VICTORIA, SEYCHELLES, August 27, 2026, Chainwire — Independent research from 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’s Universal Exchange (UEX) platform. The firm found that resting liquidity in Bitget’s Nvidia-tracking contract reached roughly three-quarters of the depth available on Bitget’s own BTC/USDT spot market by mid-May 2026, underscoring how these synthetic instruments can attract meaningful visible liquidity even though the underlying assets themselves do not trade around the clock.

The study, published by Block Scholes on June 15, 2026, examined four USDT-margined perpetual contracts that track the price of traditional assets: 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 provide synthetic price exposure to the underlying asset and do not confer equity ownership, dividends, or voting rights in the referenced companies or funds.

Using order-book snapshots taken 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. In other words, 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’s spread narrowing from 1.76 basis points to 0.14 basis points within the hour.

Slippage on larger simulated orders showed a similar improvement as the session progressed. A modeled $100,000 market buy order on the SPY contract incurred 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 basis points to 24.90 basis points over the same window, according to the report. For traders and market observers, those figures help show how tokenized perpetuals can look tight at the top of book while still becoming meaningfully more expensive to execute as order size increases.

Depth held up outside standard trading hours, with some seasonal thinning

Because RWA perpetuals trade continuously while their underlying assets do not, Block Scholes also measured how liquidity behaved outside the referenced markets’ regular hours. Trading volume on the contracts fell sharply on weekends — by 65% to 90% compared with weekday levels, depending on the contract — but median bid-ask spreads remained close to weekday levels across the full week sampled. Those medians were roughly 0.02 basis points for gold, 0.8 for QQQ, 1.0 for NVDA, and 1.3 for SPY.

That combination matters because it suggests the market can remain quoted even when the underlying reference assets are closed, although the report’s own methodology notes that visible depth is not the same as guaranteed executable liquidity. In practice, that makes the distinction between quoted spreads and filled orders especially relevant for users of continuously traded synthetic products.

Spreads widened briefly, then recovered, during acute market stress

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. For example, NVDA’s spread rose from a baseline near 0.6 basis points to a peak of 3.4 basis points. Block Scholes said the widening was brief, with NVDA’s spread returning near its pre-announcement level within minutes and QQQ’s within the hour.

Order-book depth thinned more visibly than spreads on the day of the announcement. QQQ’s resting depth within 1% of the mid-price fell to roughly $109,000 from a typical Saturday median of about $191,000. Block Scholes recorded depth returning to that typical range within a week, offering a snapshot of how liquidity on these contracts can compress during headline-driven volatility before normalizing.

Methodology

Block Scholes calculated bid-ask spread as the gap between the best bid and best ask divided by the mid-price. It modeled slippage by walking the visible order book for market orders of specified sizes, using a combination of Bitget’s public API and historical order-book data covering September 2025 through May 2026.

The firm’s methodology note says depth figures reflect visible resting liquidity at a point in time or over a sample period, not guaranteed executable liquidity. It also says slippage estimates exclude trading fees, funding payments, and hidden or replenished liquidity.

The full report, including supporting charts and the complete data tables referenced above, is available on Block Scholes’ research site:

About Bitget

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.

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