Don’t overpay for tokenized stocks.
Solana routes and prices: Powered by Jupiter.
Tokens that track real shares, like SPYx for the S&P 500, trade day and night on crypto apps. The same trade can cost seven times as much depending on the app you use.
Independent: we earn nothing from the apps we compare · 2073 price checks since 22 Sep, one every 15 minutes · Quotes, not fills · 8 corrections, all found by us · raw data stamped in Bitcoin daily
New: Same stock, different price → where each tokenized stock was cheapest to buy and to sell on Tue 13 Oct across 14 exchanges, compared with the real share.
Stock by stock: the cheapest way in
Buy and sell $10k in US market hours. You keep the gap between the cheapest and the priciest route.
When is it cheapest?
Tokenized stocks trade nights and weekends, and the cost moves with the clock. Cheapest all-in cost of a $10k round trip, New York time.
Fig. 2 “Kraken” is Kraken Pro; “tie” means two routes within 0.01% of each other.
The big exchanges, tested
Bybit, Bitget, OKX, Gate and MEXC list their own tokenized versions of the same ten stocks: xStocks, Ondo tokens and Bitget’s rTokens. From 25 September to 1 October we checked their public order books every 15 minutes (672 checks, 130 of them in US market hours), the same way as the routes above, and scored three predictions we wrote down on 24 September, before the first check. We publish them as registered, including the ones that fail.
4 of 4Needed: 3.
8 of 10Needed: 4. With Bitget at its 0.10% list rate: 5 of 10. With Jupiter at the top of its fee range: 10 of 10.
0 of 10Needed: 5. Following the one book that was cheapest in US hours: 0 of 10.
US market hours, $10k round trip: the cheapest exchange against the cheapest route above
All-in: the order book’s median cost for the test week plus the exchange’s published taker fee on the buy and the sell (Bitget 0.05%, Bybit 0.20%, Gate 0.20%, MEXC 0.05%). OKX publishes no fee for these tokens, so it is not ranked here. Jupiter counts at the low end of its fee (0.05% per swap). Bitget routes rToken orders to the underlying market on US trading days, so its book may not be what a US-hours order gets. Share of US-hours checks in which each exchange’s books could fill $10k: Bitget 100%, Bybit 100%, Gate 100%, MEXC 100%, OKX 99%. Quotes, not fills.
What this test leaves out. The on-chain side of C1 and C2 is Jupiter’s routing quote, as registered. On 1 October we found that the Jupiter app also gets prices from market makers that answer only inside the app, and in a first check they were far cheaper for several of these stocks, Apple, Alphabet, Meta and Coinbase among them. Binance, whose bStocks had the deepest books we found, was not part of the test. Since 1 October we record both every 15 minutes, and we will publish their medians once there are enough of them.
C1 and C3 stock by stock
C1: US market hours, $10k, before fees median round trip, bps
| Stock | Cheapest exchange book | On-chain market | Cheaper |
|---|---|---|---|
| AAPLx | Bybit 10.4 xStocks, USDT | 69.1 | Exchange |
| GOOGLx | Bitget 5.7 rToken, USDT | 60.9 | Exchange |
| METAx | Bitget 7.2 rToken, USDT | 46.5 | Exchange |
| COINx | Bitget 12.6 rToken, USDT | 123.7 | Exchange |
C3: $100k, overnight against US market hours cheapest book in each session, bps
| Stock | US market hours | Overnight | Overnight / US hours |
|---|---|---|---|
| SPYx | Bitget 10.2 rToken, USDT | Bitget 12.2 rToken, USDT | ×1.20 |
| QQQx | Bitget 10.0 rToken, USDT | Bitget 12.6 rToken, USDT | ×1.26 |
| NVDAx | Bitget 10.7 rToken, USDT | Bitget 11.1 rToken, USDT | ×1.04 |
| TSLAx | Bitget 15.0 rToken, USDT | Bitget 14.5 rToken, USDT | ×0.97 |
| AAPLx | Bybit 15.4 xStocks, USDT | Bybit 11.4 xStocks, USDT | ×0.74 |
| GOOGLx | Bitget 11.5 rToken, USDT | Bitget 12.7 rToken, USDT | ×1.10 |
| METAx | Bybit 15.2 xStocks, USDT | Bybit 15.1 xStocks, USDT | ×0.99 |
| CRCLx | Bitget 15.2 rToken, USDT | Bitget 21.9 rToken, USDT | ×1.44 |
| MSTRx | OKX 42.1 xStocks, USDT | OKX 72.4 xStocks, USDT | ×1.72 |
| COINx | Bitget 26.4 rToken, USDT | Bybit 34.7 xStocks, USDT | ×1.32 |
The rules: written 24 September · how they are scored, fixed on 30 September before any result · both are in the lists stamped in Bitcoin on our proof page · every number as JSON.
