CoinGecko, in a joint RWA report with BlockBeats titled "Tokenized Stocks: Lessons From SpaceX, Pre-IPO Price Discovery and the Perpetual Futures Boom," said trading demand in the tokenized stock market is moving quickly toward perpetual contracts. The report said stock perpetual trading volume reached $376.3 billion in July 2026, compared with about $7.5 billion in spot token volume during the same period, putting perpetuals at roughly 50 times the spot market. Average open interest for the month was about $6.1 billion. According to the report, monthly trading volume in stock perpetuals grew by about 209 times over the past 12 months. It attributed that growth to features such as leverage, short exposure, cash settlement and the ability to list products quickly. By contrast, spot tokens require 1:1 custody, minting and redemption for the underlying shares, which raises capital use and operating costs and can slow the listing of popular names. The report also said on-chain stock perpetuals have become a 24-hour tool for trading industry themes, with active trading in AI memory chip names including SanDisk, Micron and SK Hynix.
CoinGecko said in a joint RWA report with BlockBeats on Sept. 9 that trading demand in the tokenized stock market is shifting quickly toward perpetual contracts.
The report, titled "Tokenized Stocks: Lessons From SpaceX, Pre-IPO Price Discovery and the Perpetual Futures Boom," said stock perpetual trading volume reached $376.3 billion in July 2026. Spot token trading volume for the same period was about $7.5 billion, making perpetuals roughly 50 times larger. Average open interest during the month was about $6.1 billion.
Perpetuals take a larger share of tokenized stock trading
According to the report, monthly trading volume in stock perpetuals increased by about 209 times over the past 12 months. CoinGecko said leverage, short exposure, cash settlement and faster listing capability are becoming the main reasons traders choose these products.
Spot tokens, by comparison, require 1:1 custody, minting and redemption of the underlying shares. The report said that structure leads to higher capital usage and operating costs, while also making it easier for listing speed in popular names to face constraints.
AI memory chip names see active trading
The report also said on-chain stock perpetuals have become a 24-hour instrument for trading industry themes. SanDisk, Micron and SK Hynix were cited as actively traded AI memory chip names, reflecting capital flows through on-chain perpetuals into storage cycles, AI infrastructure investment and broader macro market shifts.
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