Pyxis Oncology, Inc.

Stock perps are Bitget's innovative index perpetual futures for equity assets. The underlying index is constructed from circulating stock tokens (RWA) available on the market. It may include stock tokens from multiple independent issuers (including xStock, ONDO, and others), with weights dynamically calculated and published based on real trading volume and liquidity.

For example, Bitget's NVDA stock perpetual futures index price represents the weighted composite average of NVDA RWA tokens across all supported issuers.

Key differences: Stock perps vs. regular futures

Risk management for stock perps

Liquidation mechanism

Standard liquidation rules apply: risk is evaluated based on liquidation price or position margin ratio. Positions will not be liquidated during market closure periods. When markets reopen, gap up/down events may lead to collateral shortfall. It's recommended to monitor index prices and margin call before the market opens.

Insurance fund

All stock perps have ADL (Auto-Deleveraging) enabled by default. Each perp is initially seeded with 50,000 USDT allocated to the insurance fund. ADL will activate automatically if the insurance fund equity reaches zero.

Stock index calculation logic

The index represents a weighted composite price of the basket of tokenized assets for the given equity. It does not directly track the underlying traditional stock but serves as an aggregate price reference for the traded RWA market. The constituent assets mainly consist of USDT-quoted crypto tokens from issuers like xStock, ONDO, and others.

Index rebalancing

• Regular rebalancing: Executed daily at 16:01:00 (UTC+8) to reflect current market conditions.

• Special adjustments: Constituents will be removed or replaced in the event of delisting, insufficient liquidity, or extreme volatility events, with corresponding adjustments to weights and the divisor.

• Hard forks, airdrops, and mapping adjustments: Soft forks are not adjusted. Newly created tokens are included based on their weight, and tokens that don't meet the criteria will be removed in the next rebalancing. For splits or mergers, the weight is adjusted proportionally.

Critical things to know before trading

1. Trading halt mechanism: Markets are closed on weekends and during announced special periods, aligned with traditional equity market schedules to reduce overnight gap risk.

2. During closure: Mark price is frozen, and no liquidations will occur. Existing orders may be canceled, but new orders cannot be placed. No funding rate settlement occurs. If a gap opening is expected, add margin in advance.

3. Pricing fairness: The index is calculated based on multi-source RWA liquidity to ensure fairness.

4. Overall risk: Margin trading amplifies both gains and losses, requiring strict risk management.

How to trade stock perps on Bitget

1. Sign up and verification

• Visit the Bitget website or download the app.

• Sign up using your email address, phone number, Google, or Apple ID. Set a strong password and enable 2FA.

• Complete identity verification: Complete at least the basic verification (upload your ID). This step is usually required for futures trading.

2. Deposit and transfer USDT to your futures account

• Buy USDT via P2P, fiat channels, or credit card within the app (supports various fiat currencies).

• Alternatively, transfer USDT from an external wallet (TRC20 network is recommended for low fees).

• Go to the Assets page, select Transfer, and transfer USDT from your spot account to your futures account (USDT-M Futures). Transfers are free and instant.

• All stock perps are USDT-M.

3. Go to the stock perps trading page

• Click TradFi in the bottom navigation bar and select the Stock Perps category.

• Search available stock tickers: TSLAUSDT, NVDAUSDT, AAPLUSDT.

• Supported assets include over 30 popular U.S. stocks and indices (such as QQQ), subject to the platform's real-time list.

4. Set trading parameters and place an order

• Leverage: Click the leverage icon to adjust the multiplier (new users should start with low leverage).

• Margin mode: Supports isolated and cross margin, with some support for unified trading account mode.

• Order type:

  • • Market order: Immediate execution.

    • Limit order: Execute at a specified price.

• Direction and quantity: Select Open Long (buy, bullish) or Open Short (sell, bearish) and enter the quantity (the system will display the corresponding position value).

• Setting TP/SL is strongly recommended: You can select and set TP/SL on the order page, entering prices or using trailing SL.

• After reviewing the parameters, click Open Long or Open Short to confirm.

5. Manage positions

• View real-time PnL and margin ratio on the position page.

