Tokenized stocks are closing the liquidity gap with crypto markets, a new joint report from Bitget and analytics firm Block Scholes finds — and some equity-linked contracts are getting surprisingly close to Bitcoin’s depth.
The study, shared with crypto.news, looked at four of Bitget’s largest tokenized perpetual futures — NVDA‑USDT, SPY‑USDT, QQQ‑USDT and XAU‑USDT — which offer synthetic crypto-native exposure to Nvidia, the SPDR S&P 500 ETF, the Invesco QQQ ETF and gold. By mid‑May, Bitget data showed NVDA‑USDT held about $4.1 million in resting liquidity within 2% of its mid‑price. For context, a CoinGecko snapshot cited in the report put Bitget’s BTC/USDT spot market depth at roughly $5.5 million — meaning the Nvidia contract has reached roughly 75% of Bitcoin’s on‑exchange liquidity.
Liquidity across Bitget’s tokenized real‑world asset (RWA) perpetual futures “strengthened through 2026,” the report says. Since launching equity‑linked perpetuals in September 2025, Bitget has expanded to more than 30 stock‑related contracts alongside commodity products such as gold perpetuals. “Access alone is no longer enough… What matters now is whether users can move capital efficiently between markets without sacrificing liquidity,” Bitget CEO Gracy Chen said, noting traders expect similar depth and execution speed whether they’re trading crypto, equities, gold or tokenized assets.
Key findings
- Spreads tightened significantly during U.S. trading hours. In one sampled session on May 18, SPY‑USDT’s bid‑ask spread fell from 1.76 basis points shortly after the U.S. open to 0.14 basis points under an hour later. Gold contracts showed the tightest spreads overall — dipping as low as 0.02 basis points in sampled data.
- Order book depth grew steadily in early 2026, with NVDA‑USDT consistently delivering the deepest order book among the equity‑linked contracts studied.
- Tokenized markets remained active outside traditional hours, with order books and spreads recovering quickly after bouts of volatility.
Stress‑test: U.S.‑Iran conflict, February 2026
The report also tested performance under stress when U.S.‑Iran tensions flared in February 2026. Bid‑ask spreads widened sharply on the initial news: NVDA‑USDT jumped from about 0.6 bps to a peak of 3.4 bps, while QQQ‑USDT rose from 3.7 bps to 11.8 bps. Order book depth fell more noticeably across QQQ‑USDT, SPY‑USDT and NVDA‑USDT on Feb. 28, a drop the authors say went beyond a typical weekend lull. Crucially, spreads largely reverted to pre‑event levels within minutes to hours, and liquidity rebounded — QQQ‑USDT depth returned to typical Saturday levels within a week and then stabilized.
Gold stood out as the most resilient and active asset during the shock: XAU‑USDT climbed about 2% and produced roughly $11 million in trading volume during the event window, versus about $400,000 for NVDA‑USDT.
Bigger picture: tokenized RWA momentum
The Block Scholes/Bitget analysis arrives amid rapid growth in tokenized securities more broadly. Binance Research recently reported the tokenized RWA market expanded 589% since early 2025, with tokenized stocks jumping 422% and becoming the fastest‑growing segment. Other platforms are posting big numbers too: Ondo Global Markets has topped $1 billion in total value locked via tokenized stock and ETF products, and trading volume across the xStocks ecosystem exceeded $25 billion, Binance Research found.
Bottom line
Bitget and Block Scholes conclude that liquidity in tokenized perpetual markets is increasingly tethered to traditional market activity but is functioning robustly on crypto rails — trading outside conventional hours, keeping spreads relatively tight, and quickly recovering after volatility spikes. For traders and institutions watching the tokenized stock space, the report signals that market structure and execution quality are improving fast enough to make these products a more viable bridge between traditional and crypto markets.
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