▲ Work in progress. This site is built and researched in the open: pages, numbers and findings may change or be wrong, and the record has gaps. Not advice. More
Tokenised assets
22 coins · $8.97B in open positions · updated 21:59 UTC
Information only: not an offer, not advice. Tokenised stocks and funds are securities in most countries, and who may buy them, and where, varies by country.
Gold
Gold itself, and two tokens for metal held in a vault: each token stands for one troy ounce its issuer says it holds. What is traded here is each one's perpetual future.
| coin | what it is | price | 24h | open interest | OI 24h | funding | volume 24h | premium |
|---|---|---|---|---|---|---|---|---|
| XAU | gold itself: a future that follows its price | $3,890.02 | -3.4% | $2.03B | +16.4% | +20.0% | $3.92B | +0.06% |
| XAUT | Tether Gold: each token stands for one troy ounce of gold, held by its issuer, Tether | $3,880.92 | -3.3% | $1.27B | +6.8% | +19.9% | $324M | +0.01% |
| PAXG | Paxos Gold: each token stands for one troy ounce of gold, held by its issuer, Paxos | $3,897.09 | -3.0% | $200M | +5.9% | +0.7% | $143M | -0.04% |
The tokens against gold, futures' prices: XAUT -0.23% · PAXG +0.18%. One token is meant to trade near an ounce; a gap is what traders pay over, or take off, an ounce for holding it as a token.
Stocks and index funds
Perpetual futures that follow an index fund's or a company's share price. Nothing is held behind them: they are a bet on the price, settled in dollars, open all hours while the share's own market is not.
| coin | what it is | price | 24h | open interest | OI 24h | funding | volume 24h | premium |
|---|---|---|---|---|---|---|---|---|
| SPY | the S&P 500 index fund: the 500 largest US companies | $757.94 | -1.0% | $82.47M | -2.3% | +4.4% | $137M | +0.10% |
| QQQ | the Nasdaq-100 index fund: its 100 largest | $692.74 | -1.9% | $189M | +37.3% | +59.4% | $300M | +0.10% |
| IWM | the Russell 2000 index fund: 2,000 smaller US companies | $279.64 | -1.6% | $2.94M | -14.7% | 0.0% | $1.65M | +0.03% |
| AAPL | Apple | $345.30 | -1.6% | $175M | -7.2% | -0.1% | $148M | 0.00% |
| MSFT | Microsoft | $523.11 | -1.1% | $83.78M | -2.5% | +1.2% | $37.75M | 0.00% |
| GOOGL | Alphabet (Google) | $281.68 | -0.3% | $869M | -7.1% | +22.7% | $506M | +0.05% |
| AMZN | Amazon | $240.41 | +4.8% | $56.65M | -14.5% | +2.8% | $87.75M | +0.08% |
| META | Meta Platforms | $613.33 | -1.1% | $163M | -3.5% | +12.0% | $88.95M | +0.06% |
| NVDA | Nvidia | $204.99 | -2.7% | $200M | -4.3% | +1.7% | $259M | +0.06% |
| TSLA | Tesla | $399.72 | +0.4% | $142M | -12.7% | +0.1% | $190M | -0.02% |
| MSTR | Strategy (formerly MicroStrategy): holds Bitcoin | $131.32 | -4.2% | $240M | +11.5% | +41.5% | $520M | +0.12% |
| COIN | Coinbase: a crypto exchange | $144.09 | -7.2% | $57.33M | +14.3% | +18.1% | $110M | +0.02% |
| HOOD | Robinhood: a trading app | $84.96 | -3.1% | $38.02M | -6.3% | +5.2% | $53.32M | +0.09% |
| CRCL | Circle: issues the USDC stablecoin | $72.33 | -5.8% | $372M | +9.1% | +20.8% | $343M | 0.00% |
Commodity futures
Perpetual futures that follow a commodity's price. Nothing is held behind them: they are a bet on the price, settled in dollars.
Protocol tokens
The tokens of projects that issue or hold tokenised assets. Their price is the project's, not the assets': owning one is not owning a share of what the project holds.
| coin | what it is | price | 24h | open interest | OI 24h | funding | volume 24h | premium |
|---|---|---|---|---|---|---|---|---|
| ONDO | Ondo Finance's token; Ondo issues tokenised US Treasury funds | $0.4131 | +5.7% | $203M | -3.2% | -3.2% | $162M | -0.11% |
| SKY | Sky's token (formerly Maker); part of its stablecoin's reserves are in tokenised Treasuries and loans | $0.0673 | +3.5% | $31.09M | -6.4% | +11.0% | $22.59M | -0.01% |
What it shows: Each coin's price now, the middle of the exchanges' mark prices, and its change over 24 hours; its open interest, the US dollars in open futures positions, across the exchanges that list it, and its change over 24 hours; funding, as a yearly figure, the exchanges' average weighted by open interest; and the US dollars traded over 24 hours on Binance and OKX. The change in open interest is counted in coins, so a price move alone does not show as one. Premium: the future's price over the price it follows, the exchange's index, the middle of the exchanges'.
How to read it: Funding is what one side of a perpetual pays the other to keep its price near the asset's: positive, longs pay shorts. +11.0% is the usual resting rate. A gold future's funding far above that, at +30% say, means traders are crowding long. Open interest up 10% in 24 hours: 10% more of the asset in open bets than a day ago. A premium of +0.10%: the future costs 0.1% more than what it follows. While a share's own market is shut, at night and at weekends, its index may stand still, so a premium then is not a mispricing: it is traders' guess at where the share opens. A dash: not recorded now. Click a heading to sort by it.
data to · read every 5 minutes
Tokenised assets, in plain words
A tokenised asset is a token on a blockchain that stands for something off it, so it can be held and moved like any coin. Four kinds, with an example each:
- Gold and other metals
- A token for metal in a vault. One token of a gold coin that stands for one troy ounce is meant to trade near an ounce's price; when it trades at $4,020 with gold at $4,000, it is at a premium of 0.5%.
- Stocks and ETFs
- A token that follows a company's share or a fund's price, held by an issuer or only tracked by a future. The share's own market closes at night and at weekends; the token, or its future, may still trade, and its price then is traders' guess at Monday's.
- Treasuries and money-market funds
- A token for a share in a fund that holds short-dated government bills, paying their interest. A fund paying 4% a year on $1,000 adds about $3.30 a month. The largest are issued by fund managers, for large and approved buyers.
- Credit
- A token for a share in loans, to companies or against property, paying the loans' interest. The risk is the borrowers': a loan not paid back is a loss to the holders.
A token is only as good as the promise behind it: that the issuer holds what it says, and will hand it over or pay it out. What this page shows is the trading in them, not whether that promise is kept.
The Lab's studies of these markets: stock perps while the stock market is shut (what the weekend price says about Monday's open), gold on crypto exchanges (how closely the tokens follow gold), what they cost against the real thing (and how gold and the stock funds compared with Bitcoin and Ether), and where they trade on chain (how deep the pools were, and which market set the price).
Educational research from public market data; any trading discussed is paper, never real. Nothing here is advice. The full notice.