#GateTopsStockPerpetualCoverage

385 stock-perpetual contracts is the headline. The more important number is what happens after traders enter those markets: volume, open interest and the depth available around the current price.

Gate currently reports 385 stock-related perpetual contracts, giving it the broadest stock-perpetual coverage among the tracked venues in the cited comparison. But listing breadth by itself does not prove a strong derivatives market. The stronger test is whether those contracts can attract sustained trading activity and provide usable liquidity.

The latest figures show that Gate's stock perpetuals are averaging approximately $1.15B in daily trading volume, alongside around $738M in average open interest.

Those two numbers measure different things.

Volume tells us how actively contracts are being traded.

Open interest tells us how much derivatives positioning remains open.

A market with high volume but very low OI can indicate rapid turnover. A market with both substantial volume and OI suggests that traders are not only rotating positions but also maintaining meaningful exposure.

The growth rate makes the expansion more visible

Gate's stock-perpetual trading volume has increased approximately 308% month over month, maintaining triple-digit growth for three consecutive months.

That is a much more useful growth signal than simply saying the platform added more contracts.

The market is therefore developing along two dimensions:

Coverage → 385 contracts

Activity → $1.15B average daily volume

The next question is whether liquidity has expanded at the same time.

This is where order-book depth becomes important

Across five of the highest-volume contracts — including SNDK, SK Hynix, SOXL and MU — Gate's reported 0.1% order-book depth ranked first in the comparison, with a 5%–28% advantage over the comparison venues.

The sampled contracts also represented approximately $92.8M of combined 2% order-book depth.

That number gives the market a more practical liquidity measurement.

Contract count tells traders what they can trade.

Volume tells them how much activity exists.

Order-book depth helps show how much liquidity is available around the market price.

That distinction becomes especially important for larger orders, where thin books can create greater execution impact even when headline volume looks impressive.

AI memory stocks are becoming a major trading theme

The activity is not evenly distributed across every stock perpetual.

Trading concentration in names such as SanDisk, SK Hynix and Micron shows how strongly the stock-perpetual market is connected to the current AI infrastructure and semiconductor cycle.

These companies sit close to the AI memory/HBM supply chain, so their price volatility creates natural demand for both directional and hedging instruments.

That also explains why contracts such as SNDK, SK Hynix and MU are useful when evaluating liquidity rather than relying only on the total number of listed markets.

Gate's growth is happening inside a much larger market

Global equity-perpetual trading volume reportedly reached approximately $250B in July, around 17× April's level.

Gate accounted for roughly $15B of that July stock-perpetual volume.

At the same time, Gate's broader August ecosystem report showed coverage of 360+ underlying stock assets in stock derivatives and more than 12,800 stock/ETF spot instruments.

The numbers point to a market that is moving from a niche product toward a broader trading category.

There is also another metric worth watching: Gate reported approximately 0.00245 percentage points of 30-day funding-rate volatility for its stock perpetuals. Stable funding conditions matter because they help distinguish sustained trading activity from markets where positioning becomes excessively expensive or one-sided.

The real scoreboard

Rather than judging stock perpetuals by contract count alone, I would track the market through five connected numbers:

385 → breadth of available stock-perpetual markets
$1.15B → average daily trading volume
$738M → average open interest
+308% MoM → recent expansion in activity
$92.8M → combined 2% depth across the sampled contracts

Then comes the execution test: 5%–28% reported liquidity advantage across the comparison set.

That is why the more meaningful story behind #GateTopsStockPerpetualCoverage is not simply that Gate lists 385 contracts.

It is the combination of breadth + volume + OI + order-book depth + semiconductor-driven demand that shows how the stock-perpetual market is developing from a listing category into an active derivatives ecosystem.