Token or perp: what you actually hold
Three products sold under the same ticker. They track the same price and are very different things to own.
Backed token
What you own: A claim on a real share bought by a custodian for the issuer.
Redeem for the share: Sometimes, for eligible customers and above a minimum, per the issuer's terms.
Dividends: Usually passed on: the token balance or price is adjusted, depending on the issuer.
What it costs: Trading fee and spread; no funding.
Perpetual
What you own: Nothing: a contract with the venue that tracks the price through an index.
Redeem for the share: No.
Dividends: No dividend; the index or funding may account for it.
What it costs: Trading fee and funding every few hours; leverage multiplies both gains and losses.
On-chain token
What you own: A token in your own wallet; what stands behind it depends on the issuer.
Redeem for the share: Per the issuer's terms.
Dividends: Per the issuer's terms.
What it costs: Network fees and the DEX or venue spread.
Hours
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.
Not investment advice. Check the issuer’s and venue’s terms for the product and your country before you trade.