一文全览主要 CEX 加密股票产品方案

In the current market cycle, TradFi is becoming one of the clearest expansion directions for centralized exchanges, with equities emerging as the most critical product entry point in this competitive phase.

In fact, since entering 2026, a growing number of exchanges have begun incorporating US stocks, ETFs, and even Pre-IPO assets into their trading systems. Product formats have also expanded from simple price derivatives to tokenized stock spot, on-chain transferable assets, stock contracts, CFDs, and direct stock trading services linked to traditional securities markets.

According to CoinGecko's statistics on major crypto trading platforms, the monthly trading volume of equity-themed perpetual contracts on the top 13 exchanges grew from approximately $831 million in July 2025 to roughly $34 billion by May 2026—an increase of nearly 40 times in less than a year.

In the first five months of 2026 alone, cumulative trading volume for equity perpetuals had already exceeded the full-year total for 2025. TradFi/RWA perpetuals covering stocks, commodities, and indices reached $347.17 billion in monthly volume in May 2026, with cumulative volume surpassing $1.32 trillion within 2026.

In the spot and on-chain tokenized equity space, taking xStocks—one of the leading tokenized stock systems—as an example, its officially disclosed cumulative trading volume had exceeded $35 billion as of July 2026, with nearly 200,000 global holders. It is also expanding from US stocks and ETFs into markets such as Hong Kong, the UK, Europe, and South Korea.

Given the pace of product iteration and the recent investments by major exchanges, this can no longer be easily dismissed as a marginal RWA experiment. This track is gradually becoming a key competitive arena where CEXs extend from Crypto to TradFi—and it remains in an explosive growth phase.

Of course, from the perspective of the global stock market as a whole, crypto equities are still in a relatively early stage. According to CoinGecko data, trading activity in equity-themed crypto derivatives currently represents less than 1% of traditional stock market volume. This also indicates that the overall room for growth remains enormous.

Drilling down into the various CEX offerings, it becomes clear that each exchange has entered this track through different approaches.

This article will systematically review and compare the current crypto equity solutions of several major platforms—Binance, OKX, Bitget, Gate, Kraken, Coinbase, and Backpack—to help readers and traders better understand the current crypto equity market and its landscape.

Overview of Major CEX Crypto Equity Platform Solutions

Binance

Binance's strategy in the crypto equity space is no longer limited to a single Tokenized Stocks product. It has evolved into a multi-layered product system covering real stock trading, tokenized securities, stock perpetuals, and Pre-IPO derivatives, including Binance Stocks, bStocks, TradFi Perps, and Pre-IPO Perps.

By breaking the same stock into multiple trading formats, users can either directly hold the stock, convert a portion into tokens and bring them on-chain, or trade with leverage through perpetual contracts.

• Binance Stocks

Unlike bStocks, Binance Stocks itself is not a tokenized stock. This service is provided by Nest Trading Limited, a broker-dealer under Binance's ADGM framework, and connects to external securities brokerage and clearing systems. After purchasing stocks, users become the beneficial owner of the corresponding securities. The stocks are held in custody by partner brokers and, where applicable, users are entitled to dividends and rights arising from corporate actions such as stock splits.

At launch, Binance Stocks already supported 7,000+ US-listed stocks and ETFs, covering major technology stocks, financials, consumer, energy, semiconductor, and a wide range of ETFs in the US market. The minimum investment threshold is only $5, with fractional share trading supported for select stocks. Stock purchases are primarily settled in USDC, while users can also place orders directly using BNB, USDT, USD1, U, and other Binance account assets, with the system automatically converting to USDC upon execution.

Binance Stocks supports regular US market hours, pre-market and post-market trading, with select securities further supporting Overnight Trading, enabling up to 24/5 trading. Market Orders are primarily executed during regular US market hours, while Limit Orders can cover extended hours and overnight sessions.

In essence, Binance Stocks is designed to allow crypto users whose funds already remain in Binance accounts to directly enter the US stock market without opening a traditional brokerage account.

