Binance hasn’t listed new tokens for a while, but it’s been consistently launching perpetual contracts for stocks. The reason is explained in this report. Just checked out TokenInsight’s exchange Q2 report this week, and besides the usual data, there’s a standout insight: the new growth driver for exchanges is traditional asset perpetual contracts (TradFi Perp). We all know that perpetual contracts are the main profit source for almost all exchanges, previously focused on top crypto assets like $BTC and $ETH. Now, exchanges are expanding perpetual contracts to traditional financial assets: Hong Kong and U.S. stocks, crude oil/commodities, gold/silver, forex, indices, and more. The report shows that these TradFi Perp contracts have been the fastest-growing trading category over the past six months, with trading volume surging from $52 billion in January to $268 billion in June—more than a 5x increase. Among them, perpetual contracts for stocks alone reached $141 billion in trading volume in June. This growth is largely driven by exchanges like Binance, Bitget, Bybit, MEXC, and Gate, which launched tokenized stocks, U.S. stock spot trading, or IPO-related products in Q2. Specifically, Binance’s Q2 TradFi Perp trading volume hit $38 billion, accounting for 59.96% of the overall market—more than the combined total of the next few competitors. For stock perpetual contracts, Binance’s market share reached 63%, with a 21.5% growth in Q2. For Binance, TradFi Perp now makes up 8.65% of its total derivatives trading volume, growing rapidly and becoming impossible to ignore. Why is TradFi Perp growing so fast? A major reason is the insane rally in U.S. stock AI-related underlying assets throughout Q2, which captured global investors’ attention, while the crypto space lacked innovation. With perpetual contracts, users don’t need to actually buy the assets—they can gain larger exposure with less capital and participate in global trading 24/7. The future competition among exchanges won’t just be about who has more crypto users—it’ll be about who can become the gateway for global users to trade global assets. Exchanges are evolving from single-product platforms into super apps that connect crypto, stablecoins × (new assets + traditional assets).