Binance ETF Perpetual Volume Tops $116B as Market Share Hits 74%

Binance is leading the fast-growing market for crypto contracts linked to traditional exchange-traded funds (ETFs), with trading volume in its ETF perpetual contracts now above $116 billion. 

In a report published on Friday, Binance said its share of the ETF perpetual market rose from 18% at launch to 74%, making it the leading platform for the growing market.

The growth has been rapid. ETF perpetual trading volume increased by an average of 170% each month over the past seven months. By July, these contracts accounted for 19% of all TradFi perpetual trading volume across crypto exchanges and about 30% of Binance’s own TradFi perpetual activity, according to Binance Research. 

ETF perpetuals are growing at a rapid pace 

But what exactly are ETF perpetuals? They are crypto-based contracts that allow traders to bet on the price of traditional ETFs without buying the actual ETF through a traditional brokerage account. 

The contracts can also be traded around the clock. While traditional ETF markets close at the end of the trading day and stop trading on weekends and holidays, perpetual contracts continue trading.

That difference has helped the market grow quickly. At the start of 2026, weekly trading activity in ETF perpetuals was almost zero. By July, weekly volume had reached around $30 billion, giving the market a monthly run rate of roughly $100 billion.

Some of the biggest activity has focused on a small group of popular contracts. SOXL, a leveraged semiconductor ETF, led the market with $41.97 billion in volume. It was followed by KORU, which is linked to a leveraged South Korea ETF, with $16.15 billion. EWY, QQQ and SPY recorded $8.43 billion, $5.94 billion and $1.71 billion, respectively. 

KORU trading surpasses its underlying ETF 

The major example of the market’s growth came from KORU. In July, its perpetual contract recorded $16.16 billion in trading volume on Binance, while the underlying ETF recorded $10.89 billion. This means the crypto contract traded at 148% of the volume of the actual ETF. 

Binance Research said traders are using these contracts for several reasons, including leveraged exposure, hedging and trading strategies based on funding rates. The contracts can also give traders access to markets that may be harder to trade directly.

South Korea-focused ETFs are one example. The underlying assets trade in markets with different time zones, while access to some local futures markets may require a local broker. Crypto perpetuals offer a way to trade the price exposure continuously from a crypto exchange.

The growth is taking place alongside a much larger ETF market. According to Binance, global ETF assets reached a record $23.09 trillion by the end of June 2026. ETF trading volume also exceeded $40 trillion during the first half of the year, while monthly turnover reached a record $7.8 trillion in March.

More exchanges are entering the ETF perpetual market 

For now, ETF perpetuals remain a small part of that wider market. However, their rapid growth has attracted more competition. Binance now offers 146 TradFi perpetual pairs and added 35 in the past month. Bybit also entered the market in May with contracts linked to assets including EWY, QQQ and EWJ.

Funding rates show that traders are using different contracts in different ways. SOXL, KORU and EWY recorded positive annualized funding rates, suggesting stronger demand from traders holding long positions. UVXY and SQQQ, meanwhile, recorded negative rates as short positions became more dominant.

With Binance holding 74% of the ETF perpetual market, the sector is still heavily concentrated on one exchange. As other platforms expand their offerings, the next stage of the market could determine whether Binance keeps its lead or faces stronger competition.

Also Read: Cashcat Plummets Nearly 75% From Peak: Has Robinhood Chain’s Meme Season Ended?