Q2 2026 Global TradFi Spread Report (Preliminary)

Bid-Ask Spread Analysis: XAUUSD, XAGUSD & USOIL Across 9 Platforms

Published: 7 May 2026 · Data period: April–May 2026 (preliminary; final report July 2026)

Research Lead: Zhan He, PhD Candidate, Business Administration, Universiti Kebangsaan Malaysia (UKM)

1. Executive Summary

This preliminary Q2 2026 report covers spread observations for April and May 2026 across the nine platforms monitored by GCTSI. A final Q2 report incorporating full June 2026 data will be published in early July 2026. Quarter-over-quarter comparisons reference the Q1 2026 baseline report. For details on the spread measurement framework, see our spread measurement methodology.

The most significant development in Q2 is the expansion of GCTSI's monitoring infrastructure. Since April 2026, automated spread sampling now operates at 4-hour intervals across five crypto exchange platforms — Bybit, OKX, Binance, Bitget, and Flipster — enabling intraday spread trend analysis that was not available in Q1. This improvement allows GCTSI to distinguish between typical-session spreads and short-window peak spreads with greater precision.

Gold (XAUUSD) spreads widened modestly across all platform types in April–May 2026, consistent with elevated spot price volatility as gold traded above $2,900 per troy ounce during much of the observation period. Silver (XAGUSD) spreads remained within Q1 ranges on regulated brokers but compressed slightly on crypto exchanges, suggesting improving liquidity in silver perpetual contracts. Crude oil (USOIL) spreads remained stable, mirroring the Q1 pattern of uniform, tight spreads across all platforms.

2. Key Findings (April–May 2026)

1. Gold spreads widened 10–15% QoQ on crypto exchanges. Elevated XAUUSD spot prices above $2,900 increased absolute spread costs on crypto perpetuals to 0.45–0.65 points (up from 0.40–0.55 in Q1), while regulated broker spreads remained largely unchanged at 0.3–0.45 points.
2. Silver perpetual spreads compressed on Bybit and Binance. XAGUSD spreads on Bybit fell from a Q1 typical of 0.04 points to 0.03 points, matching regulated broker levels — a notable development reflecting improved silver liquidity on major crypto venues.
3. Bitget spread data now fully available. Following an infrastructure update in April 2026, complete 4-hour interval spread data is now available for Bitget across all monitored instruments. Q1 Bitget data was partially estimated; Q2 data is based entirely on direct sampling.
4. Platform ranking unchanged at the top tier. Exness ECN and IG retained their joint top ranking on gold spreads. No platform achieved consistently tighter spreads during the observation period.
5. Off-peak widening remains more severe on crypto venues. During Asian session rollover hours (21:00–23:00 UTC), crypto exchange gold spreads averaged 150% above their London/New York session typical — a slight deterioration versus the 120% figure recorded in Q1.

3. Gold (XAUUSD) Spread Analysis

Typical Session Spreads

Gold remains the primary benchmark instrument for the GCTSI index. In April–May 2026, XAUUSD spot prices traded in the $2,820–$3,050 range, with significant directional movement driven by Federal Reserve policy signals and renewed institutional safe-haven demand. Despite elevated volatility, spread conditions on regulated brokers showed remarkable stability. Live gold spread data is available at ThePriceChart.com/xauusd/.

Interpretation

The modest widening on crypto exchanges is consistent with elevated spot price levels: as gold trades at higher absolute prices, a fixed percentage spread translates to a wider point spread. This is a structural phenomenon rather than a reflection of deteriorating platform liquidity. Regulated broker spreads — priced in fixed points rather than percentages — showed no such effect, reinforcing their cost advantage in high-price environments.

4. Silver (XAGUSD) Spread Analysis

Silver Spread Trends

Silver prices ranged between $28.50 and $33.20 per troy ounce in April–May 2026, with strong directional moves following gold higher. The elevated silver price environment contributed to modest absolute spread widening on some platforms. Live silver spread comparisons are available at ThePriceChart.com/xagusd/.

