Bitget, in collaboration with Reality and Keyring, has released a research report examining how tokenised equities can be used in strategies that go beyond simple stock trading. The study focuses on combining tokenised equity holdings with perpetual derivatives and decentralised lending to create what they call a fully DeFi equity basis trade.
The research uses Reality's rTokens as the underlying asset. The model pairs these tokenised equities with short positions in corresponding perpetual contracts. When funding rates are positive, these positions can earn funding payments while aiming to reduce exposure to price movements in the underlying stock. Keyring provides the lending market infrastructure, while IPOR Fusion handles onchain vaults and 1Token supports portfolio monitoring and risk management.
Historical simulations covering December 15, 2025, to October 19, 2026, showed that a rules-based index generated annualised net returns of approximately 7% during the in-sample period and 4% during the out-of-sample period. The research also identified a gross funding premium of roughly 11%–14%, but financing costs, execution expenses, and liquidity constraints reduced net performance.
Gracy Chen, CEO of Bitget, commented: "Tokenised stocks are opening up opportunities beyond buying and selling shares. Investors can use them as collateral, combine with derivatives, and integrated strategies that previously required separate financial platforms." She added that the research highlights the importance of execution costs, liquidity, and risk management.
The report also outlines risks inherent in executing these strategies across decentralised markets, including negative funding rates, collateral valuation differences, liquidation exposure, and settlement delays. It stresses that reliable pricing, sufficient liquidity, and coordinated margin management are essential for making these strategies viable.
Alex McFarlane, Founder of Keyring, noted: "Bringing the equity basis trade fully on-chain makes a strategy traditionally run by asset managers more transparent, programmable and accessible to a broader set of investors." He also mentioned that the index creates a benchmark and building blocks for investment banks, fund managers, and CTAs to develop their own strategies.
This research is part of Bitget's broader efforts to expand the use of tokenised assets within its Universal Exchange ecosystem. Selected products informed by the research are planned to launch through Bitget Earn, subject to product review, regulatory requirements, user eligibility, and availability.
All performance figures are based on historical simulations and do not represent realised returns or guarantee future performance.
This article is for informational purposes only and does not constitute financial advice.
