# What a tokenized stock is, and where its weekend price comes from

A token named after a stock can be a share, a note, a certificate, a broker's derivative or a perp. What each is, and who prices it when New York is shut.

*https://cryptomarkets.tools/guides/what-a-tokenized-stock-is · background to Crypto Market Data APIs*

**Answer:** A tokenized stock is usually not a share. Most are a claim on a special-purpose issuer that holds the share with a broker, and carry no vote; some are a platform's own derivative; some are perpetual futures with no share anywhere. Only the issuer's own on-chain stock is the stock. US equities do not trade at weekends, so any weekend price for any of them is set by the venue quoting it, under its own rules.

A screener shows TSLAx, TSLAon, a bStocks certificate, a Robinhood token and `xyz:TSLA` in the same
list. All five are named after Tesla, and none of them is a Tesla share. Four are claims on four
different companies in Jersey, the British Virgin Islands and Abu Dhabi; the fifth is a perpetual
future whose price is set by the market's own deployer. And none of them gets a price from Nasdaq
between Friday evening and Sunday evening.

Which of these a token is decides what a number on its chart means, what a split does to a balance,
who can get the underlying out, and who sets the price while New York is closed.

## How it works

The useful question is not "is it on a chain" but **what the holder has a claim on, and against
whom**. The SEC staff's statement of 28 January 2026 sorts tokenized securities by who does the
tokenizing — the company itself, or "third parties unaffiliated with the issuers" — and sorts the
third-party kind into "custodial tokenized securities and synthetic tokenized securities". The
statement "has no legal force or effect", but the map is the one the market uses. Add the
products that never become a transferable token, and a reader meets four shapes.

**The company's own shares, recorded on a chain.** The issuer or its transfer agent keeps the legal
register on a blockchain, and the token is the share, with the share's rights. RWA.xyz calls this
structure "Direct" and puts Securitize's own stock and Galaxy's shares issued through Superstate in
it. It is the only shape where moving the token moves the stock.

**A certificate or note against shares a broker holds.** Most of the market. A special-purpose
company buys the share through a US broker, holds it in custody, and issues a token that is a claim
on the special-purpose company, not on the company whose name is on it. ESMA's second risk monitor of
2026 puts the consequence in one sentence: "because legal ownership remains off-chain, token
transfers do not convey legal title". The issuers' own documents say what each token is:

| Product | Issuer | What the token is | Vote | Dividends | Who can redeem |
| --- | --- | --- | --- | --- | --- |
| xStocks | Backed Assets (JE) Ltd, Jersey; Payward (Kraken) group | Tracker certificate, Swiss law | No | Reinvested, net of tax | Holders who pass KYC; the prospectus settles in fiat or crypto |
| Ondo stocks | Ondo Global Markets (BVI) Ltd | Secured structured note | No | Reinvested, net of tax | Holders who pass KYC |
| bStocks (Binance) | BTECH Holdings Ltd, Abu Dhabi Global Market | Certificate over shares | No | Reinvested, net of 30% US withholding | Into shares, through Binance's redemption agent |
| Coinbase certificates | Coinbase Onchain SPV Ltd, Abu Dhabi Global Market | Pro rata beneficial interest in deposited shares | Only by instructing the issuer | Reinvested, after a 5% fee and withholding | Only holders who have passed the issuer's checks |
| Robinhood Stock Tokens | Robinhood Assets (Jersey) Ltd | Collateralised tracker certificate, Swiss law | No | Benefit reinvested | Authorised participants; investors only under stated conditions |

Three things in that table matter more than the rest. The prospectuses are explicit about rights —
xStocks' says investors "do not have any dividend, voting, pre-emption rights", and the bStocks one
that a certificate "represents the right to redeem a corresponding number of the Shares. It does
not represent anything more or less." Redemption is gated, and a token bought on a DEX may come
with no redemption right its holder can use. And one broker sits behind most of the table: Alpaca
Securities LLC is named as custodian or broker in the xStocks, bStocks and Coinbase prospectuses and
in Robinhood's final terms, so four brands of tokenized stock can be four claims on four issuers
whose shares sit at one custodian.

None of these is offered to US persons. Each document says so, usually on its cover.