• You can close, increase, decrease, or adjust leverage anytime.

• Monitor funding rates (paid between long and short positions; long-term holdings should consider the cost).

• During market closures, only pending orders can be canceled, and no new positions can be opened. Mark prices will not be updated.

Risk warning:

Crypto prices are highly volatile, which may lead to significant losses. It is recommended to invest only funds you can afford to lose. Past performance is not indicative of future results. This content does not constitute financial advice. Refer to the Bitget User Terms. Investors should seek independent professional advice and assess their individual financial situation.

As a leading crypto exchange, Bitget offers a diverse range of derivative products, including classic crypto perpetual futures (like BTCUSDT and ETHUSDT) and innovative stock perps—USDT-margined perpetual futures tracking tokenized U.S. stock indices (such as TSLA, NVDA, AAPL).

Both product types support leverage, hedge mode (long/short), and USDT settlement. They are also perpetual futures with no expiry, using a funding rate mechanism to keep prices anchored to the spot price of underlying assets. However, they differ significantly in terms of underlying asset characteristics, volatility, risk profile, and the overall trading experience. Stock perps allow you to amplify returns with leverage while being backed by the relatively stable fundamentals and regulatory oversight of the U.S. stock market. Compared to pure crypto futures, they are far less prone to extreme price swings (like flash crashes), making the overall risk more manageable. This makes them an ideal choice for traders looking to blend the stability of traditional finance with the flexibility of crypto.

Core advantages of Bitget stock perps over crypto futures

Stock perps merge traditional financial assets with crypto derivatives, offering clear advantages across multiple dimensions. They are particularly well-suited for users with a moderate risk appetite or investors looking to diversify away from crypto's high volatility.

In summary, Bitget stock perps maintain the flexibility of crypto trading (leverage, USDT settlement, hedge mode) while significantly reducing volatility and extreme risk. They act as an ideal bridge for crypto users looking to level up into traditional finance.

Trading stock perps vs. crypto futures: Use cases

Let's assume a user has 1000 USDT and uses 10x leverage on Bitget, aiming to hold the position for one week. This simplified example (excluding fees/funding rates for illustration) shows the potential difference in outcome and risks.

Scenario 1: Going long on a tech stock (NVDA)

• Stock perps: Assume NVDA rises 8% in a week (a typical post-earnings move). With 10x leverage, the profit is roughly 80%. The 1000 USDT becomes 1800 USDT. Volatility is mild with almost no flash crashes, offering peace of mind and a very low risk of liquidation.

• Crypto futures: Assume BTC rises 8% in the same bullish environment. The theoretical profit is also 80% with 10x leverage. However, BTC often experiences drawdowns of 10–15%. The position could easily be liquidated or partially liquidated midway, potentially causing you to lose the principal even if the final direction is correct.

Scenario 2: Extreme market volatility (negative news)

• Stock perps: The market drops 4% in a day due to Fed comments. With 10x leverage, the loss is 40%, leaving 600 USDT in balance. U.S. stocks rarely drop over 10% in a single day and tend to recover, with fewer cascading liquidations.

• Crypto futures: With the same 10x leverage, a 10% flash crash (common in crypto) would result in a 100% loss, wiping out the account.

These examples show that stock perps allow leverage to amplify returns without amplifying the risk of ruin. This is especially valuable during earnings season or macro events, letting you capture alpha assets in U.S. stock markets while avoiding the brutal washouts typical of crypto.

Who are Bitget stock perps best suited for?

1. Investors bullish or bearish on U.S. stocks without a traditional account: You can trade directional moves on popular stocks like Apple, Tesla, Nvidia, and Coinbase directly with the USDT in your crypto wallet, bypassing the hassle of traditional brokerage accounts, cross-border transfers, and geographic restrictions.

2. Crypto natives familiar with crypto futures and 24/7 markets: The trading interface, order types (limit, market, and conditional orders), leverage adjustment, position management, and funding mechanics closely mirror BTC/USDT or ETH/USDT perpetual futures. For seasoned crypto traders, the learning curve is nonexistent, and the trading hours are a huge upgrade from traditional market hours.

