Tokenized SPY: how closely the tokens track the S&P 500 ETF
SPY (S&P 500 ETF) trades on crypto exchanges as tokens from 5 issuers, around the clock and at weekends. Every 15 minutes we read 16 of these markets on 9 exchanges and set each one against the real share at the same minute, converted to real shares. This sheet is for anyone who holds, lends against or prices these tokens: how closely they track, how many dollars sit on their books and what selling them costs.
Fri 2 Oct to Tue 13 Oct 2026 · updated every morning · measurement, not advice
How closely the tokens track the real share
Every token on every exchange against the real share at the same minute, in the sessions when the real share trades.
| Session | Prices | Within 0.15% | Typical distanceabove or below | Most prices between10th to 90th percentile |
|---|---|---|---|---|
| US hours9:30 am to 4 pm New York | 3,247 | 90.9% | 4.6 bps | −2.8 to +13 bps |
| Before the open4 am to 9:30 am New York | 2,705 | 92.2% | 5.0 bps | −3.2 to +13 bps |
| After the close4 pm to 8 pm New York | 2,005 | 91.8% | 5.2 bps | −1.8 to +12 bps |
| Overnight8 pm to 4 am New York | 3,498 | 92.8% | 3.8 bps | −2.6 to +13 bps |
Typical distance: half of all prices were closer to the real share than this, above or below it. Plus means above the real share, minus below. 1 bp (basis point) = 0.01%.
How many dollars sit on the bid
All exchanges together: the bid side of every book within 0.25%, 0.5% and 1% of its own price, added up at each check. That is roughly what could be sold at once without moving the price further than that.
| Session | Within 0.25%typical check | Within 0.5%typical check | Within 1%typical check | Within 0.5%thin moments | Checks |
|---|---|---|---|---|---|
| US hours9:30 am to 4 pm New York | ≥ $661k | ≥ $1.1M | ≥ $1.5M | ≥ $806k | 214 |
| Before the open4 am to 9:30 am New York | ≥ $665k | ≥ $985k | ≥ $1.3M | ≥ $816k | 179 |
| After the close4 pm to 8 pm New York | ≥ $582k | ≥ $926k | ≥ $1.4M | ≥ $654k | 135 |
| Overnight8 pm to 4 am New York | ≥ $588k | ≥ $887k | ≥ $1.2M | ≥ $728k | 260 |
| WeekendFriday 8 pm to Sunday 8 pm New York | ≥ $382k | ≥ $564k | ≥ $748k | ≥ $489k | 384 |
Typical check: the middle one. Thin moments: 9 in 10 checks had more than this. ≥ means at least: we read each side of a book until it holds $150,000, so deeper books count at that.
Exchange by exchange: what selling costs
US hours, typical check. Selling is set against the real share at the same minute, with the exchange’s standard fee taken off. Where an exchange lists several SPY tokens, each check uses the better book.
| Exchange | Spreadtightest token | Bid within 0.5%its tokens together | Fee | Sell $10,000fee included | Sell $100,000fee included | Could sell $100,000 |
|---|---|---|---|---|---|---|
| BitgetRSPY | 6 bps | ≥ $160k | 5 bpsa discount | −0.02% | −0.04% | 100% of checks |
| BinanceSPYB | 0 bps | ≥ $155k | 10 bps | −0.09% | −0.11% | 100% of checks |
| OKXXSPY/USDC, XSPY | 1 bp | ≥ $252k | 10 bps | −0.10% | −0.26% | 99% of checks |
| MEXCSPYON, SPYX | 0 bps | $118k | 8 bps | −0.09% | −0.27% | 100% of checks |
| LBankSPYB, SPYON, SPYX | 20 bps | ≥ $261k | 20 bps | −0.26% | −0.31% | 100% of checks |
| GateSPYON, SPYX | 4 bps | $154k | 10 bps | −0.15% | −0.38% | 99% of checks |
| BingXSPYON, SPYX | 6 bps | $29k | 10 bps | −0.21% | −0.82% | 62% of checks |
| WEEXSPYON | 20 bps | $13k | 10 bps | −0.23% | −4.63% | 100% of checks |
| BitrueSPYON, SPYX | 41 bps | $1k | 10 bps | – | could not | 0% of checks |
| PhemexSPYON | 89 bps | $17 | 10 bps | – | could not | 0% of checks |
Minus means you get less than the real share is worth. Fees are each exchange’s taker fee for a new account, as on the prices page; a running discount is marked, and the result changes when it ends.
Issuer by issuer
US hours. The same stock from different issuers, all converted to real shares. Each issuer’s figure covers every exchange that lists its token, so a token listed on thin exchanges looks worse, whoever issued it.
| Issuer | Exchanges | Prices | Within 0.15% | Typical distance |
|---|---|---|---|---|
| Ondo | 7 | 1,429 | 83.5% | 5.8 bps |
| xStocks | 5 | 1,013 | 99.4% | 4.2 bps |
| OKX | 1 | 416 | 99.8% | 2.5 bps |
| Bitget R | 1 | 207 | 99.5% | 6.2 bps |
| bStocks | 1 | 130 | 100% | 2.5 bps |
| B-token | 1 | 52 | 0.0% | 28 bps |
At weekends
Sat 10 – Sun 11 Oct: on Sunday evening, just before US trading restarted, the tokens were +0.32% from Friday’s last price (8 pm New York); on Monday the stock opened +0.07% from it. So the tokens missed the open by 0.25%, and Friday’s last price missed it by 0.07%. Closest exchange: Bitget (0.04% off); furthest: Bitrue (0.40% off).
Through the weekend, token prices were typically +0.12% from Friday’s 4 pm close; most were between −0.01% and +0.22% (5,942 prices). The real share does not trade then, so this shows how far the tokens moved, not a tracking error.
One weekend is a small sample. Every weekend, every stock and the Bitcoin proof: Weekend Watch.
Day by day
US hours, newest first.
| Day | Prices | Within 0.15% | Typical distance | Bid within 0.5%all exchanges, typical check |
|---|---|---|---|---|
| Tue 13 Oct 2026 | 416 | 69.5% | 11 bps | ≥ $845k |
| Mon 12 Oct 2026 | 366 | 70.5% | 12 bps | ≥ $930k |
| Fri 9 Oct 2026 | 390 | 96.2% | 5.6 bps | ≥ $880k |
| Thu 8 Oct 2026 | 414 | 99.0% | 6.1 bps | ≥ $1.1M |
| Wed 7 Oct 2026 | 415 | 99.5% | 3.4 bps | ≥ $1.1M |
| Tue 6 Oct 2026 | 416 | 97.8% | 1.9 bps | ≥ $1.1M |
| Mon 5 Oct 2026 | 414 | 94.2% | 2.0 bps | ≥ $1.2M |
| Fri 2 Oct 2026 | 416 | 98.3% | 2.4 bps | ≥ $1.2M |
The tokens behind this sheet
We read 17 tokens on 10 exchanges, from B-token, Bitget R, OKX, Ondo, bStocks, xStocks. 16 are in our figures; 1 is left out by our daily unit check.
Tokens quoted per token are converted to real shares with the issuer’s published ratio, read every hour. Every day we check that each token’s unit fits its prices; a token that fails is left out of every figure on this page.
The data behind this sheet
Every check behind these figures: every exchange and token, every 15 minutes since Fri 2 Oct 2026, in daily files and through an API, fingerprinted in Bitcoin every night.
Questions or a correction? Write to data@fillable.ai.