Don’t overpay for tokenized stocks.

Solana routes and prices: Powered by Jupiter.

Tokens that track real shares, like SPYx for the S&P 500, trade day and night on crypto apps. The same trade can cost seven times as much depending on the app you use.

Independent: we earn nothing from the apps we compare · 2073 price checks since 22 Sep, one every 15 minutes · Quotes, not fills · 8 corrections, all found by us · raw data stamped in Bitcoin daily

New: Same stock, different price → where each tokenized stock was cheapest to buy and to sell on Tue 13 Oct across 14 exchanges, compared with the real share.

$152kept on a $10k SPYx round trip by picking the cheapest route
$5what the on-chain market itself takes on that trade; the rest is app fees
6 of 10stocks whose cheapest route changes with the time of day
$260the most you keep on one $10k round trip (COINx)
Find the cheapest routeEvery cost includes the app’s fee on the buy and on the sell
Stock
Amount, buy then sell
When (New York time)
Kraken ProCheapestCrypto exchange, order book
$23
0.10% fee on each trade0.23% · 23 bps
Jupiter (jup.ag)Solana price router
$15–25
0.05–0.10% fee on each swap0.15–0.25% · 15–25 bps
Phantom walletCrypto wallet
$175
0.85% fee on each swap1.75% · 175 bps
Pick Kraken Pro over Phantom wallet and keep $152 on this trade.
S&P 500 ETF (SPY), $10,000 in US market hours: median of 405 price checks, 22 Sep to 13 Oct. Quotes, not fills. Solana network fees (a few cents) not included.
Not ranked: Solflare wallet and Kraken app. Their fees are not published or not verified.

Stock by stock: the cheapest way in

Buy and sell $10k in US market hours. You keep the gap between the cheapest and the priciest route.

Stock
Cheapest route
All-in
Priciest
All-in
You keep
SPYxS&P 500 ETF (SPY)
Kraken Pro
$23
Phantom
$175
$152
QQQxNasdaq-100 ETF (QQQ)
Kraken Pro
$24
Phantom
$179
$155
NVDAxNvidia (NVDA)
Kraken Pro
$24
Phantom
$178
$153
TSLAxTesla (TSLA)
Kraken Pro
$28
Phantom
$189
$161
AAPLxApple (AAPL)
Kraken Pro
$27
Phantom
$237
$210
GOOGLxAlphabet (GOOGL)
Kraken Pro
$27
Phantom
$226
$199
METAxMeta (META)
Kraken Pro
$29
Phantom
$216
$187
CRCLxCircle (CRCL)
Kraken Pro
$40
Phantom
$192
$152
MSTRxStrategy (MSTR)
Kraken Pro or Jupiter
$33
Phantom
$184
$151
COINxCoinbase (COIN)
Kraken Pro
$35
Phantom
$295
$260
Stock
Cheapest route
You keep
SPYxS&P 500 ETF (SPY)
Kraken Pro$23 vs $175 Phantom
$152per round trip
QQQxNasdaq-100 ETF (QQQ)
Kraken Pro$24 vs $179 Phantom
$155per round trip
NVDAxNvidia (NVDA)
Kraken Pro$24 vs $178 Phantom
$153per round trip
TSLAxTesla (TSLA)
Kraken Pro$28 vs $189 Phantom
$161per round trip
AAPLxApple (AAPL)
Kraken Pro$27 vs $237 Phantom
$210per round trip
GOOGLxAlphabet (GOOGL)
Kraken Pro$27 vs $226 Phantom
$199per round trip
METAxMeta (META)
Kraken Pro$29 vs $216 Phantom
$187per round trip
CRCLxCircle (CRCL)
Kraken Pro$40 vs $192 Phantom
$152per round trip
MSTRxStrategy (MSTR)
Kraken Pro or Jupiter$33 vs $184 Phantom
$151per round trip
COINxCoinbase (COIN)
Kraken Pro$35 vs $295 Phantom
$260per round trip

When is it cheapest?

Tokenized stocks trade nights and weekends, and the cost moves with the clock. Cheapest all-in cost of a $10k round trip, New York time.

Stock
US hours
Pre / after
Night
Weekend
SPYx
$23
Kraken
$24
tie
$24
tie
$25
Jupiter
QQQx
$24
Kraken
$24
Kraken
$26
Kraken
$29
Jupiter
NVDAx
$24
Kraken
$27
Kraken
$27
tie
$27
Jupiter
TSLAx
$28
Kraken
$30
Kraken
$31
tie
$34
Jupiter
AAPLx
$27
Kraken
$30
Kraken
$33
Kraken
$37
Kraken
GOOGLx
$27
Kraken
$29
Kraken
$30
Kraken
$35
Kraken
METAx
$29
Kraken
$33
Kraken
$35
Kraken
$49
Kraken
CRCLx
$40
Kraken
$38
Jupiter
$35
Jupiter
$32
Jupiter
MSTRx
$33
tie
$34
tie
$34
Jupiter
$34
Jupiter
COINx
$35
Kraken
$36
Kraken
$42
Kraken
$57
Kraken
under $30$30–60$60–100over $100

Fig. 2  “Kraken” is Kraken Pro; “tie” means two routes within 0.01% of each other.

