Cryptocurrency derivatives exchange BitMEX has officially launched its Equity Perpetual Swaps (Perps) service, a new line of derivative contracts that provide 24/7, crypto-collateralized exposure to major U.S. stock indices. The initial offering includes perpetual swaps tracking the S&P 500 and Nasdaq Composite indices.
The product mirrors the mechanics of crypto perpetual swaps, featuring no expiry date and a funding-rate mechanism to keep contract prices aligned with the spot index value. The core innovation is that users can deposit cryptocurrencies—including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and stablecoins—as collateral to open and maintain leveraged positions on these traditional equity indices. This structure eliminates the need for traders to convert crypto to fiat or use a traditional brokerage account.
The launch comes amid growing demand for onchain access to traditional assets. Bitget recently reported that cumulative spot trading volume for tokenized stocks on its platform surpassed $1 billion, with approximately 95% of that volume generated in December 2025 alone. Bitget CEO Gracy Chen attributed the surge to "AI narratives and renewed tech enthusiasm" in U.S. equities. Concurrently, Kraken’s xStocks tokenized equities surpassed $10 billion in combined centralized and decentralized exchange transaction volume.
BitMEX CEO Stephan Lutz stated the product targets younger investors, particularly Gen Z, who "want to take charge of their own investments, whilst having the flexibility to trade with leverage during the most convenient time of their choosing." He emphasized that Equity Perps allow investors to maintain their crypto holdings by using them as collateral rather than selling to invest in equities.
The contracts are offered via a Panamanian entity and feature maker rebates of 2.5 basis points, a neutral funding rate of 0% when prices are near fair value, and multi-asset collateral options. However, the rapid rise of tokenized stocks and equity-linked perpetuals is unfolding in a regulatory gray zone in many jurisdictions. Regulators in the U.S. and Europe have warned that such products raise unresolved questions around investor protection, ownership rights, and the application of existing securities rules.
Lutz said BitMEX is "committed to running a responsible business in compliance with all applicable laws and regulations" and framed the cash-settled Equity Perps as an alternative that avoids some structural complexities of spot tokenized shares. Chen of Bitget acknowledged that regulatory models "differ meaningfully by jurisdiction" but sees this as part of the natural evolution of a maturing industry.