**A broker's own derivative, not a token you can move.** Robinhood's original EU product, now
Classic Stock Tokens, is a contract with Robinhood Europe. Its key information document calls it
"an over-the-counter ('OTC') derivative", names Robinhood Europe "the sole counterparty to your
claims", and says it "does not allow you to redeem it for shares". It cannot be withdrawn to another
wallet.

**A perpetual future with no share anywhere.** Stock perps on centralised exchanges and HIP-3 markets
on Hyperliquid settle in stablecoins and track a price. What ties the contract to the stock is the
index or oracle and the [funding rate](https://cryptomarkets.tools/glossary/funding-rate), and on Hyperliquid the oracle is the
deployer's job: "The deployer of a perp market is responsible for … setting oracle prices, leverage
limits, and settling the market if needed."

**Where the US is going.** In the US, the version regulators are building is the ordinary share in
token form. The SEC approved Nasdaq's rule on 18 March 2026 to trade securities "in tokenized form",
"only if the tokenized security is fungible with, shares the same CUSIP number with and trading
symbol, and affords its shareholders the same rights and privileges" as the ordinary share, during
a Depository Trust Company pilot. The Commission's Innovation Exemption, Release 34-106402, which
runs to 17 September 2031, lets "Tokenized Securities Venues" trade tokenized NMS stock, requires
"the same rights and privileges" as the ordinary share, gives the company notice and a right to
object, and excludes the synthetic kind outright: it "does not include securities where a third
party issues a crypto asset representing its own security that provides synthetic exposure to an
underlying security".

## Where the price comes from when New York is closed

This is the part that shows up in data.

**The underlying has sessions, and a gap.** A US stock trades pre-market from 4:00 to 9:30 ET, in the
regular session to 16:00 and post-market to 20:00. From 20:00 to 04:00 on Sunday to Thursday nights
it trades only on alternative trading systems such as Blue Ocean. No US exchange trades overnight
until the securities information processors do. The SEC order approving their plan amendment
gives the processors' new hours as "9:00 p.m. Eastern Time ('ET') Sunday to 8:00 p.m. ET Friday",
with an hour's pause at 20:00 Monday to Thursday and an expected start on 6 December 2026. From 20:00
on Friday to 20:00 on Sunday, nothing trades anywhere. Any tokenized stock quoted in that window is
priced by somebody who is not a stock market.

**Oracles for the underlying hold, and say so.** Chainlink's 24/5 US equity streams carry a
`marketStatus` field, and its guide is plain about weekends: "all three feeds will carry stale
values. This reflects true underlying market inactivity rather than an outage or failure." Its
advice is "Do not use data when marketStatus is closed". Two more details from the same
documentation:

- The extended and overnight sessions "are currently sourced from a single data provider, making
  these sessions less reliable than the regular hours price feed which is multi-sourced."
- The status codes differ between schemas. In the RWA Standard (v8) schema used for FX, metals and
  commodities, `1` means **Closed**; in the RWA Advanced (v11) schema used for 24/5 US equities, `1`
  means **Pre-market**. Code written for one and pointed at the other reads a closed market as open.

Pyth labels the session and never leaves the price empty. Its Pro feeds carry a `marketSession` of
`regular`, `preMarket`, `postMarket`, `overNight` or `closed`, and since 23 March 2026 "the most
recent price will be carried forward" through off-hours. Whether a price is fresh is in
`feedUpdateTimestamp`, not in the price. On 15 June 2026 Pyth moved its pre-market, post-market and
overnight US equity feeds from the free Core product to the paid Pyth Pro.

**So the weekend price is the venue's own.** Each venue that quotes through the weekend publishes, or
declines to publish, the rule it uses:

- **trade[XYZ]**, a HIP-3 deployer on Hyperliquid: the "external price remains fixed at the external
  close price while the oracle advances via its internal pricing mechanism", an exponentially
  weighted average that follows its own order book, with a time constant it cut to 30 minutes in
  April 2026. It calls itself "the primary venue for price discovery over weekends, holidays, and
  other extended sessions" and holds the mark price within plus or minus one over maximum leverage
  of the Friday close, re-anchored a limited number of times. If a trader's liquidation price lies
  outside those bounds, "their position cannot be liquidated while those bounds are in effect".
- **bStocks** trade at weekends on an Abu Dhabi multilateral trading facility, where "trading bands …
  are referenced to the end-of-day closing price of the Underlying with approximately a 20% buffer
  rather than to a real-time price".
- **Ondo** keeps "a select set of assets" trading off-hours, quoted by "our proprietary pricing
  method based on prevailing market conditions". The method is not published.
- **Binance** builds its stock-perp index from "constituent prices quoted by third-party data vendors"
  in regular periods, and at weekends and holidays from an "Impact Mid Price derived from the
  orderbook" — its own book. **OKX** says that off-hours "the index relies more on OKX's own contract
  price and stock perps index price on other exchanges". **Bybit** may "temporarily exclude"
  components that stop updating. **Kraken** says the reference price for its xStocks perps
  "continues to reflect real-time pricing from onchain trading of the xStocks tokens".

