US Stock Asset Exposure Battle: A Deep-Dive Recap of the Past 7 Days’ Trading Volume Across Five Major Exchanges

US stocks have become a battleground for CEXs. As competition in the market heats up, I roughly compiled, over the past 7 days, order-book trade notional amounts for US-stock exposure products on mainstream platforms. The sample covers five exchanges: Binance, Bybit, Gate, Kraken, and Bitget.

The data is based on each platform’s publicly available API, using only trade amounts that can be clearly attributed to their CEX order books (the统计 period is the full natural UTC dates from July 8, 2026 to July 14, 2026).

To improve comparability, I chose several common underlying assets:

• 1:1 tokenized stock spot: NVDA, TSLA, META, GOOGL

• stock perpetual contracts: AAPL, NVDA, TSLA, GOOGL

Among them, perpetual figures are nominal trading notional amounts, and do not represent net buying, positions, or platform revenue.

1. Binance

Over the past 7 days:

• 1:1 tokenized stock spot: about $15.5013 million

• stock perpetual contracts: about $1.01B

Binance is the top platform among these five, regardless of whether it is tokenized spot or stock perps, in terms of trading notional.

In the statistics, for spot, Binance’s figures include the CEX order-book trade notional amounts for NVDA, TSLA, META, and GOOGL in Binance bStocks; for perps, it includes the CEX order-book trade notional amounts for AAPL, NVDA, TSLA, and GOOGL in stock perps.

This does not include trade volume generated by Binance Wallet or on-chain aggregated trading.

2, Bybit

Over the past 7 days:

• 1:1 tokenized stock spot: about $7.4257 million

• stock perpetual contracts: about $109 million

For Bybit, the spot numbers are based on order-book trade notional amounts for four common underlyings in the xStocks product line, while the perpetual figures are nominal trade notional amounts from the corresponding stock perpetual order books.

Similarly, it does not include Bybit Wallet, on-chain DEX activity, or other third-party liquidity sources in platform trading volume.

3, Kraken

Over the past 7 days:

• 1:1 tokenized stock spot: about $2.1096 million

• stock perpetual contracts: about $3.1010 million

For Kraken, spot statistics are based on the common underlyings in the xStocks order book.

Note that part of Kraken’s publicly available K-line data only returns base-asset trade volume, without directly returning USD trade notional. Therefore, here the estimates are calculated as daily VWAP (or OHLC mid-price) multiplied by base-asset trade volume.

So Kraken’s data is in the same USD nominal notional unit as other platforms, but the accuracy may be slightly lower than platforms that directly provide quote turnover.

4, Bitget

Over the past 7 days:

• 1:1 tokenized stock spot: about $1.7438 million

• stock perpetual contracts: about $137 million

For Bitget, spot only counts the NVDAON, TSLAON, METAON, GOOGLON under the Ondo Stock Token product line, and does not include the rToken issued by Reality Protocol.

Why not count rToken?

Because the trade volume shown in Bitget’s public rToken quotes is closer to the underlying US stock or direct-to-broker liquidity measure, and cannot be clearly attributed to actual trades executed by Bitget’s customers within the CEX.

For example, when querying, the 24-hour trading volume of rNVDA at one point exceeded $25 billion, already close to the full-market scale of NVIDIA’s underlying stock. If you directly treat this number as Bitget’s platform trading volume, it would clearly overstate Bitget’s actual business scale.

Therefore, in this analysis, I only counted the Ondo spot order books and the platform’s stock perpetual order books that can be confirmed via the public API.

5, Gate

Over the past 7 days:

• gStocks spot: about $12.4290 million

• stock perpetual contracts: about $29.4617 million

Gate’s situation is relatively special.

Gate has three separate order-book systems for tokenized stock spot:

• gStocks: about $12.4290 million

• xStocks: about $2.1444 million

• Ondo: about $4.5283 million

The three spot product lines combined total about $19.1017 million.

However, to keep a horizontal comparison across platforms using a representative spot product line per platform, the main table only includes Gate’s brand product gStocks, without stacking the three order books and comparing the combined result against other platforms’ single product line.

If you observe all four visible spot order books for the underlyings on the Gate platform, then Gate’s spot is about $19.1017 million; adding stock perps brings the total to about $48.5634 million.

Gate’s perpetual statistics are based on the order-book trade notional for four USDT-margined stock perpetual contract order books: AAPLX, NVDAX, TSLAX, GOOGLX.

Conclusion

This set of statistics measures the actual trade notional amounts that can be clearly attributed to CEX order books from each platform’s public API.

It does not include:

• total underlying US stock full-market trading volume

• aggregated wallet trades that cannot be attributed to a specific platform

• on-chain token trading volume across the entire DeFi ecosystem

• brokerage-channel executions where the platform customers’ trade notional is not disclosed

• market data that cannot be separated from platform customers’ execution volume

So, if we follow the “one platform, one representative spot product line” main-table methodology, then over the past 7 days the tokenized stock spot ranking is:

2. Binance: about $15.50 million

3. Gate gStocks: about $12.43 million

4. Bybit: about $7.43 million

5. Kraken: about $2.11 million

6. Bitget: about $1.74 million

The stock perpetual ranking is:

2. Binance: about $1.01B

3. Bitget: about $137 million

4. Bybit: about $109 million

5. Gate: about $29.46 million

6. Kraken: about $3.10 million

Similarly, for these five platforms and the current common-underlying methodology, the perpetual trade notional is about 32.8 times that of tokenized stock spot. So for now, when CEX users trade their US-stock exposure, the main demand is still concentrated in perpetual contracts rather than 1:1 tokenized stock spot. After all, perps allow both long and short exposure and use leverage, with higher capital efficiency, and they also match crypto users’ existing trading habits.

Another fairly clear observation is that although many tokenized stocks and stock perps advertise 24/7 trading, weekend trading notional still drops significantly.

This suggests that while the product can trade all day, it does not mean liquidity has fully detached from the US stock market. At this stage, US stock trading hours, base-market price discovery, and market maker active times still have a major impact on liquidity for CEX US-stock products.