

In some activity designs, the duration of positions has also begun to be included in reward calculations. OneBullEx's TradFi position gain program launched from August 4 to August 19 is one such example. The total prize pool for the event is 40,000 USDT contract experience, covering technology stocks, indices, semiconductor industry chains, and gold-related USDT perpetual contracts. According to the public rules, individual rewards are calculated based on the daily average position value, with applicable tiers determined by the total average position size of all registered users.

This calculation method weakens the impact of concentrated opening positions on reward outcomes in a short time. A large position that is quickly closed will still contribute limitedly to the daily average. The longer the position is maintained, the higher the average position value counted towards the reward.

From the perspective of activity design, the focus is on whether users can continuously hold technology stocks, indices, and gold-related contracts. The performance of positions during the activity can serve as a sample to judge whether these themes can continue to attract positions outside of periodic market conditions.

The activity data itself will be influenced by the reward mechanism and cannot solely represent natural trading demand. However, it can still provide a window for observing position sustainability, supplementing information that single-day trading volume cannot present.

Operational Methods Closer to Crypto Contracts, Market Closure and Gap Risks Still Exist

Stock perpetuals have adopted many operational methods from crypto contracts, but the underlying stock market does not operate all day. U.S. stocks are closed during non-trading hours, weekends, and holidays, while some stock perpetuals may continue to trade.

After the U.S. stock market closes, the underlying stocks no longer generate new on-market transaction prices. Contracts that remain open for trading will continue to operate according to the index and marking price mechanisms set by the platform, with price sources possibly including quotes from other markets, related derivatives, or composite indices. At this time, trading depth may decrease, and bid-ask spreads may widen. When the stock market reopens, the new spot prices may differ significantly from those before the market closed.

For traders holding high-leverage positions before Friday's close, the first batch of spot quotes after Monday's opening may already be significantly different from last week's closing price. Opening gaps can quickly erode margin buffers and, in severe cases, may trigger forced liquidations.

Traders need to assess not only the trends of companies and industries but also confirm what index specific contracts use, how marking prices are calculated, and how the platform handles abnormal fluctuations during market closures. The same stock code appearing in different contracts may have significant differences in trading times, position costs, and risks.

After Expansion of Underlyings, Whether Trading Can Be Sustained Becomes More Important

Despite rapid growth, the stock perpetual trading volume recorded by CoinGecko is still less than 1% of the traditional stock market trading volume. Users have begun to trade stock prices through crypto accounts, but this market still has considerable room to develop mature and stable trading habits.

Listings, earnings reports, index adjustments, industry cycles, and macro fluctuations can all temporarily boost the trading volume of a particular underlying. After the heat fades, whether the relevant contracts still have sufficient liquidity, and whether traders are willing to continue holding or re-establish positions, will better indicate whether demand has truly remained.

As the coverage of underlyings gradually converges, the differences between platforms will increasingly fall on pricing, liquidity, and cross-market position management. How pricing is handled during market closures, whether reasonable spreads can be maintained during severe market fluctuations, and whether users can manage technology stocks, indices, and gold positions simultaneously in one account will all affect the long-term trading experience.

For traders, having fewer accounts, switching between fewer operational interfaces, and being able to adjust positions based on different market conditions is often more direct than simply adding a few more codes to the shelf. Financial reports and market hotspots can bring temporary trading, but whether they can lead to repeated trading and sustained positions also depends on how manageable these underlyings are and whether the platform can maintain a stable experience under different market conditions.

TradFi perpetuals are not lacking in underlyings. In the next phase, the number of underlyings will continue to increase, and what will truly differentiate them is whether trading and positions can be sustained. Platforms that allow users to continuously manage multiple asset price exposures within the same account and maintain usability during market closures, gaps, and severe fluctuations will have a better chance of converting periodic hotspots into long-term demand.