Those prices are partly made of each other. OKX's public API lists the components of its TSLA-USDT
index as Pyth, Ondo's own ticker, Kaiko's reference rate, Binance's index, Hyperliquid's oracle,
OKX's own perp and the Tesla xStock on OKX's spot market. On a weekend, then, one venue's Tesla perp
is priced from other venues' Tesla perps and from a tokenized Tesla, each of which is doing the same
thing. Nothing in that loop is a trade in a Tesla share. The gap between Friday's close and a
Sunday-evening quote is one venue's opinion under that venue's rule, and a second venue can hold a
different one at the same moment.

## What the multiplier does to your numbers

Most certificates and notes do not pay dividends in cash. They reinvest them, net of withholding
tax, and record the result in a multiplier; the bStocks prospectus says "Holders do not receive cash
dividends directly" and that splits and reverse splits "are similarly reflected through proportional
Multiplier adjustments". The mechanics on chain differ:

- on EVM chains, xStocks' `balanceOf()` returns an equity-adjusted balance, and the multiplier is
  readable separately;
- on Solana and TON, the raw balance stays constant and the multiplier sits in token metadata (the
  Scaled UI Amount extension on Solana), so a wallet or indexer that ignores it shows the wrong
  holding;
- Robinhood's Stock Tokens keep the raw ERC-20 balance fixed and expose `uiMultiplier()`.

So a token's price is the underlying price times the current multiplier, and a token that has
reinvested a year of dividends trades above the share, correctly. An indexer reading raw Solana
balances undercounts every holder of a dividend-paying token. And a split changes the multiplier,
not the ticker, so a chart of token trades has no gap on the split date while a chart of the
unadjusted share has one.

## What it costs

- **Dividends.** Reinvestment is net of withholding, which the prospectuses put at 30 per cent for
  US dividends to non-US holders. Coinbase's certificates add a distribution fee of "5.0% of the
  gross aggregate value" of any dividend, taken before withholding.
- **Minting and redeeming.** Coinbase's NVIDIA prospectus: 0.01 per cent to create, 0.05 per cent to
  redeem. Robinhood's Series 34 final terms: nothing to subscribe, nothing to redeem for ninety days
  and 0.05 per cent after that, and "No Management Fees are applicable … as of the date of these
  Final Terms". Robinhood's Classic Stock Tokens in the EU: 0.10 per cent in and 0.10 per cent out,
  per the key information document.
- **The right to redeem at all.** The xStocks prospectus requires KYC at redemption, excludes physical
  delivery of shares, and warns that "an investor purchasing the Products on secondary markets will
  not meet such due diligence requirements and therefore may not be able to redeem the Products".
  Ondo's documentation says the same about secondary buyers almost word for word.
- **Dividends on perps.** No share, so the contract handles it or nothing does. Binance and Bybit pay
  it as a special funding payment from shorts to longs before the ex-date. OKX's FAQ says it
  "doesn't apply any dividend adjustment" and may settle and delist a contract after a split or a
  large dividend.
- **Weekend data.** Pyth lists its Pro US-equities plan, which now carries the extended-hours feeds,
  at $5,000 a month.
- **HIP-3 fees.** trade[XYZ] states that fees on HIP-3 assets are twice those on Hyperliquid's
  validator-operated perps, split between Hyperliquid and the deployer.

## How big this is, and why the headline number is mixed

RWA.xyz's stocks dashboard showed about $3.1 billion in "distributed" value on the day this page was
last updated — tokens that can leave the issuing platform, as opposed to "represented" ones that
cannot. ESMA's risk monitor put the market at around €1.9 billion at the end of June 2026, up from
about €0.3 billion at the end of 2024.

