BitMEX is expanding beyond crypto-native markets with the launch of Equity Perps, a new line of perpetual swap contracts that provide 24/7, crypto‑collateralized exposure to major US stocks and indexes like Apple, Tesla, Nvidia, the S&P 500 and the Nasdaq, according to a press release shared with Cointelegraph.
The product mirrors the role perpetual swaps played in reshaping crypto markets with non-expiring, funding‑rate‑based, highly leveraged exposure — now applied to equities that have traditionally been confined to limited market hours.
Demand for onchain equities is rising
The move comes as onchain access to equities is showing signs of traction. Bitget recently reported that cumulative spot trading volume for tokenized stocks on its platform had surpassed $1 billion, with roughly 95% of that volume generated in December alone, driven in part by surging demand for gold and silver-linked products as precious metals hit record highs in traditional markets.
Bitget CEO Gracy Chen told Cointelegraph, “December’s surge went hand in hand with the US equities, where AI narratives and renewed tech enthusiasm created ideal conditions for active trading.”
BitMEX launches Equity Perps. Source: BitMEX
Related: BitMEX CEO explains how perpetual swaps test altcoin value
At the same time, Kraken’s xStocks tokenized equities surpassed $10 billion in combined centralized and decentralized exchange transaction volume, and Coinbase is integrating stocks, prediction markets and tokenized assets, highlighting a broader thesis that equities, ETFs and commodities will increasingly trade with crypto‑style liquidity and availability.
“For us, the $1 billion is about validating user demand for onchain access to traditional assets,” said Chen. “Coinbase and Kraken are both moving decisively in this direction, which hints at the narrative that tokenized equities are becoming a core market layer rather than a peripheral feature.”
For crypto derivatives and retail traders
Recent Gallup data shows Gen Z adults in the US are significantly less likely than Boomers to own individual stocks, as they gravitate toward speculative, tech, and crypto names, and BitMEX is targeting this cohort.
“We find that younger investors want to take charge of their own investments, whilst having the flexibility to trade with leverage during the most convenient time of their choosing,” Stephan Lutz, CEO of BitMEX, told Cointelegraph.
He said that Equity Perps addresses these demands while giving investors the ability to keep hold of their crypto assets by using them as collateral rather than having to sell to invest in equities.
Lutz stressed that the product is intended both for existing crypto derivatives users and for retail traders who lack straightforward access to US equities or live in time zones outside of Wall Street hours.
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Minding the regulatory gap
The contracts, offered via a Panamanian entity, come with maker rebates of 2.5 basis points, a neutral funding rate of 0% when prices are near fair value, and multi‑asset collateral options including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL) and stablecoins.
Still, the rapid rise of tokenized stocks and equity‑linked perps is unfolding in a regulatory gray zone in many jurisdictions. Regulators in the US and Europe have warned that many tokenized stock and equity‑linked products raise unresolved questions about investor protection, ownership rights and how existing securities rules apply.
Lutz said that BitMEX is “committed to running a responsible business in compliance with all applicable laws and regulations” and framed cash‑settled Equity Perps as an alternative that avoids some of the structural complexities of spot tokenized shares.
Chen conceded that regulatory models “differ meaningfully by jurisdiction,” and said that Bitget respects these differences and sees them as part of the natural evolution of a fast‑maturing industry.
Related: Tokenized stocks rise 220% in July, reminiscent of ‘early DeFi boom’
