Binance Leads, Bitget Perpetuals Shine: A Weekly Overview of US Stock Trading Volume Across Five Major CEXs

U.S. stocks have become a battleground for CEXs. As market competition intensifies, I roughly calculated the order book trading volume of mainstream platforms' U.S. stock exposure products over the past 7 days. The sample covers five exchanges: Binance, Bybit, Gate, Kraken, and Bitget.

The data is based on the actual trading volume that can be clearly attributed to each platform's CEX order book from their public APIs (statistics period: July 8, 2026, to July 14, 2026, UTC full calendar days).

To improve comparability, I selected several common underlying assets:

• 1:1 Tokenized Stock Spot: NVDA, TSLA, META, GOOGL
• Stock Perpetual Contracts: AAPL, NVDA, TSLA, GOOGL

Note that the perpetual contract statistics reflect notional trading volume, not net buying, open interest, or platform revenue.

1. Binance

Past 7 Days:

• 1:1 Tokenized Stock Spot: Approximately $15.5013 million
• Stock Perpetual Contracts: Approximately $1.006 billion

Among these five platforms, Binance has the highest trading volume for both tokenized spot and stock perpetuals.

For the statistics, the spot volume includes CEX order book turnover for the four common underlying assets (NVDA, TSLA, META, GOOGL) under Binance bStocks; the perpetual volume includes order book turnover for the four stock perpetual contracts (AAPL, NVDA, TSLA, GOOGL).

Trading volume generated by Binance Wallet or on-chain aggregation swaps is not included here.

2. Bybit

Past 7 Days:

• 1:1 Tokenized Stock Spot: Approximately $7.4257 million
• Stock Perpetual Contracts: Approximately $109 million

Bybit's spot statistics cover the order book volume of the four common underlying assets under the xStocks product line. The perpetual statistics cover the notional trading volume of the corresponding stock perpetual order books.

Similarly, volume from Bybit Wallet, on-chain DEXs, or other third-party liquidity sources is not included in the platform's trading volume.

3. Kraken

Past 7 Days:

• 1:1 Tokenized Stock Spot: Approximately $2.1096 million
• Stock Perpetual Contracts: Approximately $3.1010 million

Kraken's spot statistics cover the common underlying assets within its xStocks order book.

It's important to note that some of Kraken's public candlestick data only returns the underlying asset volume, not the direct USD trading volume. Therefore, the estimation here uses the daily VWAP or the OHLC average price multiplied by the underlying asset volume.

Consequently, while Kraken's data is on the same nominal USD volume scale as other platforms, its precision might be slightly lower than platforms that directly provide the quote turnover.

4. Bitget

Past 7 Days:

• 1:1 Tokenized Stock Spot: Approximately $1.7438 million
• Stock Perpetual Contracts: Approximately $137 million

Bitget's spot statistics only include NVDAON, TSLAON, METAON, GOOGLON from the Ondo Stock Token product line, not the rTokens issued by Reality Protocol.

Why exclude rToken?

Because the trading volume shown in Bitget's rToken public market data is closer to the liquidity profile of the underlying U.S. stock or a direct broker connection and cannot be clearly attributed to actual trades executed by Bitget customers within the CEX.

For example, during the query, the 24-hour volume for rNVDA once exceeded $25 billion, approaching the total market volume of the underlying NVIDIA stock. Counting this figure directly as Bitget platform volume would significantly overestimate Bitget's actual business scale.

Therefore, for Bitget, I only counted the Ondo spot order book volume that can be confirmed from the public API, along with the platform's stock perpetual order book volume.

5. Gate

Past 7 Days:

• gStocks Spot: Approximately $12.4290 million
• Stock Perpetual Contracts: Approximately $29.4617 million

Gate's situation is quite unique.

Gate operates three separate order books for tokenized stock spots simultaneously:

• gStocks: Approximately $12.4290 million
• xStocks: Approximately $2.1444 million
• Ondo: Approximately $4.5283 million

The total for the three spot product lines combined is approximately $19.1017 million.

However, to maintain a horizontal comparison across platforms by selecting one representative spot product line per platform, the main ranking only includes Gate's proprietary gStocks product, without combining the three order books for comparison against a single product line from other platforms.

If we look at the total visible spot order book volume for these four underlying assets on the Gate platform, Gate's spot volume is approximately $19.1017 million. Adding the stock perpetual volume brings the total to approximately $48.5634 million.

Gate's perpetual statistics cover the order book volume of four USDT-margined stock perpetual contracts: AAPLX, NVDAX, TSLAX, GOOGLX.

Summary

This statistical analysis measures the actual trading volume that can be clearly attributed to the CEX order book from the platform's public API.

It does not include:

• Total market volume of the underlying U.S. stocks
• Aggregated wallet trades that cannot be attributed to a specific platform
• On-chain token volume within the broader DeFi ecosystem
• Client trades executed through broker channels but not disclosed by the platform
• Market data volume that cannot be separated from platform client trade execution

Therefore, based on the main ranking principle of one representative spot product line per platform, the ranking for tokenized stock spot volume over the past 7 days is:

1. Binance: Approximately $15.5 million
2. Gate gStocks: Approximately $12.43 million
3. Bybit: Approximately $7.43 million
4. Kraken: Approximately $2.11 million
5. Bitget: Approximately $1.74 million

The ranking for stock perpetual volume is:

1. Binance: Approximately $1.006 billion
2. Bitget: Approximately $137 million
3. Bybit: Approximately $109 million
4. Gate: Approximately $29.46 million
5. Kraken: Approximately $3.10 million

Similarly, under the metrics of these five platforms and the selected common underlying assets, the trading volume of stock perpetuals is approximately 32.8 times that of tokenized stock spots. This indicates that when CEX users trade U.S. stock exposure, the primary demand remains concentrated in perpetual contracts rather than 1:1 tokenized stock spots. After all, perpetuals allow both long and short positions, utilize leverage, offer higher capital efficiency, and are more aligned with the existing trading habits of crypto users.

Another notable phenomenon is that while many tokenized stocks and stock perpetuals advertise 24/7 trading, trading volume still drops significantly on weekends.

This shows that while products can trade around the clock, liquidity has not fully decoupled from the U.S. stock market. At this stage, the U.S. stock trading session, underlying market price discovery, and market maker activity hours still exert a significant influence on the liquidity of CEX-listed U.S. stock products.