RWA.xyz's total counts every structure together, company-issued shares included: on the same day the
largest single asset on its dashboard was Securitize's own stock, not a wrapper. Its value is supply
times net asset value, not trading volume. Neither figure is built to include perps — RWA.xyz's
coverage rules require a token contract with verifiable on-chain state, and ESMA measures the value
of tokens outstanding. The size of the perp market is [open interest](https://cryptomarkets.tools/glossary/open-interest), a
different number from different tools.

## How data tools count them

**"Tokenized stock" means a backed spot token.** CoinGecko and CoinMarketCap both run a tokenized-stock
category and rank the tokens as ordinary coins. CoinGecko's RWA classification methodology says it
"verifies the token is backed by the asset itself, not synthetic exposure to its price", so a perp
never lands there. Neither site's methodology says whether the tokens count toward the total crypto
market cap; at a little over $2 billion against trillions, the answer does not move that total, but
it does move any sector total built from the same list.

**"TradFi" means perps on stocks, indices and commodities, and they sit beside the coins.**
[Coinalyze](https://cryptomarkets.tools/tools/coinalyze) labels them with a "(Derivatives)" suffix — "Tesla (Derivatives)" — and
its global open-interest, volume and liquidation charts have an "Exclude TradFi derivatives" box,
while the ranked table on its front page mixes the two. [CoinGlass](https://cryptomarkets.tools/tools/coinglass-web) splits its
front page into All, Crypto and TradFi tabs and runs a separate "Stock Futures Hub". The vocabulary
is not stable: another derivatives tool uses "TradFi" for CME bitcoin futures and Grayscale premiums,
and one data publisher uses "tokenized equities" for perps.

**Exchange totals include them unless somebody took them out.** On
[CoinGecko](https://cryptomarkets.tools/tools/coingecko-api)'s derivatives API, Hyperliquid's open interest equals the sum of
every Hyperliquid ticker, HIP-3 markets such as `XYZ:TSLA-USD` included. Hyperliquid's own API does
the opposite: `meta` and `metaAndAssetCtxs` take a `dex` parameter that "Defaults to the empty string
which represents the first perp dex", so a default request returns no HIP-3 market at all. A script
built on the [Python SDK](https://cryptomarkets.tools/tools/hyperliquid-python-sdk) that never passes a `dex` never sees the stock
perps; one that loops over every dex counts them in.

**A ticker is not an asset class.** CoinGecko's derivatives endpoint identifies a contract by an
`index_id` and carries no asset-class field, so `CAT` holds Caterpillar perps from Bitget, Gate and
WhiteBIT, with an index near $800, in the same slot as a memecoin's perps from MEXC, LBank and
others, with an index of a fraction of a cent. The exchanges' own APIs do say which is which:
Binance marks these contracts `TRADIFI_PERPETUAL` with an `underlyingType` such as `EQUITY`, OKX
gives an `instCategory` in which `3` means stocks, and Bybit a `symbolType`.

**Open interest is counted two ways.** Hyperliquid reports it summed across both sides of each
contract. DefiLlama's adapter halves it, noting in its source that the raw figure is "exactly 2x"
the one-sided number; on the day this page was last updated, CoinGecko showed about twice the
Hyperliquid open interest that CoinMarketCap did.

## What you can do about it

- **Find the document before you believe the ticker.** Every certificate and note has a prospectus,
  final terms or key information document, and its first pages say what the holder owns, who the
  issuer is, which regulator approved it and who may redeem. "Tracker certificate", "structured
  note", "certificate over shares" and "OTC derivative" all mean you do not own a share. No document
  at all is also an answer.
- **If you buy on-chain, assume the secondary market is your only exit** until the issuer's terms say
  otherwise for someone in your position.
- **Never compare a token's price to the raw share price.** Multiply the share price by the token's
  current multiplier, and read balances through the scaled amount the issuer documents —
  `balanceOf()` on EVM xStocks, the metadata multiplier on Solana, `uiMultiplier()` on Robinhood
  Chain.
- **Treat a weekend price as one venue's price.** If you consume an oracle, branch on `marketStatus`
  or `marketSession`, not on timestamps, and check which schema's codes you are reading. If you hold
  a stock perp through the weekend, read the venue's bounds and liquidation rule first: a position
  that cannot be liquidated inside the bounds meets the real market all at once when it reopens.
- **Classify contracts from the venue's own field, not the ticker.** Aggregating across exchanges by
  symbol will merge a company with a coin that shares its ticker.
- **Say which convention a total uses before you compare it** — whether it includes stock perps,
  whether it includes tokenized stocks, and whether its open interest is one-sided or two-sided.
- **For how any crypto price is aggregated in the first place**, the companion page is
  [where the bitcoin price actually comes from](https://cryptomarkets.tools/guides/where-the-bitcoin-price-comes-from); the
  same questions — which venues count, what is thrown out, what happens when a source goes quiet —
  apply to every weekend quote above.

