Crypto exchanges are starting to take on a new role: pricing traditional assets while Wall Street is closed.

The growing market for perpetual futures contracts tied to traditional financial instruments including commodities like gold and oil that runs around the clock on cryptocurrency exchanges is responsible.

Data from Binance Research suggests these markets, which hit $31 billion in weekly trading volume on commodities volatility, are doing more than filling idle hours. Weekend price moves in gold-linked perps correctly predict the direction of Monday’s opening in traditional futures about 89% of the time, Binance found. The correlation between the two sits near 0.80, indicating a strong relationship.

The report finds a median…