Monthly trading volume in equity perpetual futures on major crypto exchanges reached roughly $250 billion in July after peaking at $311 billion in June, up from about $15 billion in April, underscoring how quickly stock-linked contracts are turning crypto venues into 24/7 markets for traditional assets. The contracts do not expire and use funding payments to keep prices aligned with underlying equities, letting traders gain exposure outside Wall Street hours. Binance processed about $193 billion of July volume, or 76% of the market, while Gate, Bybit and Bitget trailed; Gate's volume jumped 308% from June to about $15 billion, matching the size of the entire market in April. Trading remained concentrated in SanDisk, SK Hynix, Micron and SOXL, and open interest in traditional-asset perpetuals rose to more than $2 billion in July, still only about 3% of the crypto derivatives market's $65 billion total. The boom also helps explain why Korean traders have been turning to Binance for instruments unavailable on domestic exchanges, with local visits rising 14.74% in July even as Upbit traffic fell 16%.