DeFiLlama report: Bitget leads bid-ask spread and top-of-book liquidity as tokenized equity markets explode in 2026
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- Bitget recorded the lowest median bid-ask spread and deepest top-of-book liquidity across the tokenized equity markets DeFiLlama evaluated in its study.
- DeFiLlama noted a 140% growth in tokenization active market capitalization to nearly $2 billion in 2026, from $814 million at the beginning of the year.
- Bitget’s Reality rTokens generated more than $1.16 billion in cumulative trading volume between June and July.
Bitget, the world’s largest Universal Exchange (UEX), today highlighted key findings from a new independent DeFiLlama research report examining the rapid growth and evolving market structure of tokenized equities.
According to the report, tokenization’s active market capitalization has grown by more than 140% in 2026, increasing from $814 million at the beginning of the year to nearly $2 billion at the time of publication.
The research explores how leading tokenized equity platforms are evolving across market structure, liquidity, settlement, and execution quality as adoption continues to accelerate.
What did DeFiLlama report in its tokenization study?
The report evaluates leading tokenized equity platforms across brokerage integration, reserve verification, dividend treatment, settlement mechanisms, and trading infrastructure. It also benchmarks quoted liquidity and execution quality across multiple venues, providing an independent assessment of how the tokenized equities market is evolving.
DeFiLlama’s analysis found that Bitget recorded the lowest median bid-ask spread at 0.83 basis points and the deepest top-of-book liquidity across all five tokenized equity markets evaluated.
In its broader execution benchmark covering 36 stock perpetuals and eight metals and commodity perpetuals, Bitget led 32, 34 and 33 contracts across the 5, 10 and 50 basis point depth measurements respectively, while also recording the greatest aggregate order-book depth across all measured depth ranges.
The findings suggest that as tokenized equity infrastructure matures, execution quality and liquidity are becoming increasingly important differentiators between platforms.
“A tokenized stock is only as good as the market behind it. Investors dont care how the asset is packaged if they can’t trade it efficiently.”, said Gracy Chen, CEO of Bitget. “That’s why liquidity and execution matter. DeFiLlama found Bitget recorded the lowest median bid-ask spread and the deepest top-of-book liquidity across the markets they evaluated. As this market grows, those are the things investors will increasingly expect.”
The report also examines adoption trends within Bitget’s Reality rTokens, which generated more than $1.16 billion in cumulative trading volume between June and July. Semiconductor and technology-linked assets accounted for the majority of activity, underscoring continued demand for tokenized exposure to innovation-driven public companies.
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Hannah Collymore
Hannah is a writer and editor with nearly a decade of blog writing and event reporting experience in the crypto space. At Cryptopolitan, Hannah contributes to the news page, reporting and analyzing the latest developments in DeFi, RWA, crypto regulation, AI and frontier tech industries. She graduated from Arcadia university with a degree in Business Administration.
