# Tokenized gold futures positions expand as metals rally cools

By John Kim

Canonical URL: https://www.tokenpost.com/news/insights/37778
Published: 2026-10-22T11:24:11.000Z
Updated: 2026-10-22T11:24:11.000Z
Section: Insights & Views

> Tokenized gold futures open interest has reached 7 tonnes, up 62% from February’s spot trading peak. Gate accounts for 42% of this year’s net increase.

Tokenized gold futures positions on crypto exchanges are growing even as spot trading cools, suggesting traders are holding their gold exposure for longer.

In its “Swept and Refilled” report published on October 21, 2026, Glassnode said open interest in tokenized gold perpetual futures now represents 7 tonnes of gold, up 62% from the February spot trading peak. Open interest measures the value of outstanding contracts; perpetual futures have no expiry date.

Market leadership shifts from precious metals to equities to Bitcoin

Glassnode’s comparison of two-month returns across Bitcoin, gold, silver, the S&P 500 and the Nasdaq 100 shows gold and silver leading in the first quarter. US equities took the lead through the spring and into July, while Bitcoin has led for the past 10 weeks.

Spot trading in Tether Gold and PAX Gold, tokens backed by physical gold, peaked in mid-February as precious metals led the market. Volume fell to 15% of that peak by late July, then more than doubled into mid-September while Bitcoin was leading. It has since eased to 20% of the February peak, according to the report.

Binance continues to account for the largest share of tokenized gold spot trading. OKX and Gate have gained the most market share this year, with Gate’s share rising from 0.6% in 2024 to 12% so far in 2026. Glassnode said February’s trading pattern suggests activity on these exchanges could increase if precious metals regain market leadership.

Gold futures positions grow as spot trading eases

Tokenized gold perpetual futures open interest increased from 5 tonnes in mid-September to 7 tonnes even as spot activity declined. Glassnode said the divergence suggests traders are maintaining their gold exposure for longer.

Gate accounted for 42% of the net increase in open interest since January 1, the largest contribution by any exchange. Since April 2025, it has also recorded the biggest rise in the open-interest ranking, moving from ninth to second. OKX, which leads on average open interest so far in October, climbed six places over the same period.

Over the past week, Gate had the largest average open interest among exchanges tracked by Glassnode, representing 1.7 tonnes of gold, compared with 1.5 tonnes at OKX. The report said a sustained level above 6 tonnes while precious metals are no longer leading would indicate that traders are retaining gold exposure on crypto exchanges without a metals rally.