Tokenized stocks and stock perps
The same share on every venue, side by side: what it costs over the real price, how much leverage, what you pay, when it trades and whether you may trade it at all.
A week of trading
The US market is open 6.5 hours a day, five days a week: 32.5 of 168 hours. Tokens and perps trade all 168; outside market hours their price follows the venue’s own order book, not the share.
Token or perp: what you hold
- Backed tokenA share bought and held by a custodian; the issuer mints a token against it (e.g. xStocks, Ondo).
- PerpetualNo share anywhere: a contract that tracks the price through an index and a funding rate.
- On-chain tokenA token on a blockchain you can hold in your own wallet; what backs it depends on the issuer.
Tools
- Holding cost calculatorToken vs perp vs your broker: fees and funding for the days you hold.
- Stock perp funding ratesWhat a long pays or earns per period and per year, venue by venue.
- Weekend gap trackerFriday close, Monday open and what the tokens did in between.
- Where can I trade them?The regions each venue excludes, from its own terms.
- New stock listingsDated new tickers and pre-IPO tokens, venue by venue.
- Every stock you can trade 24/7A–Z, with the venues and the product type.
Questions
Is a tokenized stock the same as owning the share?
No. A backed token is a claim on a share held by a custodian; you usually get no voting rights and redemption rules depend on the issuer. A perpetual is a price contract with no share behind it at all.
Why is the price different on the weekend?
The stock market is closed, so tokens and perps trade on their own order books. Their price then shows what traders expect for Monday's open, and can move away from Friday's close.
Can I trade these from the US or the UK?
Mostly not: most venues exclude the US, and several exclude the UK and other countries for stock tokens. Each product row lists the regions the venue excludes, from its own terms.
What do I pay to hold a perp?
The trading fee in and out, and the funding rate every few hours. When funding is positive, longs pay shorts; over weeks this can cost more than the fee.
Where does the data come from?
Share prices are delayed quotes from Stooq; token and perp prices and funding come from each venue's public market API. Which venue lists which stock, its leverage, fees and regions are read by hand from the venue's own pages and dated.