Gold (XAU) and silver (XAG) futures climbed to the top five in terms of trading volume on Binance Futures.

Binance Metal Rush is not leaving cryptocurrencies behind

Just weeks after Binance introduced USDT-settled gold and silver perpetual futures, the cumulative volume of metals contracts has already reached tens of billions of dollars, CryptoQuant’s report on yesterday’s claims.

However, CryptoQuant analyst Marteen assures that Binance is still overwhelmingly crypto. Bitcoin leads futures volume near the low $20 billion range, followed by Ethereum at $18.1 billion and Solana in a distant third at $3.0 billion. However, the rise in metal prices to the upper end shows that non-crypto assets are no longer a fringe phenomenon. Gold is already in 4th place with a price of $2.15 billion, followed by silver with $1.98 billion.

Marteen’s conclusion is uncomplicated. Binance still leans heavily towards cryptocurrencies, but it has grown from being a pure crypto space. Commodities are rapidly absorbing liquidity, and equity-linked products are also starting to see significant flows.

[Binance] – Snapshot Futures Volume – April 1st, 2026. Source: CryptoQuant.

Binance is also joining the oil rush

According to WuBlockchain, Binance’s recent ‘TradFi’ futures suite (gold, silver and equity-related products) has quickly gained a significant share of overall derivatives activity on the platform.

On April 2, the first full trading day after launch on Binance, USDⓈ margined perpetual contracts on CL and BZ oil assets recorded trading volumes of $760 million and $358 million, respectively, ranking third and fourth among Binance TradFi perpetual products. Meanwhile,… pic.twitter.com/PoROHzQsur

— Wu Blockchain (@WuBlockchain) April 3, 2026

Crude oil benchmarks CL and BZ achieved volumes of $760 million and $358 million, respectively, ranking them third and fourth among Binance’s time-honored perpetual financial products.

Daily Volume by Symbol. Binance TradFi-USDT Perp. Source: WuBlockchain.

However, trading activity remains dominated by gold (XAU) and silver (XAG), which together generated daily volume of $5.58 billion, representing over 70% of the total.

Are cryptocurrency platforms transforming into multi-asset trading hubs?

Let’s remember that Binance is not the only cryptocurrency platform that is experiencing such a dramatic change. Hyperliquid has been in the spotlight in recent weeks for a number of reasons, but one of the main ones is that the total open interest in HIP-3 (oil, gold and silver) of the main perpetrator DEX (oil, gold and silver) has reached an all-time high. The platform currently trades a larger volume of tokenized goods than digital assets. Just yesterday, NewsBTC reported that tokenized Brent crude futures on Hyperliquid generated approximately $46.6 million in liquidations in 24 hours, making crude oil the third most liquidated asset on the decentralized exchange.

Gold Perpetual Contracts on Binance right now, showing the performance. They are trading for almost $4.7k Source: XAUUSDT.P on Tradingview.

Gold and silver are losing value due to inflation concerns, bets on lower interest rates and geopolitical tensions. Binance joins the RWA 24/7 trading mall bandwagon, effectively enabling traders to express their macro views with high leverage and stablecoin collateral rather than using legacy commodity exchanges.

Gold and silver in the top five on Binance Futures is a signal that the boundary between cryptocurrency and TradFi markets is disappearing, and liquidity, speculation and hedging are moving on the same tracks.

Some derivatives capital converted to metals and equity-linked contracts could shrink the order book and boost the volatility of smaller altcoins during risk-free periods.

Silver Perpetual Contracts on Binance right now, showing the performance and technicals. They are trading for almost $73. Source: XAGUSDT.P on Tradingview.

Sophisticated traders can employ metal futures on Binance as a hedge against falling cryptocurrency values. Correlation regimes between BTC and gold (like the one between oil and Bitcoin explained by NewsBTC yesterday) may change because both transactions take place in the same place. Ignoring this recent macro layer on the Binance futures board could mean missing an significant signal about where the flow of “smart” derivatives is headed.

At the moment of writing, BTC trades for almost $67k on the daily chart. Source: BTCUSD on Tradingview.

Cover photo from Perplexity. All charts from Tradingview.