Stock Market that Never Sleeps: Inside the Premiums and Liquidity Gaps of Tokenized Equities

Dextape brief

By Dextape Desk · November 3, 2026

Coin Metrics research associate Cooper Duschang examines tokenized equities, whose combined market capitalization has climbed above $3 billion according to the report. Issuers such as xStocks, Ondo and bStocks let people gain on-chain exposure to stock prices. Tokenized spot equity markets generated over $2 billion in volume between October 27 and November 2. NVDAon traded above NVDA's price in 88.9% of market-open hours, compared with 58.6% for NVDAx, according to the analysis. Liquidity drops when US markets close, with Bybit and MEXC NVDAx markets showing about 19% less depth near the midprice. Price gaps across venues proved smaller than spreads and slippage, even at $1,000 before fees, and execution costs vary by venue, trade size and issuer.

Why it matters: It shows that tokenized stock prices can drift from the underlying shares and that closed-hours liquidity and venue choice shape what buyers and sellers actually pay.

Summary by Dextape, based on reporting by Coin Metrics. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.