Key facts
- Crypto exchanges are now offering perpetual futures contracts on traditional assets such as stocks, indexes, and commodities.
- Trading volume for these stock-linked perpetuals reached $1.32 trillion in the first five months of 2026, a significant increase from $104.21 billion in all of 2025.
- Platforms like Coinbase and Binance are developing "everything exchange" models, combining crypto, equities, and derivatives in a single account.
- These perpetual futures provide 24/7 price exposure without ownership of the underlying assets or traditional shareholder protections.
- Coinbase has obtained authorization from the UK's Financial Conduct Authority to offer traditional shares and derivatives to customers.
Crypto exchanges are increasingly integrating traditional financial markets into their platforms, a trend dubbed the "reverse bridge." Instead of traditional finance (tradfi) providing access to crypto, crypto platforms are now offering perpetual futures contracts on assets like stocks, indexes, and commodities. This has led to a surge in trading volume, reaching $1.32 trillion in the first five months of 2026, up from $104.21 billion in all of 2025.
Major exchanges such as Coinbase and Binance are aiming to become "everything exchanges," allowing users to trade crypto, equities, and derivatives within a single account. These perpetuals offer 24/7 price exposure to traditional assets without requiring ownership of the underlying shares, appealing to institutions seeking lower friction and retail investors seeking access, particularly outside the U.S.
Coinbase has secured authorization from the UK's Financial Conduct Authority to offer traditional shares and derivatives to customers, with plans to integrate these alongside crypto offerings. Binance is also exploring the use of tokenized stock positions as collateral for other trades, extending its existing crypto-collateral system to traditional assets.
While institutional adoption of decentralized venues remains cautious due to regulatory and security concerns, licensed centralized exchanges that utilize crypto settlement systems are expected to attract more business. The demand for these products is driven by the assets themselves and the potential for innovation in market structure, such as enabling cross-collateralization between different asset classes.