• bStocks

bStocks are issued by BTech Holdings Limited, a related entity of the Binance group. Officially named bStocks Tokenized Securities, they are classified as Certificates as defined by FSMR Schedule 1 Paragraph 92 under the ADGM legal framework. Each bStock is 1:1 backed by the corresponding US stock held by regulated custodians. However, users hold claims to the underlying securities held by the issuer, rather than being directly registered as traditional shareholders of the listed company.

Binance has directly connected its "real stock accounts" with "on-chain stock tokens." Eligible users can directly purchase bStocks, or first buy real stocks through Binance Stocks and then convert supported stocks into corresponding bStocks at a 1:1 ratio with zero conversion fees. Conversely, bStocks can also be converted back to stock entitlements under Binance Stocks.

Once converted to token form, assets become BEP-20 assets on BNB Smart Chain. Users can trade them 24/7 on Binance Spot, withdraw them to their BSC wallets, and further integrate them with on-chain DeFi scenarios that support bStocks. Corporate actions such as dividends and stock splits are reflected in token holdings through Binance's designed Multiplier mechanism.

Binance currently supports certain bStocks being included in Margin, Portfolio Margin, and collateral systems, fully leveraging asset composability in a DeFi-style manner.

Users can also access on-chain perpetuals provided by Aster through Binance Wallet to trade select blue-chip stocks, ETFs, and commodities. However, since this trading actually occurs on third-party DEX Aster rather than Binance CEX's own trading and clearing systems, this article does not count it as part of Binance CEX's core equity products, treating it instead as a supplementary entry point within the Binance ecosystem.

• TradFi Perps

Unlike the first two categories, TradFi Perps do not require users to hold or convert real stocks. They directly leverage the perpetual contract system that Binance users are already familiar with to provide stock price exposure.

Binance equity perpetuals utilize USDT settlement, 24/7 trading, and an 8-hour funding structure. The minimum notional trading amount is typically 5 USDT, with Multi-Assets Mode supported. After May 2026, Equity TradFi Perps further introduced an Orderbook EWMA Index Mode during periods when underlying securities markets are closed, using Impact Mid Price from Binance's order book combined with EWMA mechanics to form a continuous index price.

Currently, Binance's equity perpetuals have expanded from early offerings focused on US stocks and crypto-related equities such as MSTR, AMZN, CRCL, COIN, and PLTR, to major technology stocks, semiconductors, ETFs, and Asian markets. Beyond POPMARTUSDT (the HK-listed Pop Mart), TMF, TBT, BITO, and other ETF perpetuals, the exchange has also listed ZhongJi Innolight, Samsung Electro-Mechanics, HANMI Semiconductor, LG Electronics, NAVER, KODEX 200 ETF, and other Hong Kong and Korean stock and ETF instruments. Some contracts offer maximum leverage of 20-25x.

• Pre-IPO Perp

Binance officially launched Pre-IPO Perpetual Contracts in May 2026. These contracts correspond to companies that hadn't even become publicly listed at the time of product launch. For instance, the first Pre-IPO Perp, SPCXUSDT, was designed to allow users to trade market expectations for SpaceX's potential public market valuation via USDT-margined perpetual contracts before SpaceX's official IPO.

After SpaceX went public, this product was directly converted from a Pre-IPO Perp into a standard TradFi Perpetual, with the index price switching to the formal public market price. Meanwhile, users can also directly purchase SPCX stock through Binance Stocks and obtain SPCXB via bStocks.

Therefore, Pre-IPO Perps allow certain assets to be traded as Perps before listing, traded as real stocks after listing, with the real stocks further tokenizable as bStocks, while standard equity perpetuals continue to be tradable simultaneously.

Kraken

Kraken's product structure in the crypto equity space is also relatively complete, primarily comprising real stock trading, xStocks tokenized stocks, and stock perpetuals and Pre-IPO Perps derived from xStocks.

