Data: Binance, Bitget, and Hyperliquid Capture Approximately 75% Share of 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 for stocks, Binance leads with an average daily volume of $149.15 million, accounting for a 35.23% market share. Bitget ranks second with an average daily volume of $95.74 million, holding a 22.61% share. Hyperliquid takes the third spot with an average daily volume of $73.49 million, representing a 17.36% market share. These top three platforms collectively occupy approximately 75% of the market share, forming the leading tier in this sector.

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