Commodity-linked perpetual swaps emerged as the fastest-growing corners of the traditional finance (TradFi) derivatives market, according to a new report from BitMEX.
The report said that weekly trading volume in commodity perpetuals surged a whopping 65,463% in the first quarter of 2026, jumping from just $38.1 million to $25 billion. The spike highlights how traders are increasingly turning to crypto-native exchanges for round-the-clock access to traditionally restricted markets like oil and precious metals.
Related: Traders rush to bet on oil as Trump’s Iran threat enters final hours
The growth has been concentrated in a handful of assets. By mid-March, silver contracts (XAG) commanded 34.8% of the tokenized commodities market, followed by crude oil (CL) at 27.7%, gold (XAU) at 27.5%, and silver at 6% on the popular decentralized crypto exchange, Hyperliquid.
The report pointed to the March debut of crude oil perpetuals as a key inflection point. The timing coincided with escalating geopolitical tensions tied to the U.S.-Iran conflict, which fueled volatility across energy markets.
Since Feb. 28 when the U.S. and Israel struck Iran, the Brent crude price has climbed roughly 44% from about $69 a barrel to over $98 a barrel. WTI crude price has similarly climbed around 48% from $67 a barrel to $99 a barrel.
Unlike traditional commodity markets, which operate on fixed schedules, crypto-based perpetual swaps trade continuously. That feature is proving especially attractive during periods of geopolitical uncertainty.
These volatility in these markets due to weekend disruptions are helping drive adoption of these onchain derivatives, the report said.
Despite the growth in derivatives, BitMEX remains cautious on tokenized spot commodities. Integration of physical assets with blockchain systems is a complex process due to the legal and regulatory hurdles embedded in legacy financial infrastructure.
Still, the firm expects crypto-based derivatives to continue gaining share from traditional venues, unless established players like CME Group move toward 24/7 trading models.
Related: Iran ceasefire wipes out millions in short liquidations
This story was originally published by TheStreet on Apr 9, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
