Independent research by Block Scholes has analyzed the liquidity conditions of tokenized real-world asset (RWA) perpetual futures on Bitget UEX, offering insights into trading dynamics for these instruments. The study, which examined data up to May 2026 and events from February 2026, focused on contracts tracking gold (XAU-USDT), the SPDR S&P 500 ETF (SPY-USDT), Nvidia (NVDA-USDT), and the Invesco QQQ Nasdaq-100 ETF (QQQ-USDT).
Key Findings on Liquidity
According to the report, liquidity for these tokenized RWA perpetual futures generally improves within active trading sessions. Block Scholes measured order-book depth, bid-ask spreads, and slippage. By mid-May 2026, the resting liquidity on Bitget UEX’s Nvidia-tracking contract approached approximately three-quarters of the depth observed on Bitget’s BTC/USDT spot market. On May 18, 2026, top-of-book spreads were notably tight, recorded at around 0.02 basis points for gold, 0.14 basis points for both SPY and QQQ contracts, and 0.44 basis points for the NVDA contract. This indicates that less than half a basis point separated the best bid and best ask for three of the four instruments at that time.
Intra-day analysis revealed significant improvements. For instance, SPY’s spread narrowed from 1.76 basis points at the market open on May 18, 2026, to 0.14 basis points within an hour. Similarly, slippage for a modeled $100,000 market buy order on the SPY contract decreased from 14.88 basis points at the open to 10.66 basis points an hour later. Larger orders also saw improvements, with a $500,000 order experiencing a reduction in slippage from 46.07 basis points to 24.90 basis points over the same period.
Weekend Trading and External Event Impact
The research also shed light on trading behavior outside traditional market hours. Block Scholes measured a substantial decrease in trading volume for these RWA perpetuals on weekends, ranging from 65% to 90% compared to weekday levels, depending on the contract. However, median bid-ask spreads remained relatively stable, staying close to weekday levels. Across the sampled week, these weekend spreads were approximately 0.02 basis points for gold, 0.8 for QQQ, 1.0 for NVDA, and 1.3 for SPY.
Block Scholes examined the impact of external events on liquidity, noting that geopolitical developments could cause temporary disruptions. Following the announcement of U.S. strikes against Iran on February 28, 2026, spreads widened across all four contracts. For example, the NVDA contract’s spread increased from a baseline near 0.6 basis points to a peak of 3.4 basis points. However, Block Scholes found these widening effects to be brief, with NVDA’s spread returning near its pre-announcement level within minutes and QQQ’s within the hour. Order-book depth also thinned temporarily, with QQQ’s resting depth within 1% of the mid-price falling to approximately $109,000 from a typical Saturday median of about $191,000, but depth returned to its usual range within a week.
Methodology and Context
The research utilized data from Bitget’s API and historical order-book information spanning from September 2025 through May 2026. It is important to note that these tokenized RWA perpetuals provide synthetic price exposure to underlying assets and do not confer equity ownership, dividends, or voting rights in the referenced companies or funds. The study also considered how liquidity behaves outside the underlying assets’ regular trading hours, given the continuous trading nature of perpetual futures.
Bitget has been publishing monthly proof-of-reserves disclosures since December 2022.
Why This Matters
The materials describe a narrow update: Block Scholes published research on Bitget UEX’s tokenized RWA perpetual futures (gold, SPY, Nvidia, QQQ). The exact definition of ‘resting liquidity’ used by Block Scholes beyond ‘visible resting liquidity at a point in time or over a sample period’.
Broader Context
Source materials place the factual news in this context: Bitget is a global cryptocurrency exchange operating as a Universal Exchange (UEX), offering crypto, tokenized stocks, gold, and other asset classes within a single account.
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