Gold, Silver Break Into Binance Top 5, Crypto Loses Volume Share

Gold and silver futures have rapidly risen to the top five contracts on Binance, the world’s largest crypto exchange by volume. 

Bitcoin remains the largest contract at $21.5 billion, followed by Ethereum at $18.1 billion, while gold and silver now register $2.15 billion and $1.98 billion, respectively, reflecting the growing demand for non-crypto exposure amid heightened macro uncertainty.

According to CryptoQuant analyst JA Maartun, Binance remains crypto-heavy, but the composition of trading activity is changing. Commodities have rapidly found liquidity, while equity-linked instruments are beginning to register measurable volumes.

Circle Internet Group leads equity-linked contracts with $167 million, followed by Tesla ($92 million), MicroStrategy ($39 million), Coinbase ($33 million), and Robinhood ($32 million). 

Additional equities, including Nvidia, Alphabet, Intel, and Palantir, are also appearing in lower rankings, suggesting early-stage adoption rather than mature liquidity.

Parallel data from decentralized markets reinforces the trend. Hyperliquid’s trading activity has shifted sharply following its HIP-3 upgrade, with crypto’s share of volume dropping from nearly 100% in mid-January to around 55% on peak days by late March.

Commodities, primarily metals and oil, now account for roughly 45% of activity, while traditional asset open interest has climbed to $1.9 billion, or 28% of the total, driven by round-the-clock demand during periods of geopolitical stress.

The trend points to a broader structural shift: decentralized perpetual markets are increasingly acting as “crisis bridges,” absorbing trading flows when traditional markets face disruption.

This dynamic is repositioning crypto exchanges like Binance or Hyperliquid from crypto-native venues into hybrid trading platforms with growing relevance across global asset classes.

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