Trade[XYZ] Loses RWA Perps Share as Binance and Gate.io Grow

Trade[XYZ]’s share of open interest in tracked real-world-asset perpetual markets fell to 48% in the week of Oct. 19 as Binance and Gate.io expanded positions and total open interest hit a record. Open interest measures the value of positions that remain open, while trading volume counts activity over a period. The measures describe different parts of the market: open interest shows outstanding exposure, while volume measures turnover. Neither series identifies whether a trader closed a position on one venue and opened another elsewhere. Across tracked venues, total open interest grew from $5 billion in the week of Sept.