Centralized exchange (CEX) US stock trading products can be categorized into three modes: traditional API, Tokenized, and perpetual contracts. The Tokenized mode heavily relies on Alpaca, monopolizing 94% of clearing volume, but poses a risk due to the time gap between on-chain real-time trading and off-chain T+1 settlement. The market remains in a blue ocean phase, with asset size expanding 15 times and DeFi collateral potential emerging. Traditional API mode offers legal protection, allowing users to enjoy dividends and voting rights. Exchanges are adopting a multi-mode parallel strategy to serve diverse customer needs.
Three Modes of CEX US Stock Trading Products: Traditional API, Tokenized, and Perpetual Contracts
US stock trading products on centralized exchanges (CEX) are primarily categorized into three modes: traditional API access, Tokenized (tokenized stocks), and perpetual contracts. The Tokenized mode relies heavily on the Alpaca clearing channel, monopolizing approximately 94% of clearing volume, but introduces a risk due to the time gap between on-chain real-time trading and off-chain T+1 settlement. The market is still in a blue ocean phase, with asset size expanding 15 times, and DeFi collateral potential is now beginning to emerge.
In contrast, traditional API mode provides legal protection, allowing users to directly receive dividends and voting rights. Exchanges are adopting a multi-mode parallel strategy to meet the diverse needs of different customer segments in terms of speed, compliance, and yield.
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