The Numbers Behind the Breakout
When Abaxx Exchange reported a weekly trading volume record of 54,740 contracts during the week of March 16-20, 2026, it marked more than a statistical milestone. Gold Singapore futures (GKS) drove much of that activity, reaching a record weekly volume of 48,786 contracts and capping the period with an all-time daily high of 13,390 contracts on March 20. Quarter-to-date, GKS volume increased 60 per cent to 102,939 contracts, compared to 64,082 contracts in Q4 2025.
LNG futures told a parallel story. Combined volume across Abaxx’s Gulf of Mexico FOB and North Pacific Asia DAP contracts reached 41,453 contracts in May 2026—a monthly high equivalent to over 40 per cent of global JKM futures volume across other exchanges during the same month. By August, aggregate LNG volume had increased 24 per cent over July, with Gulf of Mexico futures rising 25 per cent to 24,971 contracts.
The Infrastructure Thesis: Physically Deliverable, Centrally Cleared
Abaxx’s differentiation lies not merely in volume growth but in the architectural choices underpinning its contracts. The exchange delivers “centrally-cleared, physically-deliverable futures contracts” across LNG, carbon, battery materials, and precious metals. This design philosophy addresses a specific market need: the ability to hedge physical exposure without relying on cash-settled proxies that may diverge from actual spot market conditions.
The company’s carbon futures illustrate the scale of adoption possible when infrastructure meets demand. Carbon futures (CP1 and RD1) saw quarter-to-date volume reach 8,904 contracts in Q1 2026, compared to just 250 contracts in Q4 2025—a thirty-five-fold increase. While the absolute numbers remain modest relative to gold or LNG, the trajectory suggests that carbon market participants are actively seeking venues outside established European exchanges.
Silver Enters the Frame
Abaxx confirmed active trading in Silver Singapore futures (SSP) following the contract’s launch on May 22, 2026, with trading available from 1000 to 2400 Singapore time, Monday through Friday. The expansion into silver complements the existing gold Singapore futures suite and positions Abaxx to capture the precious metals hedging flow that SGX’s forthcoming OTC clearing system is expected to stimulate.
A Different Kind of Exchange Competition
Abaxx’s strategy differs fundamentally from that of incumbents like SGX. While SGX has built its commodity franchise around iron ore—a market where it commands dominant liquidity—Abaxx has targeted markets where physically deliverable, centrally cleared contracts were previously unavailable. The record volumes in gold and LNG suggest that this gap was genuine and that market participants were waiting for a venue that could bridge the divide between OTC bilateral trading and standardized futures.
The exchange’s trajectory through 2026 demonstrates that Singapore’s commodity derivatives ecosystem is not a zero-sum game. As SGX expands into OTC gold clearing and explores new contracts in coking coal and steel, Abaxx is building complementary infrastructure for energy transition commodities. The two exchanges are, in effect, constructing different layers of the same market architecture.
