The World Federation of Exchanges has published a study examining 61 matched token and underlying-security pairs from July 2025 to May 2026, finding that traditional equity markets remained the dominant source of price discovery for third-party tokenised shares. Around 80% of pairs were cointegrated, with a long-run price relationship close to one-for-one. When token and share prices diverged, the token generally did more of the adjustment back toward the underlying equity.
WFE Head of Research Pedro Gurrola-Perez said tokenised markets' around-the-clock schedule does not make them the price leader. For the median matched pair, researchers attributed more than 80% of the permanent component of the common price to the underlying equity. The Hasbrouck information-share measure found that the token did not lead price discovery in any pair in the sample. CEO Nandini Sukumar added that tokenisation may change how securities are held, transferred and accessed without changing the role of the market that establishes the underlying price.
Separately, Dune announced real-time market data feeds for onchain tokenized U.S. stocks. Its Q3 data showed tokenized stocks and ETFs traded more than $37 billion across tracked venues, while stock, ETF and index perpetuals on Hyperliquid alone traded $201 billion, roughly five times as much. Dune noted tokenized stock volume has risen almost 18x since January, and Asian names accounted for 24% of equity perpetual open interest.
The data launch follows the SEC's September opening of a path for tokenized U.S. stocks to trade onchain. A joint venture between OKX and Intercontinental Exchange has filed to list 63 tokenized stocks on XLayer, OKX's network, and the new Dune feeds support XLayer from the first day of trading. The spot feed covers more than 200 venues on 12 chains, including Solana, Ethereum, Base, BNB Chain and XLayer, while the perpetuals feed covers Hyperliquid and Lighter.
Dune also highlighted structural differences between tokenized shares and stock perpetuals. Perpetuals trade around the clock on margin, use funding payments, and can list names that are hard to buy directly, but holders have a price position rather than shares. Most Hyperliquid equity, commodity, index and currency exposure sits in markets launched by outside teams under the HIP-3 framework, with operators setting leverage terms, reference prices and fee shares. In October, Ripple Prime launched swaps referencing Trade.xyz perpetuals on Hyperliquid.
The reports suggest market access and price formation remain separate questions. Continuous token trading expands access to prices formed in established equity markets, but the underlying market remains the reference point in the sample studied.