The spread compression on Bybit and Binance for silver is a positive development suggesting that institutional market-making activity in silver perpetuals is deepening on high-volume crypto venues. If this trend continues through Q2 completion, it may signal a structural shift in the silver perpetual market comparable to what occurred in gold perpetuals 12–18 months earlier.

5. Crude Oil (USOIL) Spread Analysis

USOIL Spread Stability

WTI crude oil spreads in April–May 2026 continued the Q1 pattern of exceptional cross-platform uniformity. OPEC+ production policy uncertainty contributed to increased price volatility — WTI ranged from $63.50 to $74.80 per barrel — but spread conditions remained tight across the observation period. Live oil spread comparisons are available at ThePriceChart.com/usoil/.

The persistence of tight oil spreads despite elevated price volatility reinforces the Q1 finding that WTI is structurally the most liquid commodity for spread purposes. Traders focused primarily on crude oil have little basis for platform selection on spread criteria alone; execution quality factors such as order book depth and latency become the primary differentiators.

6. Platform Rankings by Spread Efficiency (Preliminary)

Preliminary Q2 rankings are calculated using the same composite formula as Q1: (XAUUSD score × 0.50) + (XAGUSD score × 0.25) + (USOIL score × 0.25), where each instrument score equals (1 / typical spread) × 100. Rankings will be finalised in the July 2026 full report.

1. Exness (ECN) — Composite Score: 4,208 (unchanged). Continued dominance on all three instruments.
2. IG — Composite Score: 4,042 (minor decline). Slight range expansion on gold reduced the score marginally from Q1.
3. FXCM — Composite Score: 2,426 (minor decline). Modest gold spread widening reduces ranking slightly.
4. Bybit — Composite Score: 2,278 (improved). Silver spread compression from 0.04 to 0.03 boosted the composite score.
5. Binance — Composite Score: 2,278 (improved). Same silver improvement as Bybit, moving up from 5th to joint 4th.
6. OKX — Composite Score: 1,722 (unchanged). Stable across all instruments.
7. CoinEx — Composite Score: 1,790 (unchanged). Consistent with Q1 performance.
8. Flipster — Composite Score: 1,445 (minor decline). Slight gold spread widening.
9. Bitget — Composite Score: 1,172 (improved). Silver spread compression from 0.08 to 0.07 modestly improves the score.

7. Methodology Notes

This preliminary report covers April 1 – May 7, 2026. Spread observations use the same collection framework as Q1 2026, with the following update: Bitget spread data is now sourced from direct API sampling at 4-hour intervals, replacing the partial estimation method used in Q1 due to data availability constraints. This change improves Bitget data quality and comparability with the other five monitored crypto platforms.

Typical spreads represent median values during London/New York overlap hours (13:00–17:00 UTC). All spreads are quoted in instrument-native point units. See the full Methodology page for complete disclaimers and calculation details.

8. Data Source

All spread data in this report was sourced from ThePriceChart.com, an independent market monitoring platform that samples bid-ask spreads across nine trading platforms at 4-hour intervals. Data was accessed between April and May 2026. ThePriceChart.com operates independently of GCTSI and is not affiliated with any of the platforms monitored in this report.

Live spread data for each instrument is accessible at thepricechart.com/xauusd/, thepricechart.com/xagusd/, and thepricechart.com/usoil/. For details on the data collection methodology, see thepricechart.com/methodology/.

Citation: GCTSI Research Group. "Q2 2026 Global TradFi Spread Report (Preliminary)." gctsi.org, May 2026.

Research Lead: Zhan He, PhD Candidate, Business Administration, Universiti Kebangsaan Malaysia (UKM). Learn more about the GCTSI Research Group.

View all published reports in the GCTSI Reports Archive. Compare with the Q1 2026 baseline report.