Crypto exchanges hit $250B in equity perpetual volume in July, up 17x from April. Binance leads with 76% share, while Gate grows 308% month-on-month. Concentration in AI-memory stocks.
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Equity perpetual futures on major digital asset exchanges hit roughly $250 billion in monthly volume during July. That marks a seventeenfold increase from about $15 billion in April, according to analytics firm CryptoQuant.
Binance handled the bulk of the activity in July, with around $193 billion in equity perpetual volume – about 76% of the total market. Bybit and Gate lagged far behind.
Gate grew fastest in July. Its equity perpetual volume jumped 308% from June, compared with 176% for Bybit and 59% for Binance, the CryptoQuant report showed.
Despite the surge, trading remained concentrated in a narrow cluster of technology and semiconductor-linked assets. SanDisk, SK Hynix, Micron, and the leveraged semiconductor ETF SOXL formed the core of what CryptoQuant calls the AI-memory complex. On Gate, SanDisk and SK Hynix alone accounted for 53% of the exchange's equity perpetual volume last month.
The expansion reflects how crypto exchanges are moving beyond Bitcoin and Ether into products tied to traditional markets. Several platforms now offer tokenized equities alongside perpetuals, a trend that has accelerated in recent months. Bybit, for example, recently added Meta and Tesla tokenized stocks as the category's market value hit $1.48 billion.
The equity perpetual market's rapid growth and its reliance on a handful of AI-related names raise questions about how far the category can broaden. For now, activity centers on the memory-chip and AI trade.
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