Independent Research Details Liquidity Conditions in Bitget UEX’s Tokenized Equity and Gold Perpetual Markets

Eine unabhängige Studie von Block Scholes untersuchte die Liquidität von vier tokenisierten RWA-Perpetual-Futures auf Bitget UEX (Gold, SPY, NVDA, QQQ) und fand, dass die Orderbuch-Tiefe des Nvidia-Kontrakts rund drei Viertel der Tiefe von Bitgets BTC/USDT-Spot erreichte. Die Kontrakte bieten synthetische Preis exposure, aber kein Eigentum, Dividenden oder Stimmrechte. [PRESS RELEASE – VICTORIA, SEYCHELLES, August 27th, 2026] Independent research published by digital-asset analytics firm Block Scholes measured order-book depth, spreads, and slippage across four tokenized real-world-asset (RWA) perpetual futures contracts listed ON Bitget’s Universal Exchange (UEX) platform, finding that resting liquidity ON the exchange’s Nvidia-tracking contract reached roughly three-quarters of the depth available ON Bitget’s own BTC/USDT spot market by mid-May 2026. The study, published by Block Scholes ON June 15, 2026 , examined four USDT-margined perpetual contracts that track the price of traditional assets — gold (XAU-USDT), the SPDR S&P 500 ETF (SPY-USDT), Nvidia stock (NVDA-USDT), and the Invesco QQQ Nasdaq-100 ETF (QQQ-USDT). These are derivative contracts that give traders synthetic price exposure to the underlying asset; they do not confer equity ownership, dividends, OR voting rights in the referenced companies OR funds. Using order-book snapshots roughly one hour into the U.S. equity session ON May 18, 2026, Block Scholes recorded top-of-book spreads of approximately 0.02 basis points ON the gold contract, 0.14 basis points ON both the SPY and QQQ contracts, and 0.44 basis points ON the NVDA contract — meaning less than half a basis point separated the best bid and best ask ON three of the four instruments at that point in time. By comparison, the same contracts had quoted noticeably wider spreads three minutes after the U.S. market opened that day, with SPY’s spread narrowing from 1.76 basis points to 0.14 basis points within the hour. Slippage ON larger simulated orders followed a similar pattern of improvement as the session progressed. A modeled $100,000 market buy order ON the SPY contract COST 14.88 basis points of slippage at the open, narrowing to 10.66 basis points an hour later; a $500,000 order improved from 46.07 to 24.90 basis points over the same window, according to the report. Depth held up outside standard trading hours, with some seasonal thinning Because RWA perpetuals trade continuously while their underlying assets do not, Block Scholes separately measured how liquidity behaves outside the referenced markets’ regular hours. Trading volume ON the contracts fell substantially ON weekends — by 65 to 90 percent compared with weekday levels, varying by contract — but median bid-ask spreads stayed close to their weekday levels across the full week sampled, at roughly 0.02 basis points for gold, 0.8 for QQQ, 1.0 for NVDA, and 1.3 for SPY. Spreads widened briefly, then recovered, during acute market stress The report also examined how the four contracts behaved around the February 28, 2026 announcement of U.S. strikes against Iran. Spreads widened across ALL four contracts in the immediate aftermath — for example, NVDA’s spread rose from a baseline near 0.6 basis points to a peak of 3.4 — but Block Scholes found the widening was brief, with NVDA’s spread back near its pre-announcement level within mi…