Exchange Bitget posted the lowest median bid-ask spread in tokenized stocks, at 0.83 basis points, in a new DeFiLlama market benchmark.
DeFiLlama Tokenized Equity Findings
The research firm said Bitget also showed the deepest top-of-book liquidity across all five tokenized equity markets it examined for the study.
Across a wider benchmark of 36 stock perpetuals and eight metals and commodity perpetuals, the exchange led on 32, 34 and 33 contracts at the 5, 10 and 50 basis point depth levels. DeFiLlama assessed the leading platforms on brokerage integration, reserve verification, dividend treatment, settlement mechanisms and trading infrastructure, then compared quoted liquidity across venues.
The report also tracked Bitget's Reality rTokens, which drew more than $1.16 billion in cumulative trading volume between June and July. Semiconductor and technology-linked assets accounted for most of that turnover.
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Tokenized Stock Liquidity Matters
"A tokenized stock is only as good as the market behind it," said Gracy Chen, Bitget's chief executive. Investors do not care how an asset is packaged if they cannot trade it efficiently, she said. Chen said liquidity and execution will increasingly separate platforms as the tokenized equity market grows.
Tokenization's active market value has grown more than 140% this year, according to the report, rising from $814 million in January. It approached $2 billion at the time DeFiLlama published its findings.
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