Tokenized real-world assets are rapidly closing the liquidity gap with traditional crypto markets, according to new data from Bitget and analytics firm Block Scholes. Meanwhile, spot ETFs tied to the Hyperliquid ecosystem’s HYPE token have crossed $900 million in cumulative trading volume within their first month, signaling strong demand for regulated crypto exposure products beyond Bitcoin and Ethereum.
The joint report found that Bitget’s tokenized Nvidia perpetual (NVDA-USDT) reached roughly $4.1 million in resting liquidity within 2% of its mid-price by mid-May. That’s about 75% of the exchange’s Bitcoin spot market depth, which CoinGecko pegged at $5.5 million. Liquidity across Bitget’s equity and commodity-linked perpetuals has deepened throughout 2026, with contracts for the SPDR S&P 500 ETF (SPY-USDT), Invesco QQQ ETF (QQQ-USDT), and gold (XAU-USDT) showing tighter bid-ask spreads and faster recovery after market stress events. During the early stages of the U.S.-Iran conflict, spreads briefly widened but returned close to normal within hours, and order book depth recovered to typical weekend levels in about a week.
Gracy Chen, CEO of Bitget, noted in the report: “Access alone is no longer enough … What matters now is whether users can move capital efficiently between markets without sacrificing liquidity. Whether someone is trading crypto, equities, gold, or tokenized assets, they expect the same depth and speed.” The exchange has expanded its perpetual offering to more than 30 stock-related contracts since September 2025.
On the ETF front, three HYPE spot ETFs — 21Shares (THYP), Bitwise (BHYP), and Grayscale (HYPG) — have collected $153 million in net inflows since launch, with total trading volume surpassing $900 million. The products enable institutional and retail investors to gain exposure to the HYPE token through traditional brokerage accounts, avoiding the need for direct crypto custody. While still dwarfed by Bitcoin and Ethereum ETF volumes, the first-month performance places HYPE ETFs among the more successful launches for a token outside the top two by market cap.
