Bitget, Reality and Keyring have jointly released a research report exploring how tokenised equities, perpetual derivatives and decentralised lending can be combined to build new investment strategies within decentralised finance (DeFi). The study examines the prospect of bringing equity basis trading onchain, enabling investors to combine tokenised stock exposure with derivatives and lending infrastructure in a single strategy.

Published on October 28, 2026, the research uses historical simulations to investigate the potential returns, financing costs and risks associated with these strategies. The initiative also involves IPOR Fusion, which provides onchain vault infrastructure, and 1Token, which supports portfolio monitoring and risk management.

How the Onchain Equity Basis Strategy Works

The research centres on combining tokenised equities with short positions in corresponding equity perpetual contracts. Using Reality's rTokens, the strategy seeks to reduce exposure to movements in the underlying stock price while generating potential income from funding payments in derivatives markets.

Equity basis trading of this kind has traditionally been the domain of asset managers in conventional markets, and the report examines whether tokenised assets, permissioned lending markets and onchain vaults can replicate those mechanics within DeFi.

When perpetual funding rates are positive, traders holding short positions may receive payments from long-position holders. By pairing tokenised equity holdings with offsetting short positions, the strategy aims to capture this funding premium while limiting directional exposure to the underlying asset.

The approach does not eliminate investment risk, however. Funding rates can turn negative, and differences in collateral valuation, liquidity conditions, trading costs and liquidation requirements can affect the strategy's final performance.

Keyring provides the lending-market structure supporting the strategy, while IPOR Fusion supplies the infrastructure for managing onchain vaults. 1Token contributes portfolio analytics and monitoring tools designed to help track exposures, performance and risk.

Together, these components demonstrate how tokenised equities could potentially serve purposes beyond conventional stock investment, including collateral management, decentralised lending and systematic trading strategies.

Historical Simulations Show Different Return Profiles

According to the report, simulations covering December 15, 2025, to October 19, 2026, produced annualised net returns of approximately 7% during the in-sample period and 4% during the out-of-sample period. The study also identified a gross funding premium of approximately 11%–14%.

In-sample figures are measured over the period used to develop a strategy, while out-of-sample figures test it on data outside that window, a standard distinction for gauging how a strategy holds up beyond its original design.

The gap between the gross premium and the net returns highlights the impact of financing expenses, execution costs and liquidity constraints on overall performance. The results suggest that the funding premium alone is not sufficient to determine whether an equity basis strategy is economically viable. Effective implementation requires careful consideration of trading costs, collateral efficiency and the ability to execute positions without significantly affecting market prices.

The figures are based on historical simulations rather than realised investment results and do not guarantee that comparable returns can be achieved under future market conditions.

Bitget Sees Tokenised Assets Expanding Beyond Traditional Trading

Gracy Chen, CEO of Bitget, said tokenised stocks are creating opportunities beyond buying and selling shares, including their use as collateral and their integration with derivatives and other financial instruments. She added that the research demonstrates how these components can work together while highlighting the importance of execution costs, liquidity and risk management. According to Chen, these developments form part of Bitget's broader Universal Exchange (UEX) strategy.

The research also reflects the growing interest in connecting traditional financial assets with blockchain-based infrastructure. Tokenisation can provide digital representations of rights associated with underlying assets, potentially enabling those assets to interact with decentralised applications and financial protocols.

Reality operates as a real-world asset issuance platform, working with licensed brokers and holding underlying assets in custody before issuing corresponding onchain rights. Its rTokens form the tokenised equity component of the strategy examined in the report.

Keyring Highlights the Potential of Programmable Investment Strategies

Alex McFarlane, founder of Keyring, said bringing equity basis trading fully onchain could make a strategy traditionally used by asset managers more transparent, programmable and accessible to a broader range of investors. He also highlighted the potential for the index to provide a benchmark and a set of building blocks that investment banks, fund managers and commodity trading advisers (CTAs) could use to develop their own strategies.

Meanwhile, 1Token provides portfolio management, trading and risk-monitoring technology, complemented by 1ndex, its research and data platform for tracking, analysing and evaluating digital-asset investment strategies.

Keyring supports permissioned access to DeFi applications through eligibility verification designed to protect personal data. Its services also include tools for structuring permissioned credit markets backed by tokenised assets and coordinating leveraged positions.

Accessing decentralised protocols through Keyring, however, does not eliminate the risks associated with smart-contract vulnerabilities, market volatility or the potential loss of digital assets. Participants remain responsible for their transactions and compliance with applicable regulations.

Risk Management Remains a Key Challenge

The report identifies several challenges that could affect the long-term viability of onchain equity basis strategies, including negative funding rates, collateral valuation differences, liquidation exposure and settlement delays.

Reliable pricing, sufficient market liquidity and coordinated margin management are particularly important when strategies involve multiple protocols and financial instruments. Unexpected market movements or execution delays could also increase costs and undermine the intended reduction in directional exposure.

These considerations highlight why institutional-grade monitoring and risk controls are essential when developing more complex DeFi products.

Potential Integration With Bitget Earn

Bitget said selected products informed by the research are planned for launch through Bitget Earn, subject to product review, regulatory requirements, user eligibility and availability. The planned expansion could provide another route for integrating tokenised assets and structured yield strategies into the exchange's broader ecosystem. The announcement, however, does not establish a guaranteed launch date or confirm that the simulated returns will be available to users.

If such a rollout proceeds, it would mark the strategy's first operation outside simulated conditions, making product review and regulatory clearance key milestones to watch.

Bitget describes itself as a Universal Exchange offering access to cryptocurrencies and tokenised traditional financial assets, including stocks, exchange-traded funds, commodities, foreign exchange and precious metals.

The collaboration with Reality, Keyring, IPOR Fusion and 1Token illustrates how tokenised equities may increasingly interact with decentralised lending, derivatives and automated portfolio infrastructure.

Ultimately, the research presents onchain equity basis trading as a potential framework for developing new investment products rather than a guarantee of sustainable yield. Its future viability will depend on funding conditions, execution efficiency, market liquidity, regulatory considerations and the ability to manage risks across interconnected protocols.

Source: Metaverse Post