radFi perpetual futures have seen a step-change in volume over the past few months, catalysed by geopolitical events that drove demand for 24/7 access to assets - oil, gold, and equities - that traditional exchanges cannot provide outside market hours. Other CEXs and DEXs have entered the space: Bybit ($2B MTD), OKX ($6.2B MTD), and Lighter ($5.1B MTD) collectively represent meaningful early traction, but at a combined $13.3B remain well below the scale of the two platforms driving this market.

Binance and HIP-3 have established themselves as the clear leaders - HIP-3 by building early volume around energy and indices, Binance by systematically entering the same traditional asset verticals since Q1, with energy the most recent and fastest-growing example.

Combined volume across TradFi perps on Binance and HIP-3 since the start of April has been $103B, split 59/41 between Binance ($60.6B) and HIP-3 ($42.8B). April 7 marked a record single-day high of $12.6B in trading volume. This surge was primarily driven by a significant increase in commodity hedging as market participants adjusted to shifts in energy logistics and the U.S. Supreme Court’s February decision to vacate the "Liberation Day" regulatory framework.#GateSquareMayTradingShare