Bitget's Nvidia perpetual contract reached $4.1M in resting liquidity, about 75% of the exchange's BTC spot depth. The report also tracked how tokenized markets held up during the U.S.-Iran conflict.
Bitget's tokenized Nvidia perpetual market now holds roughly 75% of the liquidity depth of the exchange's own Bitcoin spot market. A joint report from Bitget and analytics firm Block Scholes, shared with crypto.news, tracked four of the exchange's largest tokenized perpetual contracts through 2026.
The study covered NVDA-USDT, SPY-USDT, QQQ-USDT, and XAU-USDT – synthetic exposure to Nvidia stock, the SPDR S&P 500 ETF, the Invesco QQQ ETF, and gold, all running through crypto-based trading infrastructure.
By mid-May, NVDA-USDT showed about $4.1 million in resting liquidity within 2% of its mid-price. A CoinGecko snapshot cited in the report put Bitget's BTC/USDT spot market depth at roughly $5.5 million. That leaves the Nvidia-linked contract at about three-quarters of the liquidity available in Bitcoin's spot market.
"Access alone is no longer enough and the conversation around tokenization has moved beyond access," said Gracy Chen, CEO of Bitget. "What matters now is whether users can move capital efficiently between markets without sacrificing liquidity. Whether someone is trading crypto, equities, gold, or tokenized assets, they expect the same depth and speed."
Bitget launched equity-linked perpetual futures in September 2025. The offering has since expanded to more than 30 stock-related contracts alongside commodity products such as gold-linked perpetuals, the report said.
Liquidity conditions improved as U.S. trading hours progressed. During one observation period on May 18, SPY-USDT's bid-ask spread narrowed from 1.76 basis points shortly after the U.S. market opened to 0.14 basis points less than an hour later. Gold contracts held the narrowest spreads, reaching as low as 0.02 basis points in sampled data.
Order book depth also increased steadily during the first months of 2026. Block Scholes noted that NVDA-USDT consistently carried the deepest order book among the equity-linked contracts studied.
The findings arrive as tokenized securities continue attracting capital across the digital asset sector. Earlier this month, Binance Research reported that the tokenized real-world asset market had grown 589% since early 2025. Tokenized stocks recorded a 422% increase in value, making them the fastest-growing segment in the sector.
Binance Research also highlighted an uptick in activity from platforms such as Ondo Global Markets, which surpassed $1 billion in total value locked through tokenized stock and ETF products. Trading volume across the xStocks ecosystem exceeded $25 billion.
Beyond normal trading conditions, the report evaluated how Bitget's tokenized markets responded when the U.S.-Iran conflict began in February 2026.
Data cited by Block Scholes showed bid-ask spreads widened immediately after news of the conflict emerged. NVDA-USDT spreads increased from about 0.6 basis points to a peak of 3.4 basis points. QQQ-USDT spreads rose from 3.7 basis points to 11.8 basis points.
Despite the initial reaction, spreads returned close to pre-event levels within minutes or hours depending on the contract. Order book depth declined more noticeably, with QQQ-USDT, SPY-USDT, and NVDA-USDT all recording lower liquidity levels on Feb. 28.
Analysis in the report found the decline extended beyond the usual weekend reduction in trading activity. Still, liquidity conditions recovered quickly. QQQ-USDT depth returned to typical Saturday levels within a week and remained stable afterward.
Gold recorded the strongest response among the assets studied. The report said XAU-USDT rose about 2% following the conflict announcement and generated approximately $11 million in trading volume, compared with about $400,000 for NVDA-USDT over the same period.
Block Scholes concluded that liquidity in Bitget's tokenized perpetual markets remains linked to traditional market activity but continues functioning outside regular trading hours. Spreads stayed relatively tight and order books recovered quickly after periods of heightened volatility.
AlphaScala's data shows NVDA with an Alpha Score of 66 out of 100, labeled Moderate, at a current price of $205.19. SPY and QQQ carry scores of 38 and 44 respectively, both labeled Mixed.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.