Richard Teng: Binance TradFi Perpetual Contracts Are Expanding Fast, Now ~4.9% of Major TradFi Futures Volume
Richard Teng: Binance TradFi Perpetual Contracts Are Expanding Fast, Now ~4.9% of Major TradFi Futures Volume
In April 2026, Binance CEO Richard Teng highlighted a trend that’s hard for both crypto traders and traditional market participants to ignore: TradFi perpetual contracts ( TradFi perps ) on crypto-native venues are scaling at a pace that starts to resemble real market structure change—not just a short-lived product experiment.
According to data cited from Binance Research, the average ratio of Binance’s RWA / TradFi perp volume versus major traditional futures venues jumped from ~0.2% to ~4.9% in about 90 days, with precious metals showing the most dramatic peaks: silver briefly reached ~20.8% of COMEX volume, and gold ~8.3%. ( Reference: PANews summary of Binance Research data )
This matters for the crypto industry because it signals something bigger than “new tickers”: crypto derivatives infrastructure is increasingly being used as a 24/7 macro trading rail—a bridge where tokenized assets, stablecoin settlement, and perpetual swap mechanics converge.
What are “ TradFi perps ”—and why are they a crypto-native breakthrough?
Perpetual swaps are one of crypto’s most important financial inventions: a futures-like derivative with no expiry, kept close to spot via a funding rate mechanism. Historically, perps were largely about BTC and ETH.
“ TradFi perps ” apply that same always-on structure to traditional assets ( e.g., commodities, indices, equities ), typically margined and settled in stablecoins. In Binance’s own rule language, TradFi perps are futures contracts where the underlying is a “ Traditional Asset ”. ( Reference: Binance Clearing Procedures definition of “ TradFi Perps ” )
The crypto-native advantage is straightforward:
- 24/7 trading ( including weekends when many traditional venues are closed )
- No contract rollover / expiry friction
- Stablecoin-based settlement and capital efficiency
- Global accessibility ( subject to region and compliance constraints )
These traits align perfectly with how crypto traders already operate: fast, continuous, and often leveraged.
The key datapoint: from 0.2% to 4.9% in 90 days
The headline figure—0.2% to 4.9% in ~90 days—isn’t just a growth story; it’s a liquidity migration signal.
In the PANews report summarizing Binance Research, precious metals became the “ proof of concept ”:
- Silver: peak trading volume equivalent to ~20.8% of COMEX
- Gold: peak trading volume equivalent to ~8.3% of COMEX
- Plus a broader expansion into other traditional exposures ( equities and energy were also mentioned in the same data summary ) ( Reference: PANews summary )
To understand the benchmark being referenced, COMEX is part of CME Group’s metals marketplace, and CME publishes monthly activity summaries such as its NYMEX/COMEX ADV report. ( Reference: CME Group NYMEX/COMEX Exchange ADV Report ( Monthly ) )
Why gold and silver are leading this shift
Crypto’s 2025–2026 market has been shaped by two parallel forces:
- The macro re-rating of “ hard assets ” narratives ( inflation, rates, geopolitical risk )
- The on-chain / off-chain convergence of real-world assets ( RWA )
Gold and silver sit at the intersection. They are:
- Globally recognized hedges
- Highly liquid in traditional finance
- Heavily discussed during risk-off periods
- Easy to understand for retail users ( compared with more complex rates products )
When you combine that with crypto’s reflex to trade volatility instantly, it becomes clear why metals are the first category where “ crypto rails ” can visibly compete for attention and volume.
“ Always-on ” markets create a weekend price discovery effect
One of the most underappreciated consequences of TradFi perps is weekend price discovery.
Traditional futures markets have defined trading hours and maintenance windows. Crypto perps do not. As TradFi perps grow, they become a venue where traders express views when legacy markets can’t immediately respond.
Binance Research has framed this as a structural difference ( not just a user experience feature ), and coverage of that report notes TradFi perp volumes rising sharply in early 2026. ( Reference: CoinGape coverage referencing “ The Rise of TradFi-Perps ” by Binance Research )
For crypto traders, this opens up new playbooks:
- Hedging crypto exposure with commodities beta
- Trading macro events in real time ( rather than waiting for Monday opens )
- Relative-value strategies across spot, futures, and perps
For TradFi watchers, it raises a more uncomfortable question: if enough liquidity accumulates, do crypto venues start to influence Monday open expectations for certain assets?
Product expansion signals: equities-style perps and market “ plumbing ”
Beyond commodities, infrastructure work suggests broader TradFi perp ambitions.
For example, reporting has noted that Binance’s derivatives API introduced an endpoint related to signing a “ TradFi-Perps agreement contract, ” interpreted as preparation for stock-linked perpetuals. ( Reference: The Block on Binance API updates related to stock perps )
Whether or not every planned market ships, the direction is clear across the industry: crypto exchanges are packaging traditional exposures into crypto-native derivatives formats.
What users should care about: risks are different from spot crypto
TradFi perps may feel familiar to crypto-native traders, but the risk profile can be sharper because you’re combining:
- Leverage
- Funding mechanics
- Index / mark price methodology
- Counterparty and platform risk
- Market closure mismatches ( underlying spot venues may be closed while perp trading continues )
Practical considerations to keep in mind:
- Funding is not a fee—it’s positioning pressure. In crowded trades, funding can dominate PnL.
- Liquidity can be regime-dependent. Metals can trade like “ macro memes ” during stress, with sudden spikes and gaps.
- Weekend trading cuts both ways. Price discovery may be real, but so is weekend volatility.
- Know what backs the price index. Different venues use different index compositions and fallbacks; this affects marks, liquidations, and fairness during dislocations. ( For official definitions and core mechanics, see: Binance Clearing Procedures )
Where OneKey fits in: self-custody still matters in a “ perps-first ” world
As TradFi perps pull more attention, a common pattern emerges: users keep increasing balances on trading platforms for margin efficiency, while neglecting long-term custody hygiene.
If you actively trade derivatives, you may need operational funds on-platform—but your long-term core holdings ( BTC, ETH, stablecoins, or on-chain RWA assets ) don’t need to share the same risk envelope.
That’s the practical case for a hardware wallet like OneKey:
- Offline key custody for assets not required as active margin
- Clear separation between trading capital and savings capital
- A user experience designed for multi-chain asset management, while keeping private keys isolated for signing
In a cycle where crypto perpetual futures increasingly expand into tokenized commodities and broader RWA tokenization, the winners are usually the users who combine speed ( for execution ) with discipline ( for custody and risk containment ).
