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[PRESS RELEASE \u2013 VICTORIA, SEYCHELLES, August 27th, 2026]<\/strong><\/p>\n Independent research published by digital-asset analytics firm Block Scholes measured order-book depth, spreads, and slippage across four tokenized real-world-asset (RWA) perpetual futures contracts listed on Bitget\u2019s Universal Exchange (UEX) platform, finding that resting liquidity on the exchange\u2019s Nvidia-tracking contract reached roughly three-quarters of the depth available on Bitget\u2019s own BTC\/USDT spot market by mid-May 2026.<\/p>\n The study, published by Block Scholes on June 15, 2026<\/a>, examined four USDT-margined perpetual contracts that track the price of traditional assets \u2014 gold (XAU-USDT), the SPDR S&P 500 ETF (SPY-USDT), Nvidia stock (NVDA-USDT), and the Invesco QQQ Nasdaq-100 ETF (QQQ-USDT). These are derivative contracts that give traders synthetic price exposure to the underlying asset; they do not confer equity ownership, dividends, or voting rights in the referenced companies or funds.<\/p>\n Using order-book snapshots roughly one hour into the U.S. equity session on May 18, 2026, Block Scholes recorded top-of-book spreads of approximately 0.02 basis points on the gold contract, 0.14 basis points on both the SPY and QQQ contracts, and 0.44 basis points on the NVDA contract \u2014 meaning less than half a basis point separated the best bid and best ask on three of the four instruments at that point in time. By comparison, the same contracts had quoted noticeably wider spreads three minutes after the U.S. market opened that day, with SPY\u2019s spread narrowing from 1.76 basis points to 0.14 basis points within the hour.<\/p>\n Slippage on larger simulated orders followed a similar pattern of improvement as the session progressed. A modeled $100,000 market buy order on the SPY contract cost 14.88 basis points of slippage at the open, narrowing to 10.66 basis points an hour later; a $500,000 order improved from 46.07 to 24.90 basis points over the same window, according to the report.<\/p>\n Because RWA perpetuals trade continuously while their underlying assets do not, Block Scholes separately measured how liquidity behaves outside the referenced markets\u2019 regular hours. Trading volume on the contracts fell substantially on weekends \u2014 by 65 to 90 percent compared with weekday levels, varying by contract \u2014 but median bid-ask spreads stayed close to their weekday levels across the full week sampled, at roughly 0.02 basis points for gold, 0.8 for QQQ, 1.0 for NVDA, and 1.3 for SPY.<\/p>\n The report also examined how the four contracts behaved around the February 28, 2026 announcement of U.S. strikes against Iran. Spreads widened across all four contracts in the immediate aftermath \u2014 for example, NVDA\u2019s spread rose from a baseline near 0.6 basis points to a peak of 3.4 \u2014 but Block Scholes found the widening was brief, with NVDA\u2019s spread back near its pre-announcement level within minutes and QQQ\u2019s within the hour. Order-book depth thinned more visibly than spreads did on the day of the announcement \u2014 QQQ\u2019s resting depth within 1% of the mid-price fell to roughly $109,000 from a typical Saturday median of about $191,000 \u2014 but Block Scholes recorded depth returning to that typical range within a week.<\/p>\n Block Scholes calculated bid-ask spread as the gap between the best bid and best ask divided by the mid-price, and modeled slippage by walking the visible order book for market orders of specified sizes, using a combination of Bitget\u2019s public API and historical order-book data covering September 2025 through May 2026. The firm\u2019s methodology note states that depth figures reflect visible resting liquidity at a point in time or over a sample period, not guaranteed executable liquidity, and that slippage estimates exclude trading fees, funding payments, and hidden or replenished liquidity.<\/p>\n The full report, including supporting charts and the complete data tables referenced above, is available on Block Scholes\u2019 research site.<\/p>\n Bitget is a global cryptocurrency exchange operating as a Universal Exchange (UEX), offering crypto, tokenized stocks, gold, and other asset classes within a single account. Bitget has published monthly proof-of-reserves disclosures since December 2022.<\/p>\n Website<\/a> | Twitter<\/a> | Telegram<\/a> | LinkedIn<\/a> | Discord<\/a><\/p>\nDepth held up outside standard trading hours, with some seasonal thinning<\/h3>\n
Spreads widened briefly, then recovered, during acute market stress<\/h3>\n
Methodology<\/h3>\n
About Bitget<\/h3>\n