Crypto exchange Bitget, Reality and Keyring have published a study examining how tokenized stocks could support trading strategies beyond traditional securities investing. Based on historical simulations covering Dec. 15, 2025, to Oct. 19, 2026, the research tested a basis model combining tokenized stocks, perpetual derivatives and decentralized lending.

The study presents simulations of potential returns, funding costs and related risks, according to a press release provided to Incrypted.

Basis strategy and simulated returns

The model uses Reality’s rTokens to combine holdings of tokenized stocks with offsetting short positions in corresponding perpetual contracts. When funding rates are positive, the short positions can generate funding payments while reducing exposure to changes in the underlying stocks’ prices, the team said.

Keyring structures the related lending markets, while IPOR Fusion provides onchain vault infrastructure and 1Token supports portfolio monitoring and risk management, according to the statement.

An index governed by predefined rules generated an annual net return of about 7% in-sample and 4% out-of-sample in the historical simulations. The gross funding premium was approximately 11% to 14%, while funding costs, trade execution and liquidity constraints affected final performance.

The authors said controlling those factors is critical when implementing basis strategies for tokenized stocks in a decentralized environment.

Bitget CEO Gracy Chen said tokenized stocks could be used as collateral and combined with derivatives and integrated strategies, allowing investors to pursue approaches that previously required separate financial platforms. She said the study showed how those elements interact and underscored the need to manage execution costs, liquidity and risk as Bitget builds its Universal Exchange.

Risks and planned products

The report examines risks including negative funding rates, differences in collateral valuation, liquidations and settlement delays. It identifies robust pricing, sufficient liquidity and coordinated margin management as critical prerequisites for the strategies’ viability in decentralized markets.

Keyring founder Alex McFarlane said bringing equity basis trading onchain could make strategies traditionally used by asset managers more transparent, programmable and accessible.

“More importantly, this index creates a benchmark and a set of building blocks that investment banks, fund managers, and CTA traders can use to develop their own strategies. Bitget’s push to expand the use of rToken in DeFi is a significant step in that direction,” McFarlane said.

The study forms part of a broader Bitget initiative to expand uses for tokenized assets within its Universal Exchange ecosystem, or UEX. Bitget plans to launch standalone products based on the proposed model through Bitget Earn.

Any rollout will depend on product reviews, regulatory requirements, users meeting established criteria and the availability of the relevant services, the company said.

Bitget also said the performance figures were based solely on historical simulations, did not represent realized returns and did not guarantee similar future results. The full report is available here.

Source: Incrypted