In just over a year, tokenized stocks have gone from a niche experiment to a real market. DefiLlama's tracked tokenized-stock market cap grew from about $63M in August 2025 to $1.66B as of 14 October, a 26x increase over 14 months. As of that date, DefiLlama tracks 1,284 instruments across 18 chains. Instrument counts need care. In August 2026 the tracked count rose from 574 to 1,235 (+115%), but much of that reflects DefiLlama widening its coverage, not 661 new products launching. Market cap is the cleaner growth signal, though it is also affected by which instruments were tracked at each date.

Our first Spotlight showed that Bitget has become one of the main venues for trading tokenized stocks, with strong retail demand and growing volume. But volume only tells you how much people are trading. It doesn't tell you how well the market handles that activity: how tight prices remain, how easily large orders can be filled, or how much  liquidity is available outside regular e US trading hours.

This piece asks the next question: now that the market has real size, how good is the liquidity behind it? To find out, we took a live snapshot of four names (AAPL, TSLA, GOOGL and SPY) across perps on Bitget, Binance, OKX and Bybit, and spot on Bitget, Binance, OKX, Bybit and Hyperliquid. The snapshot was taken on September 29, 2026 at 04:47 UTC, outside US market hours. 

Here's what we found.

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