## Tools this bears on

- [CoinGecko API](https://cryptomarkets.tools/tools/coingecko-api.md) — Prices, market data and onchain DEX data for 18,000+ coins, via REST, websocket or MCP.
- [CoinGlass](https://cryptomarkets.tools/tools/coinglass-web.md) — Free derivatives screener — liquidation heatmaps, funding and open interest in a browser.
- [Coinalyze](https://cryptomarkets.tools/tools/coinalyze.md) — Free futures screener — open interest, funding, basis and liquidations in one table.
- [Hyperliquid Python SDK](https://cryptomarkets.tools/tools/hyperliquid-python-sdk.md) — The official Python client for signing and sending orders on one perp DEX.

## FAQ

### Does a tokenized stock give me a vote and dividends?

Usually no vote, and dividends only indirectly. The certificate and note structures sold outside the US state in their own documents that holders have no shareholder voting rights; most reinvest dividends net of US withholding tax by raising a per-token multiplier rather than paying cash. The exceptions are shares a company tokenizes itself, where the token is the share.

### Can I redeem a tokenized stock for the real share?

Rarely, and usually not if you bought it on-chain. Redemption is generally open only to holders who pass the issuer's know-your-customer checks, often only to institutions or authorised participants, and most issuers settle a redemption in cash or stablecoins rather than delivering shares. A buyer on a DEX may have the secondary market as their only exit.

### Who sets the price of a tokenized stock on Saturday?

The venue quoting it. No US exchange or alternative trading system trades US stocks at weekends, so a weekend price is formed by the token's own order book, a market maker's model or a perp venue's internal oracle, each under its own published or unpublished rule. Oracle feeds for the underlying stock hold the last price and report the market as closed.

### Why does the token chart not match the stock chart?

Because most tokens are worth the underlying price times a multiplier that grows as dividends are reinvested and changes on splits. Over time a token that reinvests dividends drifts above the unadjusted share price by the accumulated net dividends. Compare the token against the share price multiplied by the token's current multiplier, not against the raw share price.