The big exchanges, tested

Bybit, Bitget, OKX, Gate and MEXC list their own tokenized versions of the same ten stocks: xStocks, Ondo tokens and Bitget’s rTokens. From 25 September to 1 October we checked their public order books every 15 minutes (672 checks, 130 of them in US market hours), the same way as the routes above, and scored three predictions we wrote down on 24 September, before the first check. We publish them as registered, including the ones that fail.

HoldsAt $10k in US market hours, the cheapest big-exchange book beats the on-chain market, both before fees, for at least 3 of Apple, Alphabet, Meta and Coinbase.

4 of 4Needed: 3.

HoldsAfter fees, a big exchange is the cheapest way to trade $10k in US market hours for at least 4 of the 10 stocks.

8 of 10Needed: 4. With Bitget at its 0.10% list rate: 5 of 10. With Jupiter at the top of its fee range: 10 of 10.

FailsAt $100k, the cheapest big-exchange book costs at least twice as much overnight as in US market hours for at least 5 of the 10 stocks.

0 of 10Needed: 5. Following the one book that was cheapest in US hours: 0 of 10.

US market hours, $10k round trip: the cheapest exchange against the cheapest route above

Stock
Cheapest exchange
All-in
Route to beat
All-in
Cheaper
SPYxS&P 500 ETF (SPY)
BitgetrToken, USDT
$16
Jupiter
$15
Route above
QQQxNasdaq-100 ETF (QQQ)
BitgetrToken, USDT
$16
Jupiter
$19
Exchange
NVDAxNvidia (NVDA)
BitgetrToken, USDT
$17
Jupiter
$19
Exchange
TSLAxTesla (TSLA)
BitgetrToken, USDT
$18
Jupiter
$21
Exchange
AAPLxApple (AAPL)
MEXCOndo token, USDT
$24
Kraken Pro
$27
Exchange
GOOGLxAlphabet (GOOGL)
BitgetrToken, USDT
$16
Kraken Pro
$28
Exchange
METAxMeta (META)
BitgetrToken, USDT
$17
Kraken Pro
$29
Exchange
CRCLxCircle (CRCL)
BitgetrToken, USDT
$23
Jupiter
$30
Exchange
MSTRxStrategy (MSTR)
MEXCOndo token, USDT
$26
Jupiter
$24
Route above
COINxCoinbase (COIN)
BitgetrToken, USDT
$23
Kraken Pro
$36
Exchange
Stock
Cheapest exchange
Cheaper
SPYxS&P 500 ETF
BitgetrToken, USDT$16 all-in vs Jupiter $15
Route above
QQQxNasdaq-100 ETF
BitgetrToken, USDT$16 all-in vs Jupiter $19
Exchange
NVDAxNvidia
BitgetrToken, USDT$17 all-in vs Jupiter $19
Exchange
TSLAxTesla
BitgetrToken, USDT$18 all-in vs Jupiter $21
Exchange
AAPLxApple
MEXCOndo token, USDT$24 all-in vs Kraken Pro $27
Exchange
GOOGLxAlphabet
BitgetrToken, USDT$16 all-in vs Kraken Pro $28
Exchange
METAxMeta
BitgetrToken, USDT$17 all-in vs Kraken Pro $29
Exchange
CRCLxCircle
BitgetrToken, USDT$23 all-in vs Jupiter $30
Exchange
MSTRxStrategy
MEXCOndo token, USDT$26 all-in vs Jupiter $24
Route above
COINxCoinbase
BitgetrToken, USDT$23 all-in vs Kraken Pro $36
Exchange

All-in: the order book’s median cost for the test week plus the exchange’s published taker fee on the buy and the sell (Bitget 0.05%, Bybit 0.20%, Gate 0.20%, MEXC 0.05%). OKX publishes no fee for these tokens, so it is not ranked here. Jupiter counts at the low end of its fee (0.05% per swap). Bitget routes rToken orders to the underlying market on US trading days, so its book may not be what a US-hours order gets. Share of US-hours checks in which each exchange’s books could fill $10k: Bitget 100%, Bybit 100%, Gate 100%, MEXC 100%, OKX 99%. Quotes, not fills.

