MEXC研究：亚洲跨资产交易首选期货，股票期货量增超3000%
MEXC Research: Futures Become Primary Source for Cross-Asset Trading in Asia
报告提供了亚洲跨资产期货交易的具体数据（如股票期货量增3000%、期货与现货占比差距），对关注加密与传统金融融合的从业者有参考价值，建议研究其中期货主导趋势及对交易所业务的影响。
New research by MEXC Ventures and Blockworks Research found that average daily stock futures trading volume surged more than 3,000% in Asia quarter over quarter. In Southeast Asia specifically, that number hit 6,648%.
MEXC Ventures 和 Blockworks Research 的新研究发现，亚洲日均股票期货交易量环比激增超过 3000%。特别是在东南亚，这一数字达到了 6648%。
Open interest in precious metals futures reached $1.98 billion in May 2026, according to the report.
报告显示，2026 年 5 月贵金属期货的未平仓合约达到 19.8 亿美元。
To unpack what is driving the trend, DeFi Rate spoke with Vugar Usi, CEO of MEXC.
为了解推动这一趋势的因素，DeFi Rate 采访了 MEXC 的首席执行官 Vugar Usi。
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The Opportunity Investor
机会投资者
To mark his first 100 days in office, Usi released a letter outlining the company’s priorities. In it, he described today’s retail investors as “opportunity investors.”
为纪念上任 100 天，Usi 发布了一封概述公司优先事项的信函。在信中，他将当今的散户投资者描述为“机会投资者”。
“An opportunity investor is asset-agnostic and highly sensitive to access,” Usi told DeFi Rate.
“机会投资者不局限于特定资产类别，并且对可及性高度敏感，”Usi 告诉 DeFi Rate。
According to the report, among Asian crypto-native respondents, 62.6% primarily trade precious metals through centralized exchanges (CEXs), while over 85% also plan to increase their traditional finance asset trading on such platforms.
根据报告，在亚洲加密原生受访者中，62.6% 主要通过中心化交易所（CEX）交易贵金属，而超过 85% 还计划增加在这些平台上交易传统金融资产。
Asked whether this could be trend chasing, Usi disagreed.
当被问及这是否可能是追逐趋势时，Usi 表示不同意。
“A trend gets attention, but an opportunity needs a tradable reason. Price dislocation, earlier access, liquidity, and macro events can all create one,” he said.
“趋势能吸引关注，但机会需要可交易的理由。价格错位、更早的可及性、流动性和宏观事件都可以创造机会，”他说。
According to Usi, individual opportunities, such as a gold rally or a stock surge, will come and go, but the underlying behavior will stay.
据 Usi 称，诸如黄金上涨或股票飙升之类的个别机会会来去匆匆，但潜在的行为将保持不变。
Indeed, some of the biggest crypto trends so far this year centered around the practical shift from single-token hype to real-world utility, tokenization, and institutional portfolio integration. a16z crypto‘s own 2026 outlook named perpetual futures as the crypto-native structure best suited to bringing traditional assets on-chain, ahead of more literal, “skeuomorphic” tokenization.
事实上，今年迄今为止一些最大的加密货币趋势集中在从单一代币炒作向实际效用、代币化和机构投资组合整合的实际转变上。a16z crypto 自己的 2026 年展望将永续期货列为最适合将传统资产上链的加密原生结构，领先于更字面化的“拟物”代币化。
Why futures?
为什么选择期货？
One of the report’s most interesting findings is the gap between spot and futures adoption. Real-world assets (RWAs), forex, and tokenized stocks currently account for less than 2% of spot trading volume on centralized exchanges but over 12% of futures trading volume.
报告中最有趣的发现之一是现货和期货采用之间的差距。现实世界资产（RWA）、外汇和代币化股票目前占中心化交易所现货交易量的不到 2%，但占期货交易量的超过 12%。
Combined futures trading volume across these three categories in July 2026 approached $400 billion, the highest monthly level recorded during the period covered by the report.
2026 年 7 月，这三类资产的期货交易总量接近 4000 亿美元，是报告涵盖期间记录的最高月度水平。
“Futures fit crypto-native trading behavior extremely well. A trader can go long or short, take meaningful exposure with less upfront capital, and keep a position without managing an expiry date,” Usi said.
“期货非常适合加密原生的交易行为。交易者可以做多或做空，用较少的初始资金获得有意义的敞口，并且无需管理到期日即可持有头寸，”Usi 说。
Spot trading, in comparison, carries a much heavier lift since tokenization, backing, custody, settlement, and ownership claims all have to work properly.