3. Aggressive/speculative traders seeking high leverage: With leverage far exceeding the 2–4x margin offered by traditional stock brokers, it's perfect for using smaller capital to capture big rallies (like in Tesla or Nvidia) or for taking huge short positions on overvalued tech names. Note that this also implies extremely high risk and is suitable only for users with a high risk tolerance.

4. Hybrid traders active in both crypto and stocks: One Bitget account and one pool of USDT capital lets you seamlessly rotate between crypto futures and stock perps. This maximizes capital efficiency and operational speed, especially for those who frequently rebalance or seek cross-market hedges.

5. Professional or semi-professional traders seeking low-barrier, 24/7 access: This includes those looking to hedge crypto portfolios, speculate on tech stocks/indices, or run grid/quantitative bots. The platform supports TradingView charts, APIs, and professional tools like TP/SL orders.

Conclusion

If you're a crypto veteran tired of high-volatility blowouts but still want to participate in the growth of top global companies (like Apple, Tesla, Nvidia), Bitget stock perps are an excellent choice. They combine the best of both worlds—leverage, 24/7 access, and low barriers, while significantly reducing the FOMO emotion specific to crypto.

Trading involves significant risk. Start with small amounts, use low leverage, always set TP/SL, and trade responsibly. Feel free to try it out on Bitget!

By late March 2026, broader counts that include platform-locked assets pushed the total past $27 billion according to RWA.xyz. Meanwhile, the types of assets moving on-chain expanded from US Treasuries into private credit, real estate, commodities, and corporate equity. Congress held its first dedicated tokenization hearing on March 25, with bipartisan agreement that tokenized securities are no longer a question of "if" but "when."

This guide explains what RWA tokenization is, where the $19 billion sits, which institutions are leading, and what comes next.

What Is RWA Tokenization and Why Does It Matter Now?

Tokenization converts ownership of a real-world asset into a digital token on a blockchain. That token represents a legally recognized claim on the underlying asset, whether it is a US Treasury bill, a share in a money market fund, a real estate deed, or a pound of gold. The token can be transferred in seconds, traded 24/7, fractionalized into pieces as small as $50, and used as collateral in DeFi protocols without T+2 settlement delays.

Three things happened simultaneously to make 2025-2026 the inflection point. First, interest rates created a massive incentive to put yield-bearing assets on-chain, because tokenized treasuries let holders earn 4-5% while maintaining instant liquidity. Second, institutions that control trillions in assets stopped piloting and started deploying real money. Third, regulators began building frameworks instead of filing lawsuits, culminating in the SEC/CFTC joint interpretation on March 17 and the proposed Regulation Crypto Assets framework.

None of these conditions existed in 2021 or 2022. All three flipped by mid-2025, and the market responded by more than tripling in twelve months.

Where Does the $19 Billion Actually Sit?

Not all tokenized assets carry equal weight. The breakdown reveals where institutional conviction is strongest.

Tokenized US Treasuries dominate because they solve a real problem. Traditional money market funds settle in one to two business days. Tokenized versions settle in seconds, pay yield daily, and can be used as collateral on DeFi platforms around the clock. When you can earn the same 4.5% yield but with instant redemption and composability across protocols, the choice is straightforward for any treasury manager thinking about capital efficiency.

Private credit is the second-largest category and the most interesting growth story. Protocols like Maple Finance and Centrifuge have brought undercollateralized institutional lending on-chain, creating yield products that were previously accessible only to accredited investors through opaque fund structures.

Which Institutions Are Leading RWA Tokenization?

A year ago, "institutional adoption" in crypto meant Bitcoin ETFs. In RWA tokenization, it means products managing billions.

BlackRock BUIDL is the flagship. The BlackRock USD Institutional Digital Liquidity Fund launched in March 2024, crossed $1 billion by mid-2025, and reached approximately $2.85 billion by early 2026. It now trades on seven blockchains including Ethereum, Solana, Avalanche, Arbitrum, and Aptos. In February 2026, BUIDL became tradable on Uniswap for whitelisted investors. The world's largest asset manager letting qualified investors swap tokenized treasuries through a decentralized exchange is a genuine shift in how capital markets infrastructure works.

