Bitget’s recent report, produced in collaboration with analytics firm Block Scholes, unveils a significant development in its tokenized Nvidia perpetual market. According to the findings, this market has achieved approximately 75% of the liquidity depth that characterizes the exchange’s Bitcoin spot market, amounting to around $4.1 million in liquidity depth.
The analysis indicates that liquidity across Bitget’s tokenized stock and commodity markets has improved notably as it progresses through 2026. This enhancement is marked by tighter bid-ask spreads and deeper order books across several major contracts. The report highlights that market operations remained stable during the initial phases of the U.S.-Iran conflict, with quick recovery of spreads and market depth returning to their typical conditions within just a few days.
The study zeroed in on four of Bitget’s largest tokenized perpetual contracts: NVDA-USDT, SPY-USDT, QQQ-USDT, and XAU-USDT. These contracts offer synthetic exposure to prominent assets like Nvidia stock, the SPDR S&P 500 ETF, the Invesco QQQ ETF, and gold, utilizing a crypto-based trading infrastructure. Notably, data from mid-May indicated the NVDA-USDT contract achieved around $4.1 million in resting liquidity, sitting within 2% of its mid-price. In comparison, a snapshot from CoinGecko placed the BTC/USDT spot market depth at approximately $5.5 million, highlighting that the liquidity for Nvidia-linked contracts is robust, accounting for about three-quarters of what is available for Bitcoin.
Gracy Chen, CEO of Bitget, emphasized that mere access to tokenized assets is no longer sufficient. The discourse around tokenization has evolved, focusing now on the efficiency of capital movement across various markets without compromising liquidity. Users trading across crypto, equities, gold, or tokenized assets are seeking the same depth and speed.
The growth in liquidity has been particularly pronounced since the introduction of equity-linked perpetual futures in September 2025. Bitget now boasts a portfolio exceeding 30 stock-related contracts, alongside commodity products like gold-linked perpetuals. Research revealed that liquidity conditions improved as U.S. trading hours progressed. For instance, on May 18, the bid-ask spread for SPY-USDT narrowed significantly, illustrating an efficient market response shortly after the U.S. market opened.
The report also pointed to increased order book depth over the early months of 2026. The NVDA-USDT consistently demonstrated the deepest order book among the studied equity-linked contracts. This growth arrives amidst a broader surge in tokenized securities capturing financial interest within the digital asset space. According to Binance Research, the tokenized real-world asset market is reported to have expanded by 589% since early 2025, with tokenized stocks seeing a remarkable value increase of 422%, marking them the fastest-growing segment in this market.
In addition to regular trading conditions, the report examined the behavior of Bitget’s tokenized markets during the onset of the U.S.-Iran conflict that began in February 2026. Initial reactions to the news saw bid-ask spreads widening temporarily. For instance, spreads for NVDA-USDT increased from approximately 0.6 basis points to a peak of 3.4 basis points, while those for QQQ-USDT rose from 3.7 to 11.8 basis points. However, despite this initial spike, spreads typically reverted to pre-event levels within a matter of minutes or hours.
The liquidity analysis noted a noticeable decrease in order book depth for contracts such as QQQ-USDT, SPY-USDT, and NVDA-USDT on February 28, suggesting a response that extended beyond standard weekend reductions in trading volume. Nonetheless, recovery was swift; the QQQ-USDT contract returned to usual Saturday levels within a week and maintained stability thereafter. Interestingly, gold emerged as the most responsive asset, with the XAU-USDT experiencing a 2% increase following the conflict’s announcement, generating substantial trading volume in contrast to NVDA-USDT during that timeframe.
In conclusion, the report underscores that liquidity within Bitget’s tokenized perpetual markets is closely tied to traditional market activities while also exhibiting functionality beyond conventional trading hours. The data suggests that spreads remain tight and order books exhibit quick recovery following periods of increased volatility, indicating resilience amid fluctuating global market conditions.
