Perpetual futures for tokenized equities; derivatives that represent price exposure rather than direct ownership; grew from around $16 billion in 2025 to over $590 billion in 2026 to date. Spot trading (actual on-chain ownership of the token itself) rose from $38 billion in 2025 to over $88 billion so far this year and is on pace to top $145 billion for the full year. Both trajectories point in the same direction: substantial and accelerating demand for equity exposure through on-chain rails.
The on-chain equity market cap currently sits at $2.1 billion, against a $151.9 trillion global equity market; approximately $1 in every $72,000. The gap between where the demand signal is pointing and where market cap currently sits is precisely where the opportunity lies as the infrastructure matures.
The distinction that matters
Not all tokenized equities are the same instrument. Three structures are operating in the market today. In an issuer-sponsored model, the token is the share itself — it carries full voting rights, dividends, and corporate action protections, and the holder is recognized as the registered shareholder. In a custodial model, the holder receives the same economic rights but accesses them through a securities intermediary rather than directly. In a synthetic model, the investor holds a contractual claim against a third party; not the underlying share at all.
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