Crypto Exchanges Struggle to Match Liquidity in Traditional Commodities Market

Crypto exchanges have been making inroads into the traditional commodities market, particularly for precious metals such as silver and gold. The rise of tokenized products like perpetuals has enabled investors to access these assets on a 24/7 basis, creating new pricing dynamics.

However, despite this growth, crypto exchanges still face significant challenges in providing the same level of liquidity, price stability, and market quality as established traditional finance (TradFi) venues. According to analysts, crypto exchanges struggle with issues such as liquidity depth and reliable price formation compared to TradFi venues, which benefit from centralized clearing, consolidated liquidity, standardized contracts, and coordinated operating hours.

The Comex Silver Contract, the world's largest silver futures market, has seen a notable increase in tokenized silver trading. In March and April 2026, tokenized silver accounted for 14.90% and 14.98% of the Comex Silver Contract volume, respectively. This growth suggests that crypto exchanges are capturing more demand for round-the-clock exposure to traditional assets.