What the data shows
Medians from 22 Sep to 14 Oct. The page is rebuilt every morning, and a finding the data no longer supports is taken off.
Buying and selling $10k of SPYx costs about $5 in the on-chain market itself. Phantom’s 0.85% fee on each swap adds $170. Kraken Pro charges $20 and Jupiter $10–20.
For six of ten stocks, the cheapest way to trade $10k is not the same around the clock. SPYx: in US market hours Kraken Pro is cheapest at $23; at the weekend, Jupiter is cheapest at $15–25.
At $100k, Kraken Pro’s order book was too thin to fill Coinbase in 557 of 568 weekend checks. Kraken Pro’s cost for SPYx at $100k was 1.10% at the weekend against 0.39% in US hours. The on-chain market stayed near 0.18% before app fees.
New to tokenized stocks?
SPYx is a token that tracks the SPY ETF. You buy it in a crypto wallet or on a crypto exchange instead of at a broker, and it trades at night and at weekends. The spread you know is our market cost; the commission is the app fee.
SPYx and the other xStocks are Solana tokens. A Jupiter quote already includes the spread and the price impact at your size; the wallet’s or exchange’s fee comes on top. For SPYx at $10k, that fee is most of what you pay.
Who can trade these
Set by each app, not by us, as their own help pages stated on 28 September 2026. Other apps set their own rules, so check yours before you trade.
How we measure
- Round trip: buy $X of the stock token, then sell exactly those tokens back into the same moment’s market. The cost is what you lose in between: the spread plus the price impact at that size.
- On-chain market: executable quotes from Jupiter, Solana’s main router, for the xStocks tokens. Kraken Pro: its order book for the same tokens, walked to your size, plus the 0.10% taker fee on each leg (20 bps in total). Limit orders that wait on the book pay a −0.02% maker fee instead, so a patient trader pays less than shown.
- All-in: the market cost plus each app’s published fee (checked 23 Sep 2026) on both the buy and the sell. Where a fee is a range we rank by the higher end. Routes within 1 bp (0.01%) of each other count as a tie.
- Any amount: we measure at $1,000, $10,000 and $100,000. In between, the picker estimates on a log scale between the two nearest measurements; below $1,000 it uses the $1,000 figure; above $100,000 it does not estimate.
- Sessions are New York time: US hours 09:30–16:00; pre- and after-market 04:00–09:30 and 16:00–20:00; overnight 20:00–04:00 before a trading day; weekend Friday 20:00 to Sunday 20:00.
- Prices are per share. xStocks reinvest dividends by raising a multiplier, so a raw token is worth slightly more than a share. Every number here is per share.
- Not included: the spread inside Kraken’s consumer app (not published), Solana network fees (a few cents) and the refundable deposit for a new token account.
Limits
- These are quotes, not fills. A quote is what the market offered at that moment; your fill can differ.
- Not measured yet: how far a token’s price sits from the real share price on the stock exchange.
- Since 1 October we also record the Jupiter app’s own quotes, which include market makers that answer only inside the app, and the order books of Binance and nine more exchanges. They are not in the numbers on this page yet.
- The route finder and the daily numbers cover Solana routes and Kraken Pro. The big exchanges (Bybit, Bitget, OKX, Gate and MEXC) are shown for the test week, 25 September to 1 October; daily numbers for them come next.
- Costs move within minutes. The medians describe the period stated, not tomorrow.
- Kraken fees fall at higher volume tiers; a high-tier trader pays less than shown.
- This is measurement, not advice.
Who fills your trade
About 30% of the route hops behind these quotes go through proprietary market makers: venues that reprice their own quotes every few seconds instead of waiting for trades. They publish no trade events, so tools built on pool data cannot see them; our quotes go through the router, so they can.
