CoinGecko said in an RWA report produced with Lvdong BlockBeats on Sept. 9 that tokenized stock perpetuals are growing quickly in trading activity, but the market still faces structural risks tied to concentrated liquidity, after-hours volatility, and weak legal rights for spot tokens.
Volume remains below 1% of the underlying equity market
The report, titled Tokenized Stocks: Lessons From SpaceX, Pre-IPO Price Discovery and the Perpetuals Boom, said overall trading volume in stock perpetuals is still less than 1% of the underlying traditional stock market.
It added that open interest in major listings is highly concentrated on Binance and Hyperliquid. The two platforms together account for more than two-thirds of the market. CoinGecko said smaller venues have weaker order-book depth, which limits cross-platform arbitrage and can allow price gaps to stay in place during sharp market swings.
After-hours trading carries sharper volatility risk
The report said risks are especially visible outside main trading hours. It cited an SK Hynix perpetual contract that saw a 20% flash crash within one minute during thin trading before the Seoul market opened.
When the order book cannot absorb closing demand, the report said, automated liquidation mechanisms may amplify price moves.
Spot tokens may not carry enforceable ownership rights
CoinGecko said spot tokenized stocks face legal fragility as well. Many products, according to the report, are still only on-chain representations of stock prices and may not correspond to legally valid ownership records.
The report cited Pre-IPO packaged products linked to Anthropic and OpenAI. After unauthorized token transfers were rejected, those products saw sharp declines.
CoinGecko said regulated custody, SEC-registered transfer agents, and enforceable ownership arrangements will be key conditions for tokenized stocks to draw institutional capital in the future.