Franklin Templeton BENJI was actually first. The Franklin OnChain US Government Money Fund launched in 2021 as the first US-registered mutual fund to use a public blockchain as its system of record. BENJI tokens now live on Stellar, Polygon, Aptos, Avalanche, Arbitrum, Base, and Solana. In April 2026, Franklin Templeton acquired 250 Digital to create a dedicated crypto division, and part of the deal was settled in BENJI tokens.

JPMorgan Kinexys (formerly Onyx) has processed over $1.5 trillion in transactions since 2020, averaging more than $2 billion per day. The bank launched its JPMD deposit token for institutional clients in late 2025 and is expanding it throughout 2026 through the Canton Network.

Why Does Ethereum Capture the Majority of RWA Value?

Ethereum hosts between 56% and 70% of all tokenized RWA value depending on methodology, making it the default settlement layer for institutional tokenization.

The reasons are practical. BlackRock chose Ethereum for BUIDL's primary deployment. Franklin Templeton, Ondo Finance, Maple Finance, and Centrifuge all built their core products on Ethereum. When compliance teams at trillion-dollar firms evaluate blockchain infrastructure, they look for battle-tested security with years of uptime, deep liquidity, and a broad ecosystem of audited smart contracts. Ethereum checks all three.

The multi-chain expansion is real, though. BUIDL now operates on seven chains. Ondo Finance has deployed on Solana and Aptos. Stellar and Polygon host significant Franklin Templeton activity. The pattern looks less like "Ethereum wins everything" and more like Ethereum as the primary hub with specialized spokes for higher throughput (Solana), custom compliance rules (Avalanche subnets), or lower fees for retail-facing products.

How Does Regulation Support RWA Growth in 2026?

Regulatory uncertainty has always been the single biggest risk for tokenization. That risk is shrinking.

The CLARITY Act passed the House 294-134 in July 2025 and cleared the Senate Agriculture Committee in January 2026. It establishes by statute which tokenized assets are digital securities (SEC jurisdiction) and which are digital commodities (CFTC jurisdiction). The Senate Banking Committee markup is the next required step.

On March 25, the House Financial Services Committee held a hearing titled "Tokenization and the Future of Securities" where both parties agreed on the record that tokenized securities are inevitable and the current regulatory framework is inadequate. The central debate was not about permission but about pace: some lawmakers favored temporary innovation exemptions while others pushed for full rulemaking before scaling.

For the RWA market, this hearing removed the tail risk that Congress might block tokenization entirely, leaving speed of implementation as the only variable rather than direction of travel. Combined with the SEC's proposed innovation exemption framework (which explicitly covers firms tokenizing real-world assets), the regulatory path has shifted from hostile to supportive for the first time.

What Gets Tokenized Next?

The current market is dominated by yield-bearing instruments because the economic case is straightforward. But the next wave targets assets where on-chain benefits go beyond yield.

Real estate is still early but accelerating. Platforms like RealT have tokenized over $120 million in US rental properties, letting investors buy fractional ownership starting at $50 per token and receive proportional rental income.

Commodities are growing steadily. Tokenized gold from Paxos (PAXG) and Tether (XAUT) already represents over $1 billion in on-chain value.

Corporate equity tokenization is the biggest prize but the most complex from a regulatory standpoint. The New York Stock Exchange announced in early 2026 that it is building a blockchain-based venue for around-the-clock trading of tokenized stocks, and F/m Investments asked regulators for permission to record existing ETF shares on a blockchain. This category will likely require the CLARITY Act or similar legislation to scale meaningfully.

Conservative projections from McKinsey place tokenized assets at $2-4 trillion by 2030. Ark Invest projects $11 trillion. BCG and Ripple forecast $18.9 trillion by 2033. Even the low end represents a 100x increase from today's $19 billion.

How Can You Get Exposure to the RWA Trend on Bitget?

The RWA tokenization trend affects crypto prices through two channels: direct demand for the Layer-1 blockchains hosting tokenized assets, and broader institutional legitimacy that drives capital into crypto markets.

