BitMEX: Commodity Perps Grew 65K% in Q1 – XAG Leads

BitMEX data show commodity perpetual swaps exploded in Q1 2026, with weekly trading volume jumping ~65,463% (from $38.1M to $25B). Silver (XAG) led market share at 34.8% the week of March 15, followed closely by crude oil and gold, highlighting strong demand and hedging/speculation via onchain perps. Geopolitical tensions (Iran-related) fueled a 44% rise in Brent since Feb. 28, boosting crude perpetuals and weekend onchain activity. Binance’s launch of gold and silver perps added liquidity—XAG averaged $1.31B daily—narrowing spreads and keeping funding rates long-biased. Despite a 2.7% pullback in tokenized-commodities market cap to $7.34B, the article signals robust market-level growth in volume and participation, expanding onchain RWA use cases and hedging opportunities.