Data: Binance, Bitget, and Hyperliquid Account for Approximately 75% of the Stock Perpetual Contract Market

According to TokenInsight's "Q1 Cryptocurrency Exchange Report," the competitive landscape of the stock perpetual contract market is rapidly evolving, with a growing concentration among top players. In terms of average daily trading volume (ADV) for stocks, Binance leads with an ADV of $149.15 million, capturing a 35.23% market share. Bitget ranks second with an ADV of $95.74 million, accounting for 22.61%. Hyperliquid takes the third spot with an ADV of $73.49 million, holding a 17.36% market share. The top three platforms collectively account for approximately 75% of the market share, forming the leading tier in this segment.

As major platforms accelerate their deployment of U.S. stock and TradFi-related products, stock perpetual contracts have become a key battleground for crypto exchanges to build cross-asset trading capabilities.