Of course, Kraken's xStock belongs to a more foundational layer among many CEX offerings. It was initially launched through Kraken's partnership with Backed. At the end of 2025, Payward announced the acquisition of Backed Finance, which is responsible for issuing xStocks, completing the acquisition in January 2026. As a result, the issuance, trading, and settlement infrastructure of xStocks has been further integrated into the Payward/Kraken ecosystem, giving Kraken simultaneous capabilities in real securities brokerage access, Tokenized Stocks issuance infrastructure, and derivatives trading.

• Real Stock Trading

Kraken actually began expanding toward traditional securities brokerage quite early. In April 2025, Kraken officially launched US stock and ETF trading. The US side now covers 11,000+ stocks and ETFs, including securities from NYSE, Nasdaq, AMEX, and other markets, supporting management within the same trading environment as crypto assets across Kraken App, Kraken Pro, and Kraken Desktop.

This constitutes genuine securities brokerage business and serves as the underlying support layer for xStock.

The securities services are provided by Kraken Securities LLC, an SEC-registered Broker-Dealer and member of FINRA and SIPC. Users purchasing stocks on Kraken acquire real shares, with the exchange explicitly stating that stocks belong to users and cash dividends are credited directly to their accounts.

Trading hours also follow traditional securities market schedules. Regular US market hours run Monday through Friday, 9:30-16:00 ET. While users can submit orders at other times, orders queue for execution during the next trading session. Therefore, it doesn't truly achieve 24/7 trading like xStocks and stock perpetuals.

Kraken's help center, updated in July 2026, indicates that the stock business is currently open to most US regions, with only Maine and New York unsupported. In the European Economic Area, it's open to eligible users in Germany, the Netherlands, and France.

Meanwhile, Kraken continues to add traditional brokerage features. It now supports transferring stocks and ETFs from other brokerage accounts into Kraken via ACATS, and offers Stock Lending, allowing eligible users to lend out their actual stock holdings and earn corresponding returns.

Thus, Kraken Securities embeds traditional securities accounts directly into Kraken, allowing users to genuinely hold stocks, while xStocks is responsible for further extending another portion of stock assets on-chain.

• xStocks

Kraken's most representative product in the crypto equity space is xStocks, a solution that has been integrated by many CEXs and on-chain platforms.

The basic structure of xStocks can be understood as: purchasing real stocks/ETFs, with the custody system holding the underlying securities and issuing corresponding xStocks at a 1:1 ratio, ultimately circulating on Kraken CEX and on-chain. Each xStock is 1:1 backed by the corresponding underlying stock or ETF, with underlying securities held through traditional securities brokerage and custody systems. Kraken partners with institutions like Alpaca to complete underlying stock procurement and custody, with the xStocks issuance system then mapping these securities into on-chain tokens.

However, holding xStock does not equal directly holding shares of the listed company. Users hold tokens supported by real securities, rather than underlying stocks registered in traditional securities accounts, and therefore typically do not have direct voting rights in the listed company. When underlying stocks generate cash dividends, the corresponding economic returns are typically reflected in token holdings through reinvestment and increasing xStock quantities.

Kraken currently has approximately 131 xStocks products (still being updated), including about 100 stocks, 27 ETFs, and a small number of other assets. Major underlyings include Apple, NVIDIA, Tesla, Microsoft, Amazon, Alphabet, Meta, Coinbase, Robinhood, Strategy, GameStop, as well as SPY, QQQ, and other stocks and ETFs.

However, a distinction should be made between the number of tradable assets on Kraken itself and the overall xStocks ecosystem scale.

The entire xStocks issuance system has expanded to 500+ Tokenized Assets, but not all of them have been listed on Kraken.

Of course, similar to bStock, the biggest difference between xStocks and ordinary synthetic stocks within a CEX is that xStocks are genuinely transferable on-chain assets. Users can directly purchase xStocks on Kraken and then withdraw them to external on-chain wallets. xStocks currently operate on Solana, Ethereum, TON, Ink, and other networks, fully leveraging composability in DeFi. This is why Kraken has been aggressively promoting its own chain recently—it essentially wants to maintain more control.

