A sharp oil rally in recent weeks has highlighted how slowly top crypto exchanges roll out new derivatives, according to TradingView Chief Growth Officer Rauan Khassan.

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Speaking on dYdX Foundation’s March analyst call, Khassan said few of the top‑10 crypto venues listed oil perpetuals even as prices spiked. This has left newer platforms, such as Polymarket and Hyperliquid, to move first.

Commodities Demand and Usage Split

CME’s push into around‑the‑clock crypto derivatives and energy exposure supports Khassan’s criticism of slow product rollout on major crypto venues. The Wall Street Journal recently reported how CME is preparing to offer more flexible, nearly 24/7 access to oil and other commodity futures as demand grows for instruments that trade through geopolitical shocks and weekend newsflow.

According to Khassan, traditional stocks and listed futures still generate the largest share of TradingView activity, but crypto consistently accounts for 35–40 percent of user engagement on the platform. Over the past 12 months, he described the main theme as “all around commodities,” led by gold and then oil.

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Additionally, internal TradingView data from November showed tether‑backed gold symbols had just crossed 1 million unique users, compared with 4–5 million users looking at classic gold CFD symbols.

As of Wednesday, gold was up nearly 2% at 4,555 dollars per ounce after rebounding more than 450 dollars from Monday’s lows in less than 48 hours.

UPDATE: Gold gains over 2 percent as dollar weakens and oil prices drop

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That implies crypto‑backed commodity products currently operate at under 20 percent of the audience that legacy instruments reach on TradingView.

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He added that several exchanges first tried to capture commodities interest by adding CFDs in ways that complicated their platforms, and are now shifting to a more systematic use of perpetual and futures contracts.

Yet when oil rallied, most large exchanges still did not offer oil perps, even though around 80 percent of users typically wait for their main venue to list new instruments instead of switching to niche platforms.

However, a few specialist and derivatives‑heavy exchanges already list oil and broader energy perpetuals, proving that the instruments are technically and operationally feasible on crypto rails.

For instance, BitMEX has listed a WTIUSDT perpetual swap with up to 25x leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term, giving traders linear USDT‑margined exposure to West Texas Intermediate crude without holding the underlying.

DeFi Adoption and UX Friction

Khassan also argued that decentralized exchanges failed to convert the 2022 Luna and FTX crises into lasting retail adoption, despite running and available at the time.

He said insiders see DEX onboarding as simple—open a wallet, connect it, then trade—but “two extra steps” remain enough to deter the “simple guy” retail trader. In his view, this user preference for the easiest possible onboarding path explains why centralized platforms continue to dominate retail volumes despite repeated stress events in the sector.

Recently, the collapsed crypto exchange FTX announced that it will begin a fourth round of creditor payouts on 31 March 2026, advancing its Chapter 11 plan after returning about $12 billion across two earlier distributions last year.