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
79x
Crypto$1.81B/day
CME$143B/day
1.3%
crypto as % of CME volume
SilverSilver
13x
Crypto$1.45B/day
CME$19B/day
7.6%
crypto as % of CME volume
WTI Crude OilWTI Crude Oil
160x
Crypto$456M/day
CME$74.1B/day
0.61%
crypto as % of CME volume
Brent Crude OilBrent Crude Oil
34x
Crypto$703M/day
CME$23.6B/day
3.0%
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$143B$48.3M$1.73B$30.6M$1.81B79x
SilverSilver$19B$201M$1.25B—$1.45B13x
WTI Crude OilWTI Crude Oil$74.1B$456M——$456M163x
Brent Crude OilBrent Crude Oil$23.6B$286M$418M—$703M34x

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
1.5bp2.4bpN/AN/AN/A
Hyperliquid Perps
Hyperliquid PerpsPAXG-USD
0.5bp1.4bpN/AN/AN/A
Hyperliquid Spot
Hyperliquid SpotXAUT0/USDC
6.6bp19.1bpN/AN/AN/A
Binance Perps
Binance PerpsXAUUSDT
< 0.1bp0.4bp3.4bpN/AN/A
Binance Spot
Binance SpotXAUTUSDT
1.2bp2.3bp15.9bpN/AN/A
Binance Spot
Binance SpotPAXGUSDT
0.7bp2.4bp13.3bpN/AN/A
Binance Perps
Binance PerpsPAXGUSDT
< 0.1bp0.6bp3.7bpN/AN/A
CoW Swap
CoW SwapXAUT
< 0.1bp3.6bp23.0bp574bpN/A
CoW Swap
CoW SwapPAXG
< 0.1bp3.7bp27.2bp616bpN/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
$4,071.28
Market Cap
$2.49B0.0192% of physical gold
24h Volume
$162M
PAXGPAXGPax Gold
Price
$4,073.50
Market Cap
$1.83B0.0141% of physical gold
24h Volume
$133M
Combined On-Chain Gold$4.32B
% of Physical Gold Market0.033%

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: Jul 9, 2026, 12:14 AM — page revalidates every hour