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

[PRESS RELEASE – VICTORIA, SEYCHELLES, August 27th, 2026]

Independent analysis revealed by digital-asset analytics agency Block Scholes measured order-book depth, spreads, and slippage throughout 4 tokenized real-world-asset (RWA) perpetual futures contracts listed on Bitget’s Universal Exchange (UEX) platform, discovering that resting liquidity on the trade’s Nvidia-tracking contract reached roughly three-quarters of the depth accessible on Bitget’s personal BTC/USDT spot market by mid-May 2026.

The research, published by Block Scholes on June 15, 2026, examined 4 USDT-margined perpetual contracts that observe the worth of conventional belongings — gold (XAU-USDT), the SPDR S&P 500 ETF (SPY-USDT), Nvidia inventory (NVDA-USDT), and the Invesco QQQ Nasdaq-100 ETF (QQQ-USDT). These are spinoff contracts that give merchants artificial worth publicity to the underlying asset; they don’t confer fairness possession, dividends, or voting rights in the referenced corporations or funds.

Using order-book snapshots roughly one hour into the U.S. fairness session on May 18, 2026, Block Scholes recorded top-of-book spreads of roughly 0.02 foundation factors on the gold contract, 0.14 foundation factors on each the SPY and QQQ contracts, and 0.44 foundation factors on the NVDA contract — that means lower than half a foundation level separated the very best bid and finest ask on three of the 4 devices at that time in time. By comparability, the identical contracts had quoted noticeably wider spreads three minutes after the U.S. market opened that day, with SPY’s unfold narrowing from 1.76 foundation factors to 0.14 foundation factors throughout the hour.

Slippage on bigger simulated orders adopted the same sample of enchancment because the session progressed. A modeled $100,000 market purchase order on the SPY contract price 14.88 foundation factors of slippage on the open, narrowing to 10.66 foundation factors an hour later; a $500,000 order improved from 46.07 to 24.90 foundation factors over the identical window, in keeping with the report.

Depth held up outdoors commonplace buying and selling hours, with some seasonal thinning

Because RWA perpetuals commerce constantly whereas their underlying belongings don’t, Block Scholes individually measured how liquidity behaves outdoors the referenced markets’ common hours. Trading quantity on the contracts fell considerably on weekends — by 65 to 90 % in contrast with weekday ranges, various by contract — however median bid-ask spreads stayed near their weekday ranges throughout the complete week sampled, at roughly 0.02 foundation factors for gold, 0.8 for QQQ, 1.0 for NVDA, and 1.3 for SPY.

Spreads widened briefly, then recovered, throughout acute market stress

The report additionally examined how the 4 contracts behaved across the February 28, 2026 announcement of U.S. strikes towards Iran. Spreads widened throughout all 4 contracts in the fast aftermath — for instance, NVDA’s unfold rose from a baseline close to 0.6 foundation factors to a peak of three.4 — however Block Scholes discovered the widening was temporary, with NVDA’s unfold again close to its pre-announcement stage inside minutes and QQQ’s throughout the hour. Order-book depth thinned extra visibly than spreads did on the day of the announcement — QQQ’s resting depth inside 1% of the mid-price fell to roughly $109,000 from a typical Saturday median of about $191,000 — however Block Scholes recorded depth returning to that typical vary inside every week.

Methodology

Block Scholes calculated bid-ask unfold because the hole between the very best bid and finest ask divided by the mid-price, and modeled slippage by strolling the seen order e book for market orders of specified sizes, utilizing a mix of Bitget’s public API and historic order-book information protecting September 2025 by means of May 2026. The agency’s methodology observe states that depth figures mirror seen resting liquidity at some extent in time or over a pattern interval, not assured executable liquidity, and that slippage estimates exclude buying and selling charges, funding funds, and hidden or replenished liquidity.

The full report, together with supporting charts and the whole information tables referenced above, is out there on Block Scholes’ analysis web site.

About Bitget

Bitget is a worldwide cryptocurrency trade working as a Universal Exchange (UEX), providing crypto, tokenized shares, gold, and different asset courses inside a single account. Bitget has revealed month-to-month proof-of-reserves disclosures since December 2022.

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