Exchange Report: Reshaping Traditional Asset Trading (2026)

Crypto exchanges are collectively expanding into traditional asset classes. Products such as spot stocks and derivatives, precious metals, commodities, and forex are becoming the new battleground for CEXs to achieve differentiated competition. The competition is no longer limited to native crypto assets; the contest now lies in which platform can become the preferred, one-stop multi-asset trading gateway for global users.

In the first part of this report, through a side-by-side comparison, we analyze the product strategies and competitive positioning of six major exchanges (Binance, OKX, Bybit, Bitget, Gate, and MEXC), revealing how the industry landscape is diverging.

In the second part, MEXC presents the results of a user survey covering 6,185 valid questionnaires globally, examining the scale and drivers of user migration from the demand side.

We have summarized the key highlights of the first part, but we recommend reading all 22 pages of the full report below.

Key Highlights from the CoinGecko Report "How Crypto Exchanges Are Reshaping Traditional Asset Trading in 2026":

• The size of actively traded Crypto TradFi assets grew from $1.41 billion to $6.59 billion in a year and a half.
• In the first half of 2026 alone, Crypto TradFi trading volume reached $1.45 trillion, 10 times the full-year volume in 2025.
• Open interest in Crypto TradFi perpetual swaps surged from $60 million to $520 million in 2025, then skyrocketed to a high of $4.67 billion by the end of the first half of 2026.
• Trading volume in traditional finance for the six major CEXs remained low throughout 2025 but rose sharply this year, led by Binance, MEXC, and Bitget.

1. Size of Actively Traded Crypto TradFi Assets Grew from $1.41 Billion to $6.59 Billion in a Year and a Half

In just a year and a half, Crypto TradFi assets have grown from an early niche within the crypto industry into a multi-billion dollar market. Among the tracked asset classes, the total market capitalization of Crypto TradFi assets increased fivefold from $1.41 billion on January 1, 2025, peaking at $7.50 billion on February 5, 2026, before retreating to $6.59 billion by June 30, 2026. This represents a significant expansion of 366.7% over the past 18 months.

The growth of the Crypto TradFi market was relatively concentrated in the early stages: it rose steadily in the first half of 2025, then accelerated in early 2026. Since precious metals dominate the total, this trend largely mirrored gold reaching new all-time highs in early 2026 and its subsequent correction. However, the seemingly flat trajectory in the first half of 2026 masked a real rotation beneath the surface—during this period, interest in precious metals slightly waned while US stocks were incorporated into the asset mix.

2. In the First Half of 2026 Alone, Crypto TradFi Trading Volume Reached $1.45 Trillion, 10 Times the Full-Year Volume in 2025

In 2025, the combined monthly spot and perpetual swap trading volume of Crypto TradFi grew steadily but relatively slowly, from $3.45 billion in January to $24.05 billion in December. Entering 2026, demand for exposure to traditional financial assets exploded, with trading volume surging more than threefold to $87.58 billion in January. Subsequently, volume reached $186.32 billion in February, easily surpassing the full-year 2025 total of $135.47 billion.

Precious metals trading volume climbed from $23.99 billion in October 2025 to $80.97 billion in January 2026, peaking at $236.76 billion in March when gold hit its all-time high, then declining 48.2% to $122.59 billion in June following the gold price correction. For most of the period, precious metals were the largest single category by trading volume.

Meanwhile, US stocks initially led the Crypto TradFi market in early 2025, contributing $3.08 billion of the total $3.46 billion trading volume in January, primarily from individual stock perpetual swaps. In the second half of 2025, monthly trading volume for US stocks remained around $10.25 billion. It dipped in early 2026, then jumped to $43.40 billion in May and surged 337.4% to $189.84 billion in June, surpassing precious metals for the first time. This growth was primarily driven by speculative trading in semiconductor-related stocks (such as Micron and Sandisk) and the highly anticipated SpaceX IPO.

3. Open Interest in Crypto TradFi Perpetual Swaps Grew from $60 Million to $520 Million in 2025, Then Soared to a High of $4.67 Billion by the End of the First Half of 2026

Total open interest across the six exchanges grew from $60 million on January 1, 2025, to a peak of $4.67 billion on June 30, 2026—a 77-fold increase, with most of the growth occurring this year. Since open interest measures outstanding positions rather than churned volume, its steady climb further confirms that TradFi trading within the crypto space is becoming a durable market.

Asset class rotation is similarly evident here: open interest in US stocks surpassed precious metals on June 18, 2026, and became the largest asset class at the end of the period, reaching $2.01 billion (43.1% of the total), while precious metals stood at $1.69 billion (36.2%). Precious metals open interest had already peaked at $1.98 billion on May 27, 2026, in sync with the rising gold price; the sustained and steady growth of US stocks suggests a shift in market focus.

4. Trading Volume in Traditional Finance for the Six Major CEXs Remained Low Throughout 2025 But Rose Sharply This Year, Led by Binance, MEXC, and Bitget

The growth of the Crypto TradFi market has been uneven across centralized exchanges, with the leading position changing hands multiple times. Binance grew the fastest, rising from $39.60 billion in January 2026 to $231.49 billion in June, accounting for over half of the total trading volume among the six exchanges that month. MEXC aggressively expanded for most of 2026, becoming the second-largest trading platform, climbing from $17.84 billion in January to a peak of $91.12 billion in May. However, in June, with a surge in US stock trading volume, the rankings were reshuffled: OKX rose to $53.00 billion, and Bitget to $44.23 billion, surpassing MEXC's $38.68 billion, followed by Bybit ($13.29 billion) and Gate ($12.45 billion).

Market share data highlights the intensity of the competition. In the early, low-volume phase of the market, no single exchange could maintain a lasting lead: MEXC briefly led with a 35.4% share in February 2025; Gate captured a 38.2% share in July 2025, driven by the listing of US stocks and global index spots; Bitget led with a 34.5% share in December 2025, thanks to being the first to launch US stock perpetual swaps. It wasn't until January 2026, as trading volumes amplified, that Binance established a sustained monthly leading position, with its share jumping to 58.9% by June 2026. MEXC also performed strongly this year, holding the second-largest market share from January to May 2026, more than double the share of the remaining exchanges.

View the full report: CoinGecko Report: How Crypto Exchanges Are Reshaping Traditional Asset Trading in 2026