The largest is Riptide, in 20% of all hops and in 80% of SPYx routes in US hours (70% at the weekend).
What we predicted, and what happened
H1–H3 were written down on 22 September 2026, before any overnight data existed; C1–C3 on 24 September 2026, before the first exchange check. We publish the results as registered, including the ones that failed.
- FailsH1 SPYx $10k overnight >= 2x regular: FAILS (4.7 vs 4.8 bps, ratio 0.98)
- FailsH3 SPYx $10k weekend >= 3x regular: FAILS (4.8 vs 4.8 bps, ratio 1.00)
- FailsH2 Riptide share lower overnight: FAILS (87% overnight vs 87% regular)
- HoldsC1 At $10k in US market hours, the cheapest big-exchange book beats the on-chain market, both before fees, for at least 3 of Apple, Alphabet, Meta and Coinbase. (4 of 4; needed 3)
- HoldsC2 After fees, a big exchange is the cheapest way to trade $10k in US market hours for at least 4 of the 10 stocks. (8 of 10; needed 4)
- FailsC3 At $100k, the cheapest big-exchange book costs at least twice as much overnight as in US market hours for at least 5 of the 10 stocks. (0 of 10; needed 5)
All the numbers
Market cost only, before app fees: median round trip in basis points (1 bp = 0.01%). The cheaper market is shaded. A median is shown only with at least 12 readings; “too thin” means Kraken’s book could not fill that size. On a phone, swipe the tables sideways.
- At $1k and $10k in US hours, the on-chain market for SPYx, QQQx, NVDAx, TSLAx, CRCLx, MSTRx is cheaper than Kraken Pro’s; for AAPLx, GOOGLx, METAx, COINx, Kraken Pro’s is cheaper.
- At $100k in US hours, Kraken Pro is cheaper for QQQx, AAPLx, GOOGLx, METAx, COINx; on-chain is cheaper for SPYx, NVDAx, TSLAx, CRCLx, MSTRx.
- At night the on-chain market for those stocks barely moves (median 0.93× the daytime cost at $10k).
US market hours 407 price checks, Tue 22 Sep 15:52 to Tue 13 Oct 19:53 UTC
| Stock | $1,000 | $10,000 | $100,000 | Riptide in route | |||
|---|---|---|---|---|---|---|---|
| on-chain | Kraken | on-chain | Kraken | on-chain | Kraken | ||
| SPYx | 2.4 | 20.9 | 4.8 | 22.9 | 19.6 | 38.6 | 80% |
| QQQx | 6.0 | 20.5 | 8.8 | 24.0 | 61.2 | 40.8 | 99% |
| NVDAx | 3.5 | 20.9 | 7.9 | 24.4 | 34.7 | 45.7 | 81% |
| TSLAx | 7.6 | 21.1 | 18.7 | 27.6 | 47.1 | 57.2 | 83% |
| AAPLx | 35.7 | 20.9 | 66.9 | 26.6 | 340.0 | 51.4 | 0% |
| GOOGLx | 38.1 | 20.9 | 56.3 | 27.3 | 185.1 | 51.5 | 0% |
| METAx | 31.1 | 21.2 | 46.1 | 29.4 | 214.4 | 93.0 | 0% |
| CRCLx | 6.6 | 24.5 | 21.8 | 39.9 | 61.6 | 86.0 | 82% |
| MSTRx | 10.0 | 21.9 | 14.0 | 33.1 | 79.1 | 82.3 | 94% |
| COINx | 55.8 | 22.3 | 125.3 | 35.0 | 313.4 | 89.0 | 0% |
Pre- and after-market 581 price checks, Tue 22 Sep 20:07 to Tue 13 Oct 23:53 UTC
