As of June 30, 2026, open interest in US stock perpetual futures on major centralized crypto exchanges hit $2.01B, overtaking precious metals at $1.69B. The crossover occurred on June 18 and the gap has widened since. Total open interest across tracked exchanges climbed from roughly $60M in January 2025 to $4.67B by the end of June 2026, representing a 77-fold increase in 18 months. Trading volume reached $1.45 trillion in the first half of 2026 alone, roughly 10 times the entire volume recorded across all of 2025. Perpetual futures accounted for 98.5% of all trading volume in crypto TradFi products in June 2026.
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