Weekly trading volume for crypto-based commodity perpetual contracts jumped to $25 billion from $38.1 million in three months.
On-chain commodity perpetual contracts recorded the fastest growth in crypto derivatives during Q1 2026, with weekly volume skyrocketing to $25 billion from $38.1 million. The surge represents a 65,463% increase, driven by geopolitical tensions and 24/7 trading availability.
Crude oil led the rally, reaching $6.9 billion in weekly volume by March, fueled by Iran-related risks over weekends when traditional markets were closed. Despite the growth, on-chain volumes remain a fraction of traditional markets, where CME Group’s WTI futures averaged 1.7 million contracts daily in Q1 2026.
Perpetual contracts, which lack expiration dates, use a funding rate mechanism to align with spot prices, enabling continuous trading on decentralized exchanges.