What this test leaves out. The on-chain side of C1 and C2 is Jupiter’s routing quote, as registered. On 1 October we found that the Jupiter app also gets prices from market makers that answer only inside the app, and in a first check they were far cheaper for several of these stocks, Apple, Alphabet, Meta and Coinbase among them. Binance, whose bStocks had the deepest books we found, was not part of the test. Since 1 October we record both every 15 minutes, and we will publish their medians once there are enough of them.

C1 and C3 stock by stock

C1: US market hours, $10k, before fees median round trip, bps

StockCheapest exchange bookOn-chain marketCheaper
AAPLxBybit 10.4
xStocks, USDT
69.1Exchange
GOOGLxBitget 5.7
rToken, USDT
60.9Exchange
METAxBitget 7.2
rToken, USDT
46.5Exchange
COINxBitget 12.6
rToken, USDT
123.7Exchange

C3: $100k, overnight against US market hours cheapest book in each session, bps

StockUS market hoursOvernightOvernight / US hours
SPYxBitget 10.2
rToken, USDT
Bitget 12.2
rToken, USDT
×1.20
QQQxBitget 10.0
rToken, USDT
Bitget 12.6
rToken, USDT
×1.26
NVDAxBitget 10.7
rToken, USDT
Bitget 11.1
rToken, USDT
×1.04
TSLAxBitget 15.0
rToken, USDT
Bitget 14.5
rToken, USDT
×0.97
AAPLxBybit 15.4
xStocks, USDT
Bybit 11.4
xStocks, USDT
×0.74
GOOGLxBitget 11.5
rToken, USDT
Bitget 12.7
rToken, USDT
×1.10
METAxBybit 15.2
xStocks, USDT
Bybit 15.1
xStocks, USDT
×0.99
CRCLxBitget 15.2
rToken, USDT
Bitget 21.9
rToken, USDT
×1.44
MSTRxOKX 42.1
xStocks, USDT
OKX 72.4
xStocks, USDT
×1.72
COINxBitget 26.4
rToken, USDT
Bybit 34.7
xStocks, USDT
×1.32

The rules: written 24 September · how they are scored, fixed on 30 September before any result · both are in the lists stamped in Bitcoin on our proof page · every number as JSON.

What the data shows

Medians from 22 Sep to 14 Oct. The page is rebuilt every morning, and a finding the data no longer supports is taken off.

For SPYx, the fee is most of what you pay

Buying and selling $10k of SPYx costs about $5 in the on-chain market itself. Phantom’s 0.85% fee on each swap adds $170. Kraken Pro charges $20 and Jupiter $10–20.

The cheapest route changes with the clock

For six of ten stocks, the cheapest way to trade $10k is not the same around the clock. SPYx: in US market hours Kraken Pro is cheapest at $23; at the weekend, Jupiter is cheapest at $15–25.

Weekends are thin at size

At $100k, Kraken Pro’s order book was too thin to fill Coinbase in 557 of 568 weekend checks. Kraken Pro’s cost for SPYx at $100k was 1.10% at the weekend against 0.39% in US hours. The on-chain market stayed near 0.18% before app fees.

New to tokenized stocks?

If you trade stocks

SPYx is a token that tracks the SPY ETF. You buy it in a crypto wallet or on a crypto exchange instead of at a broker, and it trades at night and at weekends. The spread you know is our market cost; the commission is the app fee.

If you trade crypto

SPYx and the other xStocks are Solana tokens. A Jupiter quote already includes the spread and the price impact at your size; the wallet’s or exchange’s fee comes on top. For SPYx at $10k, that fee is most of what you pay.

Who can trade these

Set by each app, not by us, as their own help pages stated on 28 September 2026. Other apps set their own rules, so check yours before you trade.

Phantom walletEverywhere except France, Germany, the Netherlands, the UK, the US and sanctioned regions.
Kraken and Kraken ProNot in the US, the UK, Canada or Australia. People in the EEA must first pass a questionnaire.
Bybit, Bitget, OKX, Gate and MEXCEach exchange sets its own country rules for these tokens, and we have not checked them. Read its help pages before you sign up.
How we measure
  • Round trip: buy $X of the stock token, then sell exactly those tokens back into the same moment’s market. The cost is what you lose in between: the spread plus the price impact at that size.
  • On-chain market: executable quotes from Jupiter, Solana’s main router, for the xStocks tokens. Kraken Pro: its order book for the same tokens, walked to your size, plus the 0.10% taker fee on each leg (20 bps in total). Limit orders that wait on the book pay a −0.02% maker fee instead, so a patient trader pays less than shown.
  • All-in: the market cost plus each app’s published fee (checked 23