Bitget provides access to the tokens most directly tied to RWA infrastructure:

Layer-1 chains hosting tokenized assets: ETH (56-70% of RWA value), SOL (BUIDL, Ondo, Franklin Templeton), AVAX (subnets for institutional compliance), APT (BUIDL, Ondo expansion), and POL (Franklin Templeton activity).

Tokenized commodities: PAXG (Paxos tokenized gold, 1:1 backed by physical gold bars in London vaults).

RWA protocol tokens: Available on Bitget for spot trading as the ecosystem grows.

Bitget CFD is directly relevant to the RWA thesis because it already offers tokenized exposure to traditional assets (gold, forex, stock indices) using USDT margin. As the line between crypto and traditional finance continues to blur through tokenization, having access to both markets from one account becomes increasingly valuable.

Futures on ETH and SOL let you trade the RWA infrastructure play with leverage. Copy Trading lets you follow traders positioning around institutional adoption catalysts. Bitget Earn provides yield on holdings while the tokenization trend unfolds over quarters and years.

Security: $300M+ Protection Fund (6,500 BTC, on-chain verifiable), Proof of Reserves at 169%+, zero breach history since 2018.

FAQ

How big is the RWA tokenization market in 2026?

The distributed on-chain value crossed $19 billion in early 2026 and reached approximately $27 billion by late March according to RWA.xyz. Tokenized US Treasuries alone account for roughly $12.8 billion, nearly half the market. Conservative projections from McKinsey place tokenized assets at $2-4 trillion by 2030.

What is BlackRock BUIDL?

BUIDL is BlackRock's tokenized money market fund that invests in US Treasuries, overnight repos, and cash. It launched in March 2024, grew to approximately $2.85 billion in AUM by early 2026, and now operates across seven blockchains. Qualified investors can trade BUIDL tokens on Uniswap through a whitelisted process.

Why are tokenized treasuries the biggest RWA category?

Tokenized treasuries combine government-backed yield (4-5% annually) with instant settlement, 24/7 trading, and DeFi composability. Traditional money market funds take one to two business days to settle, while tokenized versions settle in seconds and can simultaneously serve as collateral on lending protocols.

Which blockchains host the most tokenized assets?

Ethereum hosts 56-70% of all tokenized RWA value and is the default choice for institutional deployments. Solana, Avalanche, Stellar, Polygon, Arbitrum, and Aptos host growing shares as multi-chain expansion accelerates.

Can I invest in tokenized treasuries on Bitget?

Bitget does not currently offer direct access to tokenized treasury products like BUIDL. However, you can trade the Layer-1 tokens that benefit from RWA growth (ETH, SOL, AVAX), tokenized gold (PAXG), and access traditional asset exposure through TradFi.

Conclusion

The RWA tokenization market did not grow from $5.6 billion to $19 billion because of hype cycles or speculation. It grew because BlackRock, Franklin Templeton, and JPMorgan decided that blockchain settlement is faster and cheaper than legacy infrastructure, and they started moving real money to prove it.

The trajectory from here depends on two catalysts. The CLARITY Act reaching the Senate floor would give the entire sector permanent legal footing. And the expansion beyond treasuries into real estate, private credit, and equities would multiply the addressable market by orders of magnitude. Even conservative estimates place tokenized assets at $2-4 trillion by 2030. If even a fraction of the world's traditionally illiquid assets finds its way on-chain, the current $19 billion market is a rounding error on what comes next.

The Layer-1 blockchains hosting this activity (Ethereum, Solana, Avalanche) are tradable now on Bitget, with spot, futures, Copy Trading, and CFD all accessible from a single USDT account.

Disclaimer: This article is for educational purposes only and does not constitute financial or investment advice. Cryptocurrency trading involves significant risk, including potential loss of principal. Tokenized assets carry additional risks including smart contract vulnerabilities, counterparty risk, and regulatory uncertainty. Always conduct your own research before making investment decisions. Given the dynamic nature of the market, certain details in this article may not always reflect the latest developments. For any inquiries or feedback, please reach out to us at [email protected].