TradFi on Crypto Exchanges Report 2026

Since the start of 2025, crypto exchanges have moved well beyond their original remit, extending into the underlying assets of traditional financial markets. Regulatory advancements, a wave of new tokenized asset issuers, and improving distribution infrastructure have collectively accelerated this shift. As a result, exchanges have been able to rapidly expand their RWA offerings across equities, ETFs, commodities, forex, and pre-IPO contracts.

This report examines the development of RWAs and TradFi products across the top centralized and decentralized crypto exchanges, covering the 17-month period from January 2025 to May 2026.

We’ve summarized the key highlights, but be sure to dig into the full 15 slides in the full report below.

Top 5 Highlights of CoinGecko’s TradFi on Crypto Exchanges Report 2026

1. Crypto exchanges listed up to 358 RWAs across spot and perps offerings, in 17 months

2. RWA perps volume reached $347B in May 2026, led by Binance, MEXC & Hyperliquid

3. The total trading volume for tokenized equity perps in 2026 has surpassed the entirety of 2025, with Micron, Circle, and Nvidia as the top tickers.

4. SpaceX was the most traded pre-IPO market, with a monthly volume of $305M in May 2026.

5. SpaceX pre-IPO prices ranged from $155 to $170 across major exchanges before listing, but settled within 5% of the actual opening price.

1. Crypto exchanges listed up to 358 RWAs across spot and perps offerings, in 17 months

MEXC, Gate, and WEEX have emerged as the exchanges that have listed the most RWA spot and TradFi perpetual assets since the start of 2025. In line with its existing aggressive listing for crypto tokens, MEXC listed 199 spot RWAs and 159 TradFi perps during this period, totaling 358 assets. Gate was similarly prolific in listing 146 perps, but only listed 78 spot assets, totaling 224 RWA products. Meanwhile, WEEX listed 84 spot and 108 perp assets, amounting to 192 RWAs in its more moderately long-tail approach.

Besides Hyperliquid and Aster, which only listed RWAs via perps, 5 out of the 12 centralized exchanges also prioritized perps over spot listings in their TradFi strategy: HTX, Binance, Crypto.com, Coinbase and OKX, all of which only recorded 1 or 2 spot RWA listings across the last 17 months. As a result, spot RWA listings averaged 37 per exchange, in comparison to the 75 average for perps listings.

2. RWA perps volume reached $347B in May 2026, led by Binance, MEXC & Hyperliquid

Perpetuals trading volume for RWAs has scaled exponentially by 1,472x from $0.23 billion at the start of 2025, to $347.17 billion in May 2026. Exchanges have already processed over $1.32 trillion in TradFi perps volume this year to date, far beyond the $104.21 billion traded last year. 

In other words, while RWAs saw similar demand across spot and perps in 2025, this has since diverged significantly, with TradFi perps generating over 8x more volume than spot RWAs in 2026. In Nov 2025, RWAs saw perps volume reaching $26.39 billion, for the first time, overtaking the $17.70 billion in spot volume.

Binance, MEXC, and Hyperliquid have emerged as the leading exchanges for TradFi perps trading. Binance has processed a total of $498.66 billion in TradFi perps volume across the 17-month period, with monthly market share averaging 24.6% in 2025 and increasing to 35.9% in 2026. Meanwhile, MEXC recorded $323.86 billion to capture 21.7% share on average last year and 22.8% this year, and Hyperliquid followed close behind with $272.39 billion (6.0% and 19.8% average share, respectively).

3. The total trading volume for tokenized equity perps in 2026 has surpassed the entirety of 2025, with Micron, Circle, and Nvidia as the top tickers

Across the top 13 exchanges, tokenized stocks started out with an initial monthly trading volume of $831.17M in July 2025. However, that figure has since grown significantly by almost 40x to $34.00B in May 2026. The most widely traded stocks are Nvidia and Tesla, as well as AI-relevant equities like Micron, which saw a 17x volume spike from $736.21M in April 2026 to $13.16B in May 2026. Although non-US tickers such as SK Hynix and Samsung also fall into this category, both tickers recorded much lower activity.

While Bitget initially controlled the majority of tokenized perp trading volume back in November 2025, it has been surpassed by Hyperliquid and Binance, with the latter controlling 43.65% volume share as of May 2026.

Despite integrations across more CEXes such as WEEX, the trading activity of these tokenized equities is still a fraction compared to their real-world counterparts, making up less than 1% of total trading volume on TradFi stock markets.

4. SpaceX was the most traded pre-IPO market, with a monthly volume of $305M in May 2026

While tokenized pre-IPOs remained sluggish throughout 2025 Q4, perpetuals trading activity for the asset has surged only recently across the top exchanges, with trading volumes jumping by +1,059.26% from $60.51M in April 2025 to $701.44M in May 2025. SpaceX Pre-IPO perpetuals saw the highest trading volume, with 43.55% dominance, ahead of its highly anticipated Nasdaq listing on June 12. This is followed by AI firms OpenAI and Anthropic. Together, these 3 pre-IPO contracts made up 95.62% of May’s total monthly volume.

Although Hyperliquid has held a monopoly on pre-IPO perps since November 2025, it has now fallen behind the likes of OKX and WEEX as more CEXes fight for a slice of the pie. Binance has become the top platform for pre-IPO perp trading, despite only launching its pre-IPO offerings on May 21. It’s worth noting that other CEXes such as Bybit and Kraken have also begun to list pre-IPO assets in June, while Ventuals has since shut down its pre-IPO markets on Hyperliquid, rendering them inaccessible.

5. SpaceX pre-IPO prices ranged from $155 to $170 across major exchanges before listing, but settled within 5% of the actual opening price

Heading into the week of SpaceX’s Nasdaq listing, the stock’s pre-IPO prices varied largely across various exchanges. While SPCX perps were trading at ~$170 on exchanges such as Binance and WEEX, other exchanges such as Coinbase, Gate, and OKX valued the stock lower at ~$155. 

However, pre-IPO prices across the major exchanges gradually began to converge between the $160-$165 range on June 10 as more information about the IPO went public. In the 2-day period before listing, prices across the top exchanges steadily moved upwards in tandem, breaking past the $180 mark.

On listing day itself, new information regarding expected listing prices was quickly absorbed and reflected on IPO prices, resulting in extreme volatility on June 12. Ultimately, pre-IPO prices closed at an average of $157, 4.67% higher than the SPCX’s opening price of $150.

Read the Report: CoinGecko’s TradFi on Crypto Exchanges Report 2026