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Perpetual futures growth is spreading beyond crypto markets

CoinDesk Research estimated real-world-asset perpetual volumes hit a record $211 billion in May 2026, with equity perps rising to $54 billion after a 121% month-over-month jump.

Reported · Written up by our desk · Market Structure

Crypto’s largest derivatives product, perpetual futures or perps, is reversing the narrative that digital assets are simply maturing toward traditional Wall Street markets, according to CoinDesk. The argument is that traditional assets are increasingly adopting the crypto-built perpetual structure rather than the other way around.

CoinDesk highlights that perps are now the deepest and most liquid instrument in crypto, with daily volumes that have approached three-quarters of a trillion dollars, and typically several times spot market size for the referenced assets. The article says perps remove traditional futures features like expiry and settlement dates, instead using a funding rate to keep the contract anchored to spot.

Beyond crypto benchmarks, perpetual market structures are being applied to assets that were historically traded through different mechanics. Traders can take perpetual positions on gold, major currency pairs, and equity and stock indexes, with settlements described as onchain, and the article notes decentralized and centralized platforms extending this approach across commodities and index exposure.

CoinDesk cites CoinDesk Research data showing real-world-asset perpetual volumes reached a record $211 billion in May 2026, up from about $12 billion in the fourth quarter of 2025. Equity perps alone climbed 121% month over month to $54 billion, with the piece also referencing analyst expectations that equity perps could eventually surpass crypto perps in volume.

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