According to CoinMeta, in the first five months of 2026, the trading volume of stock-linked perpetual futures reached 1.32 trillion US dollars. Crypto trading platforms are expanding into the traditional financial sector by offering perpetual futures linked to stocks, indices, and commodities. These products allow traders to gain 24/7 price exposure to assets such as the S&P 500 without holding the underlying stocks or enjoying shareholder protections, targeting institutions and retail investors seeking low-friction transactions. Major platforms like Binance are building a " everything exchange " model that integrates crypto assets, stocks, and derivatives into a single account, including the use of tokenized stock positions as collateral. Large funds, however, remain cautious about decentralized trading venues.