Fillable study finds tokenized Coinbase stock round trip cost about 3%
In brief
- Fillable modeled a $10,000 COINx round trip at about $303, roughly 3% of the trade.
- SPYx cost $20.60 on the same basis; PLTRx cost $699.
- Tokenized Nvidia order-book depth thinned when US markets were closed, Coin Metrics found.
- Tokenized-stock DEX turnover reached $10 billion in October, by Bitquery's count.
How Fillable measured it
Fillable's study simulated buy and sell quotes every 15 minutes during regular US hours and used recent IEX trades as the reference price. It counted pool fees and slippage. It didn't count network fees, some token-to-token conversions or the savings from splitting an order across pools, so the numbers come in below a full wallet-to-wallet cost.
Costs varied a lot from one name to the next. Tesla's TSLAx had a gap of $43.60, Nvidia's NVDAx $44.30 and Apple's AAPLx $88.80, while Robinhood's HOODx reached $371 and Palantir's PLTRx $699. Fillable put COINx's gap at about 14.7 times SPYx's, and PLTRx's at about 34 times.
The midpoints mostly held up.
Of the 22 stocks Fillable measured, 19 had a midpoint within 0.1% of the underlying share price at a $1,000 trade size. The cost shows up in the spread instead. COINx carried a median buy premium near 153 basis points and a sale discount near 149. Using those medians, Fillable's illustration had $10,000 in USDC buying about $9,849 of exposure, with an immediate reversal returning about $9,703.
Liquidity thins after the bell
Coin Metrics' Nov. 3 State of the Network report found that tokenized Nvidia order-book depth within 1% of price fell 19% on average on Bybit and MEXC when US markets were closed, and about 33% on Hyperliquid. Evening and overnight prices also had weak correlations (0.24 and 0.30) with the next US open.
Fillable's Nov. 9 index points the other way: a median modeled round-trip quote cost of $17.90 across ten major stocks and funds, $22.70 during US hours and $15.80 when markets were closed. The index includes pool fees and price impact, with network fees excluded. The two studies don't measure the same markets, though. The index picks each asset's cheapest pool across Solana, Robinhood Chain, Base and BNB Chain.
Who's trading?
Bitquery's October study counted $10 billion of tokenized-stock DEX turnover across six issuers and five chains. From Oct. 2 to Oct. 31, 65% of it happened outside regular US hours, and the 100 busiest wallets accounted for 64% of volume in Coinbase-issued tokens. About 10% of volume in Robinhood-issued tokens came from same-transaction buy-and-sell round trips, a pattern consistent with automated arbitrage (versus about 2% for Coinbase-issued tokens). Stripping those trades out cut Robinhood's monthly lead over Coinbase from $119 million to about $11 million.
CryptoSlate also reported about $3 billion in tokenized-stock DEX transactions over seven days, as of Nov. 4, but didn't say where the figure came from. Brokerages already offer extended-hours trading, so the outlet argued that the real advantage of tokenized stocks is wallet access and crypto-native settlement, subject to issuer and jurisdictional limits.
Frequently asked questions
How much does it cost to trade tokenized stocks on Solana?
In Fillable's Nov. 3 to Nov. 9 study, among the tokens CryptoSlate reported, the modeled quote gap on a $10,000 round trip ranged from $20.60 for SPYx to $699 for PLTRx. COINx came in near $303, about 3% of the trade. The figures exclude network fees.
Is tokenized stock liquidity thinner when US markets are closed?
Coin Metrics found that tokenized Nvidia order-book depth within 1% of price fell 19% on average on Bybit and MEXC when US markets were closed, and about 33% on Hyperliquid. Fillable's Nov. 9 index, which picks each asset's cheapest pool, showed a lower median cost when markets were closed. The two studies measure different markets.
