Aster

Equity

Hyperliquid

Crypto exchanges have listed up to 358 real-world assets across spot and perpetual futures markets in the past 17 months, and monthly trading volume for RWA perps hit $347 billion in May 2026 alone. That's according to a new&nbsp;<a href="https://www.coingecko.com/research/publications/tradfi-on-crypto-exchanges-report-2026" rel="noopener noreferrer nofollow">report from CoinGecko</a>, which tracked the rapid buildout of tokenized equities, ETFs, commodities, forex and pre-IPO contracts across the top centralized and decentralized exchanges.The report covers January 2025 through May 2026. In that window, exchanges stopped acting like pure crypto venues and began to look more like hybrid trading platforms that blend digital assets with traditional finance products. Here are the five biggest takeaways.&nbsp;<img src="https://storage.bsc.news/9/Trad_Fi_on_Crypto_Exchanges_Report_2026_f272a18218.webp" alt="TradFi on Crypto Exchanges Report 2026" width="undefined" height="undefined">&nbsp;<h2 id="span-span-strong-how-many-rwas-have-crypto-exchanges-listed-strong-span-span">How Many RWAs Have Crypto Exchanges Listed?</h2>Exchanges added 358 RWAs in 17 months, split between spot and perpetual markets. MEXC led the pack by a wide margin.<ul><li>MEXC (<a href="https://x.com/MEXC" rel="noopener noreferrer nofollow">@MEXC</a>): 199 spot RWAs plus 159 TradFi perps, for 358 total assets</li><li>Gate (<a href="https://x.com/Gate" rel="noopener noreferrer nofollow">@Gate</a>): 78 spot plus 146 perps, for 224 total</li><li>WEEX (<a href="https://x.com/WEEX_Official" rel="noopener noreferrer nofollow">@WEEX_Official</a>): 84 spot plus 108 perps, for 192 total</li></ul>Most exchanges leaned harder into perps than spot. The average exchange listed 75 perps versus just 37 spot products. Hyperliquid (<a href="https://x.com/HyperliquidX" rel="noopener noreferrer nofollow">@HyperliquidX</a>) and Aster (<a href="https://x.com/Aster_DEX" rel="noopener noreferrer nofollow">@Aster_DEX</a>) skipped spot entirely and only offered RWAs through perps. Five major centralized exchanges (<a href="https://x.com/HTX_Global" rel="noopener noreferrer nofollow">@HTX_Global</a>,&nbsp;<a href="https://x.com/binance" rel="noopener noreferrer nofollow">@binance</a>,&nbsp;<a href="https://x.com/cryptocom" rel="noopener noreferrer nofollow">@cryptocom</a>,&nbsp;<a href="https://x.com/coinbase" rel="noopener noreferrer nofollow">@coinbase</a> and&nbsp;<a href="https://x.com/okx" rel="noopener noreferrer nofollow">@okx</a>) followed a similar pattern, each listing only one or two spot RWAs while building out perps.<h2 id="span-span-strong-which-exchanges-lead-rwa-perps-trading-volume-strong-span-span">Which Exchanges Lead RWA Perps Trading Volume?</h2>RWA perps volume reached $347.17 billion in May 2026, a 1,472-fold increase from just $230 million in January 2025. For the year through May, total volume topped $1.32 trillion, already well past the full 2025 total of $104.21 billion.Three exchanges dominate the space.<ul><li>Binance: $498.66 billion in total TradFi perps volume, a 35.9% market share (up from a 24.6% average in 2025)</li><li>MEXC: $323.86 billion, a 22.8% share</li><li>Hyperliquid: $272.39 billion, a 19.8% share, up sharply from 6% in 2025</li></ul>Perps overtook spot RWA trading in November 2025 and haven't looked back. In 2026, perps volume has run more than eight times higher than spot volume for RWAs, a much wider gap than in 2025.&nbsp;<img src="https://storage.bsc.news/9/top_exchanges_by_rwa_listings_2026_4faaf50d70.webp" alt="top exchanges by rwa listings 2026" width="undefined" height="undefined">&nbsp;<h2 id="span-span-strong-how-big-is-tokenized-equity-perps-trading-in-2026-strong-span-span">How Big Is Tokenized Equity Perps Trading in 2026?</h2>Tokenized equity perps have grown faster than any other RWA category this year. Monthly volume went from $831 million in July 2025 to $34 billion in May, nearly a 40 times increase. Cumulative 2026 volume has already passed the entire 2025 total.Micron (MU), Circle (CRCL) and Nvidia (NVDA) are the top traded tickers. Micron saw the sharpest spike, jumping from $736 million in April to $13.16 billion the following month, a 17 times increase. AI and tech names dominate the category overall. Binance holds 43.65% of this market, overtaking Bitget for the top spot.&nbsp;Even with that growth, tokenized equity trading still accounts for less than 1% of total trading volume on traditional stock exchanges. The category is expanding fast, but it's starting from a small base.<h2 id="span-span-strong-which-pre-ipo-market-sees-the-most-volume-strong-span-span">Which Pre-IPO Market Sees the Most Volume?</h2>SpaceX was the most traded pre-IPO asset on crypto exchanges, pulling in $305 million in monthly volume in May 2026. That's 43.55% of the $701.44 million in total pre-IPO perps volume that month.<a href="https://x.com/SpaceX" rel="noopener noreferrer nofollow">@SpaceX</a>,&nbsp;<a href="https://x.com/OpenAI" rel="noopener noreferrer nofollow">@OpenAI</a> and&nbsp;<a href="https://x.com/AnthropicAI" rel="noopener noreferrer nofollow">@AnthropicAI</a> together accounted for 95.62% of all pre-IPO volume in May. Hyperliquid dominated early trading before OKX, WEEX, and Binance built out competing markets. Binance launched its own pre-IPO offerings on May 21. Activity in this category was slow through most of 2025 and picked up fast in the second quarter of 2026 as major IPOs approached.SpaceX listed on Nasdaq on June 12, 2026, under the ticker SPCX, with an IPO price of $135 per share.&nbsp;<img src="https://storage.bsc.news/9/Pre_ipo_perp_volume_coingecko_2026_report_301346d4d1.webp" alt="Pre ipo perp volume coingecko 2026 report" width="undefined" height="undefined">&nbsp;<h2 id="span-span-strong-did-spacex-pre-ipo-prices-match-the-nasdaq-listing-strong-span-span">Did SpaceX Pre-IPO Prices Match the Nasdaq Listing?</h2>Pre-IPO perps for SpaceX traded at $155-$170 across major exchanges in the weeks before listing. Binance and WEEX traded closer to $170, while Coinbase, Gate, and OKX traded nearer $155.Prices converged into a tighter $160 to $165 range by June 10, then briefly spiked above $180 in the final two days before the Nasdaq debut. On listing day, the average close across exchanges was around $157, about 4.67% above the $150 opening price on Nasdaq. That means crypto pre-IPO markets landed within 5% of the actual opening price despite trading on limited public information.<h2 id="span-span-strong-why-it-matters-strong-span-span">Why It Matters</h2>CoinGecko (<a href="https://x.com/coingecko" rel="noopener noreferrer nofollow">@coingecko</a>) ties the growth to three factors: clearer regulation, a new group of tokenized asset issuers and stronger listing infrastructure at the exchange level. Together, they have pushed exchanges well past their original role as crypto-only venues.Perps have overtaken spot as the preferred way to trade RWAs, and the SpaceX numbers show these markets can produce real price discovery ahead of a listing, not just speculation. OpenAI and Anthropic are already trading as pre-IPO perpetuals alongside SpaceX, meaning traders can take positions on companies that have not filed for a public listing at all.Sources:<ul><li><a href="https://www.coingecko.com/research/publications/tradfi-on-crypto-exchanges-report-2026" rel="noopener noreferrer nofollow">CoinGecko</a> original TradFi on Crypto Exchanges Report 2026, covering the 17-month data set from January 2025 to May 2026</li></ul>

Top Insights from CoinGecko's New TradFi on Crypto Exchange Report

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