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
36x
Crypto$3.74B/day
CME$136B/day
2.7%
crypto as % of CME volume
SilverSilver
11x
Crypto$1.52B/day
CME$16.1B/day
9.5%
crypto as % of CME volume
WTI Crude OilWTI Crude Oil
470x
Crypto$220M/day
CME$103B/day
0.21%
crypto as % of CME volume
Brent Crude OilBrent Crude Oil
46x
Crypto$733M/day
CME$33.8B/day
2.2%
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$136B$85.6M$3.58B$78.4M$3.74B36x
SilverSilver$16.1B$172M$1.35B—$1.52B11x
WTI Crude OilWTI Crude Oil$103B$220M——$220M468x
Brent Crude OilBrent Crude Oil$33.8B$131M$603M—$733M46x

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
0.5bp3.0bpN/AN/AN/A
Hyperliquid Perps
Hyperliquid PerpsPAXG-USD
0.4bp1.5bpN/AN/AN/A
Hyperliquid Spot
Hyperliquid SpotXAUT0/USDC
6.1bp19.8bpN/AN/AN/A
Binance Perps
Binance PerpsXAUUSDT
< 0.1bp0.2bp2.2bp17.4bpN/A
Binance Spot
Binance SpotXAUTUSDT
0.2bp2.5bp38.0bpN/AN/A
Binance Spot
Binance SpotPAXGUSDT
1.0bp4.5bp17.9bpN/AN/A
Binance Perps
Binance PerpsPAXGUSDT
0.2bp1.3bp9.5bpN/AN/A
CoW Swap
CoW SwapXAUT
N/AN/AN/AN/AN/A
CoW Swap
CoW SwapPAXG
N/AN/AN/AN/AN/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
$3,880.08
Market Cap
$3.14B0.0241% of physical gold
24h Volume
$160B
PAXGPAXGPax Gold
Price
$3,897.86
Market Cap
$1.74B0.0134% of physical gold
24h Volume
$233M
Combined On-Chain Gold$4.88B
% of Physical Gold Market0.038%

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: Oct 31, 2026, 12:48 AM — page revalidates every hour