CryptoSlate
Tokenized stocks generated about $3 billion in decentralized-exchange volume over seven days, even as simulated trading costs varied sharply across Solana markets. Fillable's Nov. 3 to Nov. 9 study estimated a $303 round-trip quote gap on a $10,000 trade in tokenized Coinbase shares, versus $20.60 for SPYx and $699 for PLTRx.
Why it matters
The results highlight the difference between a token's quoted midpoint and the price an investor can execute. Fillable simulated buys and sells every 15 minutes during regular US market hours, using recent IEX trades as a reference and including pool fees and price impact. Network fees and some conversion costs were excluded.
Tokenized stocks offer wallet access and crypto-native settlement around the clock, subject to issuer and jurisdictional limits. But their ownership, voting, dividend and redemption rights can differ from those of the underlying shares.
Market impact
Liquidity can change outside regular trading hours. Coin Metrics found tokenized Nvidia order-book depth within 1% of price fell by an average of 19% when US markets were closed on Bybit and MEXC, and by about 33% on Hyperliquid.
That measure differs from Fillable's Nov. 9 index, which selected the cheapest eligible pool for each of ten assets across four chains. Its median simulated $10,000 round-trip cost was $22.70 during US market hours and $15.80 when markets were closed.
Turnover is also concentrated: Bitquery found the 100 busiest wallets generated 64% of Coinbase-issued token volume in its Oct. 2–31 sample. For investors, tighter spreads, deeper liquidity and the proceeds recovered on a sale matter more than volume alone.
Frequently asked questions
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How much did simulated $10,000 round trips cost on Solana?
Fillable estimated a $20.60 quote gap for SPYx, $303 for COINx and $699 for PLTRx during regular US market hours from Nov. 3 to Nov. 9.
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What costs did Fillable include in its Solana simulations?
The simulations included pool fees and price impact, using recent IEX trades as a reference. They excluded network fees and some conversion costs.
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How did off-hours liquidity change for tokenized Nvidia?
Coin Metrics found order-book depth within 1% of price fell by an average of 19% on Bybit and MEXC when US markets were closed, and by about 33% on Hyperliquid.
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Do tokenized stocks carry the same rights as their underlying shares?
Not necessarily. Ownership, voting, dividend and redemption rights can differ depending on the token's structure.
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How concentrated was trading in Coinbase-issued stock tokens?
Bitquery found that the 100 busiest wallets generated 64% of Coinbase-issued token volume in its Oct. 2–31 sample.
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