## Sources

1. [Statement on Tokenized Securities (Divisions of Corporation Finance, Investment Management, and Trading and Markets)](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities) — US Securities and Exchange Commission, 2026-01-28
2. [Order Granting Conditional Exemptive Relief for Trading of Tokenized NMS Stock (Innovation Exemption), Release No. 34-106402](https://www.sec.gov/files/rules/exorders/2026/34-106402.pdf) — US Securities and Exchange Commission, 2026-09-17
3. [Order Approving SR-NASDAQ-2025-072 (trading of securities in tokenized form), Release No. 34-105047](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf) — US Securities and Exchange Commission, 2026-03-18
4. [Base Prospectus for tokenized securities of Backed Assets (JE) Limited (xStocks), with First Supplement of 27 July 2026](https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf) — Backed Assets (JE) Limited, 2026-05-08
5. [Prospectus, Reddit bStocks Certificates, BTECH Holdings Ltd](https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---15-september---reddit-bstocks_09_15_2026_14-01-18.pdf) — ADGM Financial Services Regulatory Authority (Listing Authority), 2026-09-15
6. [Prospectus, NVIDIA CB Certificates, Coinbase Onchain SPV Ltd](https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf) — Coinbase Onchain SPV Ltd, 2026-08-04
7. [Key Information Document, Classic Stock Tokens](https://cdn.robinhood.com/assets/robinhood/legal/stock_tokens_kid_eu.pdf) — Robinhood Europe, UAB, 2026-07-01
8. [Final Terms, Series 34, tokenised debt securities linked to Marvell Technology](https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_marvell_technology.pdf) — Robinhood Assets (Jersey) Limited, 2026-06-26
9. [Ondo Stocks — Legal & Regulatory, and Secondary Market Restrictions](https://docs.ondo.finance/ondo-stocks/legal-and-regulatory) — Ondo Finance, read 2026-09-24
10. [TRV Risk Monitor No. 2, 2026 — In depth, Tokenisation of equities](https://www.esma.europa.eu/sites/default/files/2026-09/ESMA50-1949966494-4282_TRV_Risk_Monitor_2_2026.pdf) — European Securities and Markets Authority, 2026-09-10
11. [The future of tokenisation — a joint vision for UK wholesale financial markets (Call for Input)](https://www.fca.org.uk/publication/call-for-input/future-tokenisation-joint-vision-authorities-uk-wholesale-financial-markets.pdf) — Financial Conduct Authority and Bank of England, 2026-05-18
12. [Data Streams — Market Hours](https://docs.chain.link/data-streams/market-hours) — Chainlink, read 2026-09-24
13. [Data Streams — 24/5 US Equities User Guide](https://docs.chain.link/data-streams/rwa-streams/24-5-us-equities-user-guide) — Chainlink, read 2026-09-24
14. [Pyth Pro — Payload Reference](https://docs.pyth.network/price-feeds/pro/payload-reference) — Pyth Network, read 2026-09-24
15. [Extended-Hours US Equity Data Moves to Pyth Pro](https://www.pyth.network/blog/extended-hours-us-equity-data-moves-to-pyth-pro) — Pyth Network, 2026-06-12
16. [Price Feeds — Market Hours (US equity sessions, overnight on Blue Ocean ATS)](https://docs.pyth.network/price-feeds/core/market-hours) — Pyth Network, read 2026-09-24
17. [Perpetual Futures on Traditional Assets (FAQ)](https://www.binance.com/en/support/faq/detail/fe7dcdf24f1943d98b368f5f9f744398) — Binance, 2026-09-23
18. [Stock perpetuals](https://www.okx.com/help/stock-perpetuals) — OKX, 2026-08-31
19. [Index components, TSLA-USDT (public market API)](https://www.okx.com/api/v5/market/index-components?index=TSLA-USDT) — OKX, read 2026-09-24
20. [Introduction to TradFi Perpetual Contracts](https://www.bybit.com/en/help-center/article/Introduction-to-TradFi-Perpetual-Contracts) — Bybit, 2026-09-22
21. [What are xStocks perps?](https://www.kraken.com/learn/futures-trading-what-are-xstocks-perps) — Kraken, 2026-06-19
22. [HIP-3 — Builder-deployed perpetuals](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals) — Hyperliquid, read 2026-09-24
23. [trade[XYZ] documentation — Oracle Price, External Price and Discovery Bounds](https://docs.trade.xyz/perpetuals/mechanics/discovery-bounds) — trade[XYZ], read 2026-09-24
24. [Order Approving CTA/CQ Plan amendment to extend Processor operating hours, Release No. 34-105779](https://www.govinfo.gov/content/pkg/FR-2026-07-01/pdf/2026-13234.pdf) — US Securities and Exchange Commission (Federal Register), 2026-06-26
25. [Info endpoint — Perpetuals (the dex parameter)](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/info-endpoint/perpetuals) — Hyperliquid, read 2026-09-24
26. [dimension-adapters, helpers/hyperliquid.ts (open interest, HIP-3 dexs)](https://github.com/DefiLlama/dimension-adapters/blob/master/helpers/hyperliquid.ts) — DefiLlama, read 2026-09-24
27. [Derivatives tickers (public API, index_id field)](https://api.coingecko.com/api/v3/derivatives) — CoinGecko, read 2026-09-24
28. [OKX API v5 documentation (instruments, instCategory)](https://www.okx.com/docs-v5/en/) — OKX, read 2026-09-24
29. [Tokenized Stocks dashboard](https://app.rwa.xyz/stocks) — RWA.xyz, read 2026-09-24
30. [Frameworks — Tokenization Structure, and Tokenization Type (Distributed and Represented)](https://docs.rwa.xyz/frameworks/tokenization-structure) — RWA.xyz, read 2026-09-24

*Last updated 2026-09-24. A reference page, corrected in place — not a dated post.*