相比之下，现货交易承担着更重的负担，因为代币化、背书、托管、结算和所有权声明都必须正常运作。
“Futures can scale much faster before that full infrastructure is in place,” he said.
“在完整基础设施到位之前，期货可以更快地扩展规模，”他说。
Futures surge year-over-year
期货同比激增
This is also consistent with what is happening market-wide. Crypto exchanges processed $1.32 trillion in perpetual futures in the first six months of 2026, according to CoinGecko, a significant surge from the $104.21 billion traded the year before.
这也与整个市场的趋势一致。根据CoinGecko的数据，2026年上半年，加密货币交易所处理了1.32万亿美元的永续合约，较前一年的1042.1亿美元交易量显著激增。
According to the report, 75.1% of Asian users say they have experienced a major market-moving event while traditional brokers were closed. Usi said this was the most surprising finding of the entire project.
报告显示，75.1%的亚洲用户表示，在传统券商关闭期间，他们经历过重大市场波动事件。Usi表示，这是整个项目中最令人惊讶的发现。
“I expected strong demand for gold, and I expected Asia to be aggressive in futures,” Usi said. “I did not expect the market-hours problem to be that widespread.”
“我预期黄金需求强劲，也预期亚洲在期货方面会积极进取，”Usi说。“但我没有预料到市场交易时间问题会如此普遍。”
Usi noted this changed how he thought about 24/7 markets.
Usi指出，这改变了他对24/7市场的看法。
“People in crypto have treated round-the-clock access as normal for years,” he said. “Once the same users begin trading gold, equities, and indices, they carry that expectation with them.”
“加密货币领域的人多年来一直将全天候访问视为常态，”他说。“一旦同样的用户开始交易黄金、股票和指数，他们就会带着这种期望。”
Moreover, 79% of respondents said they would consider using a crypto platform to open a gold or oil position specifically because of an after-hours event. This is especially significant for Asian traders who follow US equities, commodities, or global macro events as traditional US market hours could be hard to follow.
此外，79%的受访者表示，他们会考虑使用加密货币平台开设黄金或石油头寸，特别是因为盘后事件。这对关注美国股票、大宗商品或全球宏观事件的亚洲交易者尤为重要，因为传统的美国市场交易时间可能难以跟上。
Perps, prediction markets, and the future of finance
永续合约、预测市场与金融的未来
Speaking of perpetual futures, Usi noted they have the potential to accelerate spot tokenization.
谈到永续合约，Usi指出它们有潜力加速现货代币化。
“A cross-asset market cannot rely on leveraged activity forever,” he said. “From January through July, PAXG spot volume reached $2.02 billion, and futures volume reached $2.03 billion.”
“跨资产市场不能永远依赖杠杆活动，”他说。“从1月到7月，PAXG现货交易量达到20.2亿美元，期货交易量达到20.3亿美元。”
The convergence between perps and prediction market platforms, Usi noted, is a clever business technique that keeps user activity within a single platform.
Usi指出，永续合约与预测市场平台的融合是一种巧妙的商业策略，可以将用户活动保留在单一平台内。
Asian crypto-native traders have effectively stopped waiting for Bitcoin to move and have started treating centralized exchanges as an all-purpose entry point into the markets that offer the clearest opportunities.
亚洲加密货币原生交易者实际上已不再等待比特币波动，而是开始将中心化交易所视为进入提供最清晰机会市场的全能入口。
According to the report, demand alone will not be enough; deeper spot liquidity, clearer user education, stronger leverage safeguards, and more reliable weekend pricing are still needed before the market can mature.
报告指出，仅靠需求是不够的；在市场成熟之前，还需要更深的现货流动性、更清晰的用户教育、更强的杠杆保障以及更可靠的周末定价。
The next few months will show whether the new generation of “opportunity investors” stick around once the current run of gold and stock-market volatility cools off, or whether this was simply the moment 24/7 markets became the trend.
接下来的几个月将揭示新一代“机会投资者”在当前黄金和股市波动降温后是否会继续留下，还是这仅仅是全天候市场成为趋势的时刻。
The post MEXC Research: Futures Become Primary Source for Cross-Asset Trading in Asia appeared first on DeFi Rate.
MEXC研究：期货成为亚洲跨资产交易主要来源的文章首发于DeFi Rate。
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