Currently, most xStocks can achieve near 24/5 trading, while core products like TSLAx, QQQx, SPYx, NVDAx, CRCLx, AAPLx, HOODx, MSTRx, GLDx, and GOOGLx already support 24/7 trading on Kraken Pro.

Kraken is also continuously integrating xStocks into its existing crypto product ecosystem. Select core xStocks now support up to approximately 3x margin trading and can serve as eligible collateral for Kraken Pro Futures and Margin. In other words, users can continue holding stock tokens like AAPLx, NVDAx, and SPYx while using them as margin assets, without having to sell them first for stablecoins.

• Stock Perpetuals and Pre-IPO Perps

Building on xStocks spot, Kraken has further constructed xStocks Perpetual Futures.

Many CEX stock Perp solutions directly reference traditional securities market prices to construct indices. However, Kraken's xStocks Perps place greater emphasis on using a tokenized-equity benchmark—namely the xStocks price system—as an important reference before establishing perpetual contracts on top.

The advantage of this approach is that even when traditional US markets are closed, xStocks themselves can continue price discovery on CEX and on-chain platforms, allowing corresponding stock perpetuals to maintain 24/7 trading.

Major xStocks Perps currently live on Kraken include AAPLx, CRCLx, GOOGLx, HOODx, MSTRx, NVDAx, TSLAx, SPYx, QQQx, GLDx, among others. These contracts offer up to approximately 20x leverage, and users can directly trade using their existing Kraken Crypto Perps margin accounts and collateral assets, with support for both long and short positions.

This means the same asset can exist in two completely different forms simultaneously on Kraken.

For example, with NVIDIA: NVDAx is a Tokenized Stock backed 1:1 by real NVIDIA shares, while the corresponding NVDAx Perp is a leveraged perpetual contract established on top of the NVDAx/stock price system.

Meanwhile, Kraken has extended this derivatives logic further into the pre-listing space, launching Pre-IPO Perpetual Futures, with OpenAI and Anthropic as representative products.

Since these companies don't yet have publicly listed stocks, Kraken uses a PreMarket Synthetic Index to address pricing. The platform first forms a price based on market trading in the Pre-IPO contract order book, then uses index and smoothing mechanisms to reduce the impact of individual orders or short-term volatility on price. The Mark Price operates around this Synthetic Index.

When the company formally files IPO documents and actual share capital and offering prices become clearer, Kraken can perform a Rebase on existing contracts based on actual share counts. After the company officially lists, the price benchmark switches to the corresponding stock or xStocks price system, eventually converting into a standard stock perpetual.

OKX

As another major CEX player, OKX's approach leans more toward a combination of Tokenized Stocks + Equity Perps + Web3/CeDeFi compared to Binance. It primarily provides stock market exposure to crypto users through different forms of stock tokens and derivatives.

Breaking it down further, OKX's stock-related products can currently be divided into three main paths:

• One is Unified Tokenized Stocks within the CEX, currently primarily based on xStocks;
• The second is Ondo Tokenized Stocks accessed through OKX CeDeFi/DEX;
• The third is the larger-scale Stock/Equity Perpetuals.

Additionally, in regulated regions such as the EEA, OKX offers a different contract structure called Equity X-Perps.

These product sets are all gradually being integrated into the TradFi entry point on the OKX front end.

• OKX Unified Tokenized Stocks

OKX officially launched Unified Tokenized Stocks (UTS) in July 2026, integrating stock tokens directly into the existing CEX Spot trading system. Users can directly trade tokens corresponding to stocks and ETFs such as Apple, NVIDIA, Tesla, Microsoft, SPY, and QQQ in USDT within their OKX accounts—without opening a traditional brokerage account or converting USDT to fiat—with 24/7 trading supported. UTS shares the same account system as Crypto Spot and Equity Perps.

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