Gold, Silver and Oil Drive 65,000% Jump in Commodity Perpetuals
Published on April 9, 2026.
Commodity perpetual swaps have surged by 65,000% from $38.1 million to $25.0 billion, according to a report by BitMEX. Silver, crude oil and gold most of the growth were attributed to Iran-related geopolitical tensions and increased demand for 24/7 commodity exposure on crypto-native venues. However, the report also highlighted the difficulty of minting physical commodities on the blockchain due to complex legal rules. The total market capitalization of onchain commodities declined by 2.7% during the past 30 days to $7.34 billion.
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