| Stock | $1,000 | $10,000 | $100,000 | Riptide in route | |||
|---|---|---|---|---|---|---|---|
| on-chain | Kraken | on-chain | Kraken | on-chain | Kraken | ||
| SPYx | 2.4 | 21.4 | 4.8 | 24.1 | 19.2 | 42.1 | 79% |
| QQQx | 6.0 | 20.9 | 8.9 | 24.4 | 62.0 | 47.3 | 100% |
| NVDAx | 4.2 | 21.3 | 7.9 | 26.6 | 30.6 | 47.2 | 80% |
| TSLAx | 8.1 | 21.4 | 11.0 | 29.7 | 47.2 | 57.8 | 89% |
| AAPLx | 34.0 | 21.5 | 65.4 | 30.2 | 338.9 | 57.0 | 0% |
| GOOGLx | 37.6 | 21.4 | 55.9 | 29.0 | 178.3 | 53.3 | 0% |
| METAx | 29.9 | 21.7 | 43.0 | 32.9 | 165.2 | 121.2 | 0% |
| CRCLx | 6.4 | 25.4 | 18.3 | 43.8 | 58.2 | 112.1 | 85% |
| MSTRx | 10.0 | 22.9 | 14.0 | 34.7 | 76.9 | 100.2 | 94% |
| COINx | 55.9 | 23.8 | 125.5 | 36.5 | 313.2 | 111.6 | 0% |
Overnight 510 price checks, Wed 23 Sep 00:07 to Wed 14 Oct 07:23 UTC
| Stock | $1,000 | $10,000 | $100,000 | Riptide in route | |||
|---|---|---|---|---|---|---|---|
| on-chain | Kraken | on-chain | Kraken | on-chain | Kraken | ||
| SPYx | 2.4 | 21.4 | 4.7 | 24.3 | 19.4 | 46.9 | 79% |
| QQQx | 6.0 | 21.7 | 8.9 | 25.7 | 62.8 | 42.9 | 99% |
| NVDAx | 2.8 | 22.1 | 6.9 | 27.3 | 27.6 | 55.3 | 77% |
| TSLAx | 7.7 | 22.7 | 11.0 | 30.7 | 46.8 | 72.6 | 88% |
| AAPLx | 32.8 | 23.1 | 64.2 | 32.9 | 335.1 | 64.5 | 0% |
| GOOGLx | 37.6 | 22.7 | 54.6 | 30.4 | 178.1 | 55.9 | 0% |
| METAx | 28.5 | 23.6 | 42.0 | 34.9 | 169.9 | 124.8 | 0% |
| CRCLx | 6.1 | 27.2 | 15.1 | 44.9 | 60.0 | 123.7 | 87% |
| MSTRx | 10.0 | 25.3 | 14.2 | 39.3 | 78.2 | 122.8 | 95% |
| COINx | 56.1 | 25.1 | 122.1 | 42.3 | 312.4 | 155.3 | 0% |
Weekend 575 price checks, Sat 26 Sep 00:07 to Sun 11 Oct 23:53 UTC
| Stock | $1,000 | $10,000 | $100,000 | Riptide in route | |||
|---|---|---|---|---|---|---|---|
| on-chain | Kraken | on-chain | Kraken | on-chain | Kraken | ||
| SPYx | 2.4 | 24.6 | 4.8 | 32.8 | 18.4 | 110.3 | 70% |
| QQQx | 6.0 | 23.0 | 8.9 | 34.8 | 65.1 | 135.4 | 99% |
| NVDAx | 2.4 | 23.1 | 6.7 | 32.9 | 25.1 | 68.8 | 74% |
| TSLAx | 8.4 | 22.8 | 14.2 | 36.6 | 45.9 | 83.8 | 87% |
| AAPLx | 37.4 | 23.7 | 66.9 | 37.2 | 342.3 | 94.2 | 0% |
| GOOGLx | 39.7 | 23.5 | 55.5 | 34.8 | 180.7 | 80.6 | 0% |
| METAx | 24.8 | 31.3 | 33.3 | 48.6 | 81.0 | 127.8 | 0% |
| CRCLx | 6.3 | 28.3 | 12.3 | 43.4 | 55.6 | 96.2 | 88% |
| MSTRx | 10.0 | 25.2 | 13.7 | 37.3 | 76.1 | 83.7 | 91% |
| COINx | 54.0 | 42.6 | 117.9 | 56.7 | 316.0 | too thin | 0% |
Get the data
New: the daily price file. Every tokenized-stock order book on 14 exchanges every 15 minutes, in real-share terms, with a free sample day. From $499 a month: tokenized-stock data.
The figures on this page are free to quote with attribution to Fillable. Our daily data files are on tokenized-stock data. Questions: data@fillable.ai