Bitget Hits $70 Billion in TradFi Perpetuals, Trailing Only Binance by a Thin Margin

Bitget processed nearly $70 billion in TradFi perpetual trading volume during the second quarter. That puts it second globally — behind only Binance, which basically ran away with the category.

The numbers tell a pretty wild story. TradFi perpetual volume across the industry jumped from $52 billion in January to $268 billion in June — nearly quintupling in six months. On the busiest trading days, TradFi perpetuals made up more than 15% of total derivatives volume across major crypto exchanges. That’s not a niche product anymore. Equity perpetuals led the late surge, climbing from $45 billion in May to $141 billion in June, overtaking commodity-linked contracts that had driven early growth. Binance dominated the quarter with roughly $380 billion in TradFi perpetual volume, holding about 60% market share. Bitget came in second with its $70 billion figure. OKX and MEXC each landed around $69 billion, so the gap between second and fourth place was razor-thin.

The broader crypto market, meanwhile, actually shrank.

Bitget’s Slice of a Fast-Moving Pie

Overall crypto exchange trading volumes fell 8% quarter-over-quarter to $16.5 trillion. So the TradFi perpetuals boom wasn’t a rising-tide story — it was a genuine shift in where traders put their money. Bitget’s TradFi perpetual volume made up 8.61% of its total derivatives trading in the quarter, barely behind Binance’s 8.65%. That’s close enough to be uncomfortable for Binance’s team. Bitget also ranked in the top three for both commodity and equity perpetuals, which suggests it’s not leaning on one product to carry the segment.

Futures open interest at Bitget grew too. Its share rose from 7.81% in Q1 to 8.58% in Q2. Not a massive jump on paper, but in a market where everyone’s fighting for fractions of a percentage point, it counts.

Gracy Chen, Bitget’s CEO, said demand is rising for integrated platforms that can handle both crypto and traditional finance opportunities in one place. That’s probably the clearest explanation for why exchanges are racing into this segment — traders don’t want to split their activity across multiple accounts and platforms.

IPO Prime, Stocks 2.0, and the Tokenized Equity Push

Bitget launched IPO Prime and Stocks 2.0 to widen access to tokenized equities and pre-IPO products. It’s not alone. Binance, Bybit, Gate, MEXC, and OKX have all expanded similar offerings. The whole sector seems to be converging on the same thesis: if you can offer stocks, ETFs, and commodities alongside crypto derivatives, you keep traders on your platform longer and you pull in a different kind of user — one who might be coming from traditional brokerage accounts rather than crypto-native wallets.

See also: Vietnam Fines Binance and OKX Users Up to $1,900 in Offshore Trading Crackdown

Whether that bet pays off long-term is unclear. Pre-IPO products carry real risk, and tokenized equities operate in a regulatory grey zone in many jurisdictions. No details from Bitget on how it’s handling compliance across different markets, and the exchange didn’t specify which equities or IPO products drove the most volume.

But the momentum is hard to ignore. Equity perpetuals went from being a minor line item to the dominant force in TradFi perpetuals within just a few months. That kind of growth doesn’t happen by accident — it probably reflects retail traders looking for leveraged exposure to stock market moves without opening a separate brokerage account.

The commodity side of TradFi perpetuals was actually what got the whole segment moving earlier in the year. It’s a bit ironic that equities ended up stealing the spotlight so quickly. Commodity-linked contracts had a head start, but equity perpetuals grew faster once they hit critical mass.

Where the Competition Stands

Binance’s 60% market share in TradFi perpetuals is enormous. That’s the kind of dominance that’s hard to chip away at — it has network effects, liquidity depth, and brand recognition working in its favor. Bitget being second is genuinely notable, but the gap is still large. $380 billion versus $70 billion isn’t close.

OKX and MEXC at roughly $69 billion each means the fight for second place was essentially a three-way tie at the bottom of the top tier. Bitget edged them out, but not by much.

More context: Zilliqa Freezes ZIL on Exchanges After Cold Wallet Breach Hits Partner Network

What’s probably more interesting than the rankings is the trajectory. TradFi perpetuals didn’t exist as a serious product category for most exchanges a year ago. Now they’re generating hundreds of billions in quarterly volume and accounting for a meaningful chunk of total derivatives activity. Exchanges that built early infrastructure for these products are sitting in a better position than those scrambling to catch up.

Bitget’s futures open interest share hit 8.58% in Q2, up from 7.81% in Q1.