Gold has taken over retail futures trading on crypto exchanges in 2026, and fresh quarterly data from MEXC shows the flow has only become more concentrated. The Seychelles-based exchange said its tokenized gold product XAUT alone accounted for 71% of combined volume among its top 10 TradFi Futures in the first quarter, with silver adding another 22%.

Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)

Together, the two instruments absorbed 93% of top 10 activity between January and March, according to the company's Q1 TradFi report published today (Wednesday).

Gold Captures Over a Quarter of Global Crypto Futures Volume

MEXC said its gold futures reached a 27.4% share of the crypto futures market for the category in Q1, ranking second industry-wide by its own measurement. In February alone the figure climbed to 30.3%, narrowing the gap with the top-ranked platform to four percentage points.

Silver sat at 14.6% for the quarter, with a month-over-month gain of more than six percentage points in March, the fastest acceleration among comparable venues the company identified. Paxos-issued PAXG placed fifth in the top 10.

"Gold and oil volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term created a window of opportunity and lucrative entry points for those who are prepared," MEXC chief operating officer, Vugar Usi Zade, commented.

"We positioned ourselves ahead of the curve with the right instruments, deep liquidity ready to execute large orders, and a frictionless fee model.”

Total TradFi volume surged 138% in February from the previous month and gained another 45% in March, MEXC said. Monthly active traders grew a cumulative 58% over the quarter. The exchange's own rankings and methodology have not been independently audited.

Bullion's Rally Keeps Pulling Retail Flow In

Safe-haven demand set the backdrop for the quarter. Gold broke above $5,000 per ounce for the first time in January and reached $5,595 on January 29, before a sharp two-day correction wiped out close to $1,200.

A Reuters poll of 30 analysts in February pegged the median 2026 gold forecast at $4,746.50 per troy ounce, the highest consensus in the poll's history going back to 2012. Major banks including Goldman Sachs, JPMorgan and Wells Fargo hold year-end targets between $5,400 and $6,300.

Silver followed a similar pattern, hitting a lifetime high of $121.64 on January 29 before retreating toward $90. CME Group shifted gold, silver, platinum and palladium futures margins from fixed amounts to percentage-based requirements in early January to cope with the volatility, while liquidity providers adjusted spreads across the board.

Crude oil also caught a bid as tensions in the Middle East escalated through late February and March. MEXC said its largest single day of Q1 volume came on March 3.

Crypto Platforms Race to Capture Commodity Flow

The MEXC numbers fit a broader pattern that has defined the first quarter across the digital-asset industry. Binance launched round-the-clock perpetual contracts on gold and silver in early January, with gold listed on January 5 and silver on January 7, both settling in $USDT.

BingX rolled out its own TradFi Futures product days later and reported that gold contracts alone were generating more than $500 million a day, roughly half of its $1 billion daily TradFi volume when bullion pushed through $4,722 in mid-January. Bitget ran a similar multi-asset suite out of private beta during the same window.

The trend extends to institutional venues. LMAX Group added gold to its perpetual futures platform in mid-February, citing institutional demand for weekend and round-the-clock exposure, and GCEX rolled out gold futures aimed at CFD desks around the same time. Not every major exchange is playing along.

OKX said in late January it was monitoring the rush but did not plan to follow rivals into real-world asset trading, preferring to focus on crypto infrastructure.

The product structure on these crypto venues resembles contracts-for-difference more closely than regulated exchange-traded futures, and the regulatory perimeter varies sharply by jurisdiction.

In a recent interview with FinanceMagnates.com, Zade said the traditional separation between CFD and crypto trading had started to feel like "an unnecessary distance," a view the Q1 numbers now appear to underscore.

Q1 2026 Market Share: MEXC TradFi Futures

Source: MEXC Q1 2026 TradFi Report. Figures reflect MEXC's own measurement and have not been independently verified.

Liquidity Claims Rest on MEXC's Own Depth Test

MEXC also reported ranking first among seven major crypto platforms for gold order book depth at the top five price levels, in a live snapshot taken on March 23. The platforms tested were BingX, Binance, Hyperliquid, Bitget, Bybit and OKX alongside MEXC itself, with three venues covered for crude oil. MEXC said its gold depth at the top of book was 7.2 times the median of competing platforms.

In a standardized 100,000 $USDT market-order test conducted on the same date, MEXC said its gold slippage came in 43% below the industry median, silver 66% below, WTI 25% below and Brent more than 54% below.

The methodology and raw order book data have not been audited by a third party, though MEXC said the figures are verifiable on each venue in real time.

The exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term said the number of available TradFi instruments grew 62% quarter-over-quarter, and that its wider user base now exceeds 40 million across more than 170 markets.

The company's operating perimeter remains a live issue in several jurisdictions, including Hong Kong, where the Securities and Futures Commission previously issued a public warning about the platform.