Data: Binance, Bitget, and Hyperliquid account for about 75% of the stock perpetual contract market share

According to the "Q1 Cryptocurrency Exchange Report" released by TokenInsight, the competitive landscape of the stock perpetual contract market is rapidly evolving, with the head effect becoming increasingly prominent. In terms of average daily trading volume for stocks, Binance leads with an average daily trading volume of $149.15 million, holding a market share of 35.23%; Bitget ranks second with an average daily trading volume of $95.74 million, accounting for 22.61%; Hyperliquid comes in third with $73.49 million, holding a market share of 17.36%. The top three platforms together occupy about 75% of the market share, forming the first tier in this sector.

As major platforms accelerate their layout of U.S. stocks and TradFi-related products, stock perpetual contracts have become a key battleground for cryptocurrency exchanges to build cross-asset trading capabilities.