Equity perpetuals are perpetual futures on stocks and equity-linked products, traded directly on crypto exchanges. The category has quietly become the second growth pillar of the perpetual market.

Across Binance, Bybit, Bitget, MEXC and OKX, equity perpetuals averaged $17.6 billion in daily trading volume between July 1 and August 5, 2026. That puts them nearly level with ETH ($18.2B) and behind only BTC ($24.0B). On weekdays, average volume rises to $23.5 billion, moving ahead of ETH and approaching BTC.

Here are the four findings that matter most.

1. The equity perps market is no longer a niche

Demand for leveraged equity exposure on crypto-native venues has moved beyond experimentation. At $17.6B a day, equity perpetuals now trade roughly 4x commodity perpetuals ($4.5B) and sit within touching distance of the two crypto majors.

2. 24/7 by design, 9-to-5 in reality

Weekend volume falls to just $2.3 billion, only 9.9% of weekday levels. Compare that with crypto: ETH retains 53.7% of its weekday volume on weekends, while BTC retains 44.4%.

The reason is structural. Unlike crypto, equity perpetuals lack a live underlying reference market over the weekend, making price discovery and hedging materially harder for market makers. Until that changes, equity perps remain crypto-native in access but traditional in rhythm.

3. The listing race is peaking

MEXC currently lists 310 equity perpetuals, Bitget 235, Binance 148, Bybit 147, and OKX 42. But as coverage converges, our data suggests the next phase of competition will be decided by liquidity depth, pricing quality and execution — not shelf space.

4. Execution quality is already diverging

At a $10K order size, all five venues maintain median slippage below 0.02%, indicating a healthy execution environment. At $100K, dispersion emerges: different venues lead on different tickers, order-book depth varies between near-touch and wider bands, and tail execution risk (P90) increases materially.

The per-ticker slippage rankings, position-limit comparisons across leverage tiers, and full depth data are in the complete report.

Data from TokenInsight’s latest Equity Perpetuals Market Report. Follow TokenInsight for more crypto market structure research.