Gold, silver, and oil are now trading 24/7 on-chain. The numbers are massive.

On-chain commodity perpetual contracts have exploded in Q1 2026, growing from roughly $38.1 million to about $25 billion in weekly volume — a 65,463% surge — driven largely by silver, oil and gold perps. Silver accounted for 34.8% of commodity perp volume, crude oil 27.7% and gold 27.5%. Decibel rolled out gold perps on April 16, silver perps on April 22 and WTI crude perps on May 7, offering 24/7 trading and full on-chain transparency. While still small relative to traditional venues (CME WTI futures averaged ~1.7m contracts/day in Q1), the rapid growth signals a material shift in access, continuous price discovery and potential retail participation outside regular market hours. The trend enhances market immediacy and transparency, and could pressure legacy venues to adapt.