How Major CEXs Are Building Crypto Stock Products Across Brokerage, Tokenization and Perpetuals
Crypto stock products are turning into one of the clearest expansion paths for centralized exchanges as they push beyond digital assets and into traditional finance. The competitive set is no longer limited to synthetic price exposure. By 2026, major platforms had rolled out a mix of real stock brokerage, tokenized equities, stock perpetuals, CFDs and pre-IPO products, often inside a single account system. According to CoinGecko figures cited in the source article, monthly trading volume for stock perpetuals across the top 13 crypto trading platforms climbed from about $831 million in July 2025 to roughly $34 billion in May 2026, an increase of nearly 40 times in less than a year. The article also notes that cumulative stock-perpetual volume in the first five months of 2026 had already surpassed the whole of 2025. On the tokenized spot side, xStocks had logged more than $35 billion in cumulative trading volume by July 2026 and nearly 200,000 holders globally, while expanding beyond U.S. stocks and ETFs into Hong Kong, the U.K., Europe and South Korea. The report reviews how Binance, OKX, Bitget, Gate, Kraken, Coinbase and Backpack approach the market through different legal and product structures. It argues that the category now spans four distinct models: traditional brokerage access to real shares, tokenized securities backed by underlying stocks, total-return or synthetic equity tokens, and stock perpetuals or CFDs that do not require 1:1 share backing. The result is a market that is still early by global equity standards, yet increasingly central to how exchanges compete for the next phase of user growth.








