Traditional assets represent 23.5% of crypto perpetuals volume in August

On October 24, 2026, a study published by DiarioBitcoin reveals that perpetual contracts backed by traditional assets – stocks, indices, ETFs, gold, and oil – accounted for 23.5% of the total volume of perpetual derivatives across six major crypto exchange groups in August. This growth, driven by platforms such as Binance, marks a turning point in the diversification of crypto derivative products, as the trading of purely digital assets declines. Context Since 2025, crypto exchanges have progressively integrated perpetual contracts linked to traditional assets, an innovation that responds to the growing demand from traders for hybrid instruments. This evolution takes place within a context of slowing in the pure crypto derivatives market, whose volumes dropped by nearly half between November 2025 and August 2026, according to data from Glassnode and Fasanara Digital. At the same time, financial regulators, particularly in Europe with the MiCA regulation, have provided a framework for these products, facilitating their adoption by institutional actors. Binance, a historical leader in the sector, launched its first perpetual contracts on traditional assets in December 2025. Since then, the platform has concentrated more than half of the volume of these instruments, ahead of OKX and Hyperliquid. This dynamic reflects a broader trend: exchanges are seeking to expand their offering to attract a clientele accustomed to stock markets, while diversifying their revenue sources in the face of crypto-asset volatility. The Facts According to a joint report from Glassnode and Fasanara Digital cited by DiarioBitcoin, perpetual contracts backed by traditional assets reached 23.5% of the total perpetuals volume across six major exchange groups in August 2026. This figure marks a spectacular progression, as it was only 0.5% in November 2025. The absolute volume of these contracts jumped to 778 billion dollars in August, compared to 23.5 billion dollars nine months earlier. Binance dominates this segment with 55% of the total volume, representing approximately 429 billion dollars traded in August. OKX and Hyperliquid follow, with 15% and 11% of the market, respectively. The underlying assets are divided into five categories: stocks (notably semiconductor manufacturers), stock indices, ETFs (including Korean funds and leveraged products), gold, and oil. Hyperliquid stands out with a higher share of these assets in its total volume (35.2%), compared to 27.6% for Binance. The volume of purely crypto perpetual contracts declined by 49% over the same period, although the exact figure in dollars is not specified. A counterfactual calculation suggests that, without this decline, the share of traditional assets would have been only 13.5% in August. CryptoScore Pro data as of October 24, 2026, indicate a slightly declining crypto market, with Bitcoin at 80,180.87 dollars (-1.78% over 24 hours) and a Fear & Greed index at 51/100, in the neutral zone. The DiarioBitcoin report does not specify whether these volumes include hedging positions or speculative strategies, nor the geographical distribution of traders. Understanding Key Concepts Perpetual Contracts A perpetual contract is a derivative product without an expiration date, allowing traders to maintain open positions indefinitely. Unlike traditional futures contracts, there is no physical delivery of the underlying asset: gains or losses are settled based on a price index, often calculated from several exchanges. For example, a trader can bet on the rise of the price of gold via a perpetual contract without ever owning the physical metal. These instruments are popular for their flexibility and leverage, which amplifies gains – but also losses. Volume and Liquidity Volume refers to the total amount of transactions executed on a market during a given period. In the case of perpetual contracts, high volume signals strong activity and increased liquidity, meaning the ease of buying or selling an asset without affecting its price. For example, a volume of $778 billion for traditional perpetuals in August 2026 indicates that these products have become a major segment of crypto exchanges. Liquidity is crucial for institutional traders, who need deep markets to execute large orders without slippage (the difference between the expected price and the actual price). Correlation between assets Correlation measures the degree of similarity between the price movements of two assets. A high positive correlation means that the assets move in the same direction, while a negative correlation indicates opposite movements. In the case of crypto-assets and traditional assets, the introduction of hybrid perpetual contracts can strengthen these links. For example, the report from Glassnode and Fasanara Digital notes that Bitcoin showed a record correlation with gold in September 2026, suggesting that traders now perceive BTC as a store of value similar to the precious metal. This dynamic can be amplified by macroeconomic events, such as the monetary policy decisions of central banks. Analysis: what is at stake The rise of perpetual contracts backed by traditional assets (23.5% of volume in August 2026) reveals a structural mutation of the crypto derivatives market. This phenomenon is explained by two complementary dynamics: an increased demand for hybrid products, combining the operational efficiency of crypto platforms (leverage, 24/7 liquidity) and the familiarity of classic underlyings (stocks, ETFs, commodities), and a simultaneous retreat of purely crypto perpetuals, whose volume dropped by 49% between November 2025 and August 2026. According to data from Glassnode and Fasanara Digital, this shift reflects less an absolute growth of new contracts than a proportional effect, amplified by the contraction of the crypto segment. The valuation mechanisms at play are complex. On one hand, the integration of traditional assets into the benchmark indices of crypto perpetuals (such as…