A November 10, 2026 TechFlow summary of research by Cooper Duschang of Coin Metrics (Talos) reports that the spot market value of tokenized US stocks has risen above $3 billion. From October 27 to November 2, venues recorded more than $2 billion in tokenized-stock spot turnover as custodians added underlying shares and issuers expanded supply. Over that same week, stock perpetual contracts on Hyperliquid traded about $12.3 billion—roughly six times the tokenized spot total—leaving the spot market still small by comparison.
Issuers including xStocks, Ondo Tokenized Stocks, and bStocks offer on-chain price exposure, generally backed by shares held at licensed custodians and aimed largely at non-US investors. Only whitelisted users can mint new tokens or redeem the underlying shares, which leaves other holders exposed to premium or discount risk. Quotes run around the clock even when US cash markets are closed, but prices stay tied to the liquidity of the underlying stocks.
During regular US hours from October 27 to November 2, xStocks’ NVDAx traded above NVDA 58.6% of the time at an average premium of 3.1 basis points. Ondo’s NVDAon was at a premium 88.9% of open hours, averaging 14.1 basis points. In the same window, Kraken’s NVDAx averaged a 0.9-basis-point discount to NVDA. During a broad selloff, tokenized NVDA also traded below the prior Friday’s close. Fragmented books produced different prices for the same token both in and out of US hours.
A lead-lag study of NVDAx versus the next NVDA open, covering 210 trading days from January 2026, found little predictive content in early closed-market moves. After-hours moves from 16:00 to 20:00 ET had an R² of 0.24 against the next open gap. Overnight moves from 20:00 to 04:00 ET had an R² of 0.30. Pre-market moves from 04:00 to 09:29 ET rose to an R² of 0.42 as the token converged on the eventual open. Across the full closed window from 16:00 to 09:30 ET, the R² reached 0.98, meaning the token had largely realigned with the cash open by the time US trading resumed. Convergence was concentrated in the pre-market; after-hours swings alone did not usefully forecast the next open.
Closed sessions also cut depth. When US markets were shut, average liquidity within 1% of the mid on NVDAx fell 19% on Bybit and MEXC and about 33% on Hyperliquid. Orders placed into that thinner book widened price gaps across venues until the cash market reopened.
Trading itself clusters around the US session. Across seven spot markets, hourly NVDAx volume had a median of $36,000 and a peak of $225,000 in the first hour of the US open. On weekdays from 09:00 to 10:00 ET, average hourly turnover was $225,000. Pre-market and after-hours activity appears around the open and around news, but the report says the data cannot identify traders’ locations. The offshore venue mix is consistent with mainly international users whose activity still follows US hours.
Execution cost depends on both venue and size. From October 27 to November 2, Bybit had the lowest slippage on $1,000 orders 58% of the time and Hyperliquid 23% of the time. At $100,000, Bybit or Hyperliquid was the best venue 98.2% of the time. Among NVDA token variants, Binance’s NVDAb recorded the lowest slippage on $10,000 orders in 96% of observed periods. A token that is cheapest at $10,000 is not necessarily cheapest at $100,000, so depth and coverage have to be compared together.
Apparent cross-venue gaps did not survive trading costs. From June 2026 through November 2, even on $1,000 orders and before venue fees, the average bid-ask spread plus round-trip slippage exceeded the observed price differences. That held for comparisons such as long Hyperliquid NVDAx versus short Binance NVDAb, and long Hyperliquid NVDAx versus short Kraken NVDAx.
The report’s conclusion is that tokenized stocks give non-US investors a continuous on-chain quote on assets that otherwise trade in fixed sessions, but activity still concentrates in regular US hours and depth contracts materially when those markets are closed. Systematic order-book, slippage, and reference-price data are presented as a way to compare true execution cost across token variants and venues. The summary does not identify which participants can actually mint or redeem, nor does it show that quoted spreads remain tradable after costs.
Original article (TechFlow, November 10, 2026): https://www.techflowpost.com/zh-CN/article/35242
