BitMEX Launches Equity Perps for 24/7 Crypto-Style Stock Trading
What Are Equity Perps and Why Is BitMEX Launching Them Now?
BitMEX is expanding beyond crypto-native markets with the launch of Equity Perps, a new set of perpetual swap contracts that give traders round-the-clock exposure to major US stocks and indexes. The lineup includes names such as Apple, Tesla, Nvidia, the S&P 500, and the Nasdaq, with all positions collateralized using crypto assets rather than fiat.
The product borrows directly from the mechanics that transformed crypto derivatives markets. Like , Equity Perps have no expiry date and rely on funding rates to keep prices aligned with underlying markets. What changes is the asset class. Instead of BTC or Ether, the reference points are equities that have traditionally been limited to US trading hours.
By applying a crypto-style structure to stocks, BitMEX is betting that demand for flexible, always-on equity exposure is no longer confined to niche traders. The platform says the contracts are cash-settled and offered through a Panamanian entity, with features designed to mirror familiar crypto derivatives rather than traditional equity products.
Investor Takeaway
Is Demand for Onchain Equities Gaining Real Traction?
BitMEX’s move comes as onchain access to traditional assets shows signs of momentum. Tokenized stocks and equity-linked products have shifted from experiments to meaningful trading activity on several platforms.
Bitget recently said cumulative spot stocks on its platform had passed $1 billion, with most of that activity concentrated in December. The surge coincided with strong interest in precious metals-linked products as reached record levels in traditional markets, alongside renewed enthusiasm for US technology stocks.
“December’s surge went hand in hand with the US equities, where AI narratives and renewed tech enthusiasm created ideal conditions for active trading,” said.
Elsewhere, Kraken’s xStocks program has surpassed $10 billion in combined volume, while Coinbase has begun folding stocks, prediction markets, and tokenized assets into a single platform. The pattern points toward equities and indexes begining to trade with crypto-like availability rather than being confined to legacy market schedules.
“For us, the $1 billion is about validating user demand for onchain access to traditional assets,” Chen said. “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.”
Who Is BitMEX Targeting With Equity Perps?
BitMEX is pitching the product at two overlapping groups: existing who lack straightforward access to US equities. The platform points to generational shifts in investing behavior as a key driver.
Recent Gallup data shows younger adults in the US are far less likely than older generations to own individual stocks, with many gravitating toward speculative assets, technology themes, and crypto markets. BitMEX views Equity Perps as a way to meet that audience where it already trades.
“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,” said.
He added that the contracts allow users to keep their crypto holdings intact by using them as collateral instead of tradeing assets to gain equity exposure. The product also targets traders outside US time zones who want access to American stocks without aligning their schedules to Wall Street hours.
Investor Takeaway
How Does Regulation Factor Into Equity Perps?
The rise of equity-linked perps and tokenized stocks is unfolding in a gray regulatory environment. Regulators in the US and Europe have raised , ownership rights, and how securities laws apply to products that mirror equities without delivering the shares themselves.
BitMEX says its contracts are cash-settled, which avoids some of the legal and operational issues tied to issuing or custodying tokenized shares. The products come with maker rebates of 2.5 basis points, a neutral funding rate when prices track fair value, and multi-asset collateral options including BTC, ETH, XRP, Solana, and stablecoins.
Lutz said the platform is “committed to running a responsible business in compliance with all applicable laws and regulations,” framing Equity Perps as a simpler structure than spot tokenized equities. Chen also noted that regulatory approaches vary widely by jurisdiction and described the current environment as part of the industry’s maturation process.
