"Tokenized stocks" now means three different things on exchanges, and most comparison articles blur them. I went through the official pages of 11 venues and recorded, with the source date, which of these each one actually lists:
- Stock tokens: a token that tracks a listed share and can be bought on spot (xStocks, Ondo, rToken, bStocks).
- Stock perpetuals: a futures contract on a share price, no token delivered.
- Pre-IPO perpetuals: a perp on a company that is not yet listed.
Dataset (CC BY 4.0): https://nexualpha.com/data/tokenized-stock-tracker · CSV mirror: https://github.com/berlin20258989-eng/nexualpha-data
What each venue lists (source dates 2025-07 to 2026-10)
| Venue | Stock token | Stock perp | Pre-IPO perp |
|---|---|---|---|
| Bitget | yes (rToken) | yes | yes |
| OKX | yes (xStocks) | yes | yes |
| Binance | yes (bStocks) | yes | yes |
| Bybit | yes (xStocks) | yes | yes |
| Gate | yes (xStocks) | yes | yes |
| Kraken | yes (xStocks) | yes | no |
| MEXC | yes (Ondo) | yes | no |
| Backpack | yes | yes | no |
| Hyperliquid | no | yes (trade[XYZ]) | yes |
| HTX | no | yes | yes |
| CoinW | no | yes | no |
Numbers worth knowing (each with its own source date in the CSV)
- Bitget's source states 1,700+ listed stock tokens (as of 2026-08). OKX's states 40+ (2026-07). Kraken lists 131 xStocks (2026-09-18). Counts are not comparable across venues: they use different definitions.
- Maximum leverage stated on stock perps ranges from 10x (CoinW, Backpack) to 20x (Binance, Gate, MEXC, Kraken, Hyperliquid) and 100x at Bitget. Kraken's stock tokens are listed at 3x.
- Pre-IPO perps: Bitget, Binance and Gate state 20x, 20x and 10x; Hyperliquid states 5x.
- Almost every venue restricts US residents; several also restrict the UK, Canada, Singapore, Hong Kong or China. Check the
restricted_regionscolumn for your country before you register.
Why the dates matter
This market changes weekly. A listing page from 2025 (Gate's, for example) is not evidence for 2026 availability, so every row carries source_url, source_date and a source_date_kind field (published vs. last seen). Cells I could not source are left empty rather than guessed.
Disclosure
NexuAlpha is free to use and funded by disclosed exchange referral programmes; the tracker does not depend on that funding. Method: https://nexualpha.com/methodology. If a row is outdated, send me the official page with the newer date and I will re-read it.
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