Bitget’s tokenized Nvidia perpetual market has reached roughly 75% of the liquidity depth of the alternate’s Bitcoin spot market, in keeping with a brand new joint report from Bitget and analytics agency Block Scholes.
In response to the report shared with crypto.information, liquidity throughout Bitget’s tokenized real-world asset perpetual futures has strengthened by way of 2026, with a number of fairness and commodity-linked contracts displaying tighter spreads, deeper order books, and sooner restoration in periods of market stress.
The examine examined 4 of Bitget’s largest tokenized perpetual contracts, NVDA-$USDT, SPY-$USDT, QQQ-$USDT, and XAU-$USDT, which give artificial publicity to Nvidia inventory, the SPDR S&P 500 ETF, the Invesco QQQ ETF, and gold by way of crypto-based buying and selling infrastructure.
By mid-Might, knowledge from Bitget confirmed NVDA-$USDT had reached roughly $4.1 million in resting liquidity inside 2% of its mid-price. For comparability, a CoinGecko snapshot cited within the report positioned Bitget’s BTC/$USDT spot market depth at round $5.5 million, leaving the Nvidia-linked contract with about three-quarters of the liquidity accessible in Bitcoin’s spot market.
“Entry alone is not sufficient and the dialog round tokenization has moved past entry. What issues now could be whether or not customers can transfer capital effectively between markets with out sacrificing liquidity. Whether or not somebody is buying and selling crypto, equities, gold, or tokenized belongings, they anticipate the identical depth and velocity.” – Gracy Chen, CEO of Bitget.
Liquidity deepens as tokenized markets increase
Since launching equity-linked perpetual futures in September 2025, Bitget has expanded its providing to greater than 30 stock-related contracts alongside commodity merchandise resembling gold-linked perpetuals, the report stated.
Researchers discovered liquidity circumstances improved as U.S. buying and selling hours progressed. Throughout one commentary interval on Might 18, SPY-$USDT’s bid-ask unfold narrowed from 1.76 foundation factors shortly after the U.S. market opened to 0.14 foundation factors lower than an hour later. Gold contracts maintained the narrowest spreads, reaching as little as 0.02 foundation factors in sampled knowledge.
Order e book depth additionally elevated steadily through the first months of 2026. Block Scholes famous that NVDA-$USDT persistently carried the deepest order e book among the many equity-linked contracts studied.
The findings arrive as tokenized securities proceed attracting capital throughout the digital asset sector. Earlier this month, Binance Analysis reported that the tokenized real-world asset market had grown 589% since early 2025, whereas tokenized shares recorded a 422% improve in worth, making them the fastest-growing section within the sector.
Binance Analysis additionally highlighted an uptick in exercise from platforms resembling Ondo World Markets, which surpassed $1 billion in whole worth locked by way of tokenized inventory and ETF merchandise, whereas buying and selling quantity throughout the xStocks ecosystem exceeded $25 billion.
Market resilience throughout geopolitical tensions
Past regular buying and selling circumstances, the report evaluated how Bitget’s tokenized markets responded when the U.S.-Iran battle started in February 2026.
Information cited by Block Scholes confirmed bid-ask spreads widened instantly after information of the battle emerged. NVDA-$USDT spreads elevated from about 0.6 foundation factors to a peak of three.4 foundation factors, whereas QQQ-$USDT spreads rose from 3.7 foundation factors to 11.8 foundation factors.
Regardless of the preliminary response, spreads returned near pre-event ranges inside minutes or hours relying on the contract. Order e book depth declined extra noticeably, with QQQ-$USDT, SPY-$USDT, and NVDA-$USDT all recording decrease liquidity ranges on Feb. 28.
Evaluation within the report discovered the decline prolonged past the standard weekend discount in buying and selling exercise. Nonetheless, liquidity circumstances recovered rapidly. QQQ-$USDT depth returned to typical Saturday ranges inside every week and remained secure afterward.
Gold recorded the strongest response among the many belongings studied. The report stated XAU-$USDT rose about 2% following the battle announcement and generated roughly $11 million in buying and selling quantity, in contrast with about $400,000 for NVDA-$USDT over the identical interval.
Block Scholes concluded that liquidity in Bitget’s tokenized perpetual markets stays linked to conventional market exercise however continues functioning outdoors common buying and selling hours, with spreads staying comparatively tight and order books recovering rapidly after intervals of heightened volatility.
