Mentioned in This Week's Report
| Bitget | Leading in new listings by count and volume. |
| GMTrade | Solana exchange, newly tracked in this report, at No. 6 in weekly volume. |
| Bybit | Halting EU trading, following Binance, which failed on MiCA licensure. |
Perpetual futures on RWAs reached a new all-time high for the second time in three weeks, as trading in equities continues to surge, joined by a major jump in ETF perps volume.
This week, we add GMTrade, Solana's leading RWA perp DEX, to the list of venues we track here; its $1.9B in weekly volume made it the sixth largest exchange this week, but hardly accounts for the leap.
A few more changes to the newsletter: We’re simplifying things. We’re dropping the "Tweet of the Week”; weekly exchange rankings and top assets by growth will move to a monthly report, where we can get a better look at long-term trends. Look for the first one of those at the end of July.
Did we kill something you loved? Let us know at [email protected], or by just replying to this email.
Other news:
The CFTC is requesting public comment on two relevant topics: 24/7 trading in standard futures contracts, and perpetual futures on storable energy commodities. Comments are due in by July 27, so get yours in and tell them Stork sent you.
Consolidation in Hyperliquid’s HIP-3 markets (covered here last week) continues with Dreamcash announcing it will wind down.
Ondo opened up 24/7 redemptions on its tokenized stocks.
Forget the Austrians. Scottish monetary policy is now in vogue (in brogue).
Research from JPMorgan finds limited institutional appetite for perpetual futures, noting that 12 wallets fund about half the volume on Hyperliquid.
Bybit is reportedly halting EU trading, following Binance, which failed to obtain a MiCA license in time for a June 30 deadline.
Fun read: What if Meta's prediction market for points is playing a completely different game than Kalshi or Polymarket.
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Weekly Volume by Category
$131.5B in volume across the 15 exchanges tracked here, up 17.4% above the all-time high in weekly volume set just two weeks ago. Commodities continue at about a quarter of market volume; equities are still more than half. ETF perps advanced above 10% for the first time.
Top Assets by Volume
SpaceX is still the largest RWA perps asset by volume. Even though SpaceX perps did about 25% less volume than last week, Micron perps more than made up for it, tripling in volume week over week. It’s the first time the top two perps assets by volume have been equities. The Roundhill Memory ETF (DRAM) surged up 222% and SOXL grew by 188%, contributing about $9B of the approximately $11B in week-over-week growth for ETF perps.
New Listings
More ETF perps meta + Asia stocks meta in the new listings table this week: Five new perps on the Direxion Daily MSCI S Korea Bull 3X (KORU), totaling $138M in average daily volume. There were also five new perps listings on Zhipu AI, the Hong Kong-traded LLM developer. Minimax doesn’t show up here because it was already listed on Hyperliquid and Aster, but its new listing on Bitget cleared $4.65M in average daily volume during its first week.
As usual, Bitget leads in new listings, this time both in number (11) and in average daily volume ($13.9B, total). So, it’s worth watching what they list. This week, that includes five generalist companies that supply essential physical inputs into building AI compute: Analog Devices (ADI), Flex Ltd. (FLEX), TTM Technologies (TTMI), Air Products and Chemicals (APD), and Linde Plc (LIN). All are US equities reporting AI demand as a growth driver.
Notes
This issue covers the week ending June 28, and draws on volume data from Aster, Binance, Bitget, Bybit, Coinbase International, Crypto.com, Dreamcash and Trade[XYZ] on Hyperliquid, EdgeX, GMTrade, Grvt, Kraken, Lighter, Orderly, and OKX.
If you have questions about methodology or other data you’re seeking, please get in touch: [email protected].