Record TradFi Perpetual Activity

Bitget emerged as a standout performer in traditional finance-linked derivatives during the April-to-June period. According to industry data, the exchange handled close to $70 billion in TradFi perpetual volume, securing a strong market position with an approximately 11 percent share and ranking among the top platforms in both equity and commodity segments.

Broader market trends showed explosive growth in this category. Monthly TradFi perpetual trading volume across exchanges climbed from about $52 billion in January to $268 billion by June, driven primarily by equity products. Tokenized stocks and related offerings contributed significantly to the expansion as demand for multi-asset exposure increased.

Launch of First TradFi Quanto Perpetual Futures

Bitget introduced the cryptocurrency industry’s first quanto perpetual futures product for traditional assets. The inaugural contract, MINIMAXHKDUSDT, tracks the Hong Kong-listed artificial intelligence company MiniMax. Traders can access the product with up to 20x leverage, 24/7 trading availability, and funding rate settlements every eight hours.

The quanto structure allows the contract to follow the stock’s price movements in its local currency, Hong Kong dollars, while settling margin, funding fees, and profit-and-loss calculations entirely in USDT. This eliminates the need for currency conversion and associated foreign exchange risk, treating the numerical stock price as equivalent to USDT on a one-to-one basis.

For example, a position opened at a price of 30 and closed at 50 across 10 contracts would generate a 200 USDT profit before fees, calculated directly from the price differential without any FX transactions.

Broader Universal Exchange Strategy

The quanto perpetual launch forms part of Bitget’s ongoing expansion into traditional finance products. The platform has rolled out tokenized stock perpetuals, contracts for difference covering equities and commodities, IPO Prime for pre-listing exposure, and US stock options. These offerings provide users with access to over 500 tokenized stocks alongside more than two million crypto tokens within a single account environment.

Bitget’s derivatives penetration from TradFi perpetuals reached 8.61 percent of total derivatives volume in the quarter, among the highest rates reported. Its futures open interest market share also rose notably from the first quarter.

Survey data from the exchange indicated that many users already allocate portions of their portfolios to equities and other traditional assets, seeking diversification and efficient access through stablecoin infrastructure. The new product targets this demand by simplifying entry into international markets like Hong Kong-listed equities.

Market Context and Outlook

While overall crypto exchange trading volume saw some moderation in the quarter, spot trading rebounded amid market volatility. Bitget’s developments align with a wider industry shift toward hybrid platforms that bridge digital and conventional finance, offering leveraged synthetic exposure to stocks and other assets without requiring transfers between separate brokerages.

The MINIMAXHKDUSDT contract and future expansions of the quanto framework aim to extend this model to additional non-USD markets, further reducing barriers for crypto-native traders interested in global equities.