TradFi perpetual futures open interest on crypto exchanges more than doubles since May

Open interest in TradFi-based perpetual futures traded on cryptocurrency exchanges has more than doubled since May to reach $2 billion, according to CryptoQuant data. Binance has held onto the top spot with about 35% of total open interest in the TradFi perpetual futures market, in addition to its crypto business. The growth suggests crypto exchanges are becoming core platforms for 24-hour, onchain trading not only in digital assets such as Bitcoin and Ethereum, but also in traditional financial assets.