Tenbin

Where's Liquidity? The Fantastic Commodity (2026 Edition)

Crypto commodity trading volumes are a fraction of traditional futures markets. Here's how large the gap really is.

GoldGold
97x
Crypto$1.6B/day
CME$155B/day
1.0%
crypto as % of CME volume
SilverSilver
31x
Crypto$696M/day
CME$21.7B/day
3.2%
crypto as % of CME volume
WTI Crude OilWTI Crude Oil
440x
Crypto$196M/day
CME$86.6B/day
0.23%
crypto as % of CME volume
Brent Crude OilBrent Crude Oil
77x
Crypto$357M/day
CME$27.4B/day
1.3%
crypto as % of CME volume

24h Volume Comparison

CME front-month futures vs individual crypto venues — perpetual and spot volumes shown separately

CMECMEHyperliquidHyperliquidBinanceBinance PerpsBinanceBinance Spot
CommodityCMECMEHyperliquidHyperliquidBinanceBinance PerpsBinanceBinance SpotCrypto TotalGap
GoldGold$155B$71.4M$1.5B$29.9M$1.6B97x
SilverSilver$21.7B$85.1M$610M—$696M31x
WTI Crude OilWTI Crude Oil$86.6B$196M——$196M443x
Brent Crude OilBrent Crude Oil$27.4B$71.7M$286M—$357M77x

Gold Slippage Analysis

Estimated slippage (in basis points) across gold venues at various trade sizes — orderbook-based for CEX/DEX perps, quote-based for CoW Swap

Venue / Instrument$10K$100K$1M$10M$100M
Hyperliquid HIP-3
Hyperliquid HIP-3xyz:GOLD
0.1bp0.1bpN/AN/AN/A
Hyperliquid Perps
Hyperliquid PerpsPAXG-USD
0.3bp2.0bpN/AN/AN/A
Hyperliquid Spot
Hyperliquid SpotXAUT0/USDC
5.0bp19.9bpN/AN/AN/A
Binance Perps
Binance PerpsXAUUSDT
< 0.1bp< 0.1bp2.9bpN/AN/A
Binance Spot
Binance SpotXAUTUSDT
0.1bp2.3bp31.2bpN/AN/A
Binance Spot
Binance SpotPAXGUSDT
0.2bp1.7bp12.8bpN/AN/A
Binance Perps
Binance PerpsPAXGUSDT
< 0.1bp0.9bp6.4bpN/AN/A
CoW Swap
CoW SwapXAUT
< 0.1bp2.2bp20.0bp>5,000bpN/A
CoW Swap
CoW SwapPAXG
< 0.1bp2.8bp65.2bp3,189bpN/A
CME
CME ReferenceFront-month estimate
< 1bp< 1bp< 1bp< 5bp5-15bp

Slippage computed from live L2 orderbook data at time of fetch. CME values are estimates for liquid front-month contracts. Actual execution costs may vary due to market conditions, time of day, and order type.

On-Chain Tokenized Commodities

Tokenized gold on Ethereum represents a tiny fraction of the physical market (~$13T)

XAUTXAUTTether Gold
Price
$4,425.75
Market Cap
$2.71B0.0209% of physical gold
24h Volume
$195M
PAXGPAXGPax Gold
Price
$4,433.23
Market Cap
$1.91B0.0147% of physical gold
24h Volume
$117M
Combined On-Chain Gold$4.62B
% of Physical Gold Market0.036%

Methodology & Data Sources

Data Sources

  • CME Group — Average daily volume (ADV) across all contract expirations, sourced from CME Group public volume reports. Notional computed using live commodity prices from Hyperliquid HIP-3 oracle feeds.
  • Hyperliquid — HIP-3 commodity perpetuals (xyz:GOLD, xyz:SILVER, xyz:CL, xyz:BRENTOIL) and standard perps (PAXG). 24h notional volume and L2 orderbook depth.
  • Binance — Spot (XAUTUSDT, PAXGUSDT) and perpetual futures (XAUUSDT, XAGUSDT, PAXGUSDT) 24h quote volume and orderbook depth.
  • CoW Swap — On-chain DEX quotes for XAUT and PAXG at various trade sizes. Slippage derived from quote vs. mid-price comparison.
  • CoinGecko — Token prices, market capitalization, and 24h volume for XAUT and PAXG.

Disclaimers

  • CME ADV figures are 2025 estimates from public volume reports. Actual daily volume fluctuates.
  • Crypto volumes are 24h rolling, fetched hourly. Wash trading may inflate some reported volumes.
  • Slippage estimates are point-in-time snapshots from L2 orderbook data and DEX quotes. Actual execution may differ.
  • This dashboard is for informational purposes only. Not financial advice.
Data fetched: Sep 1, 2026, 6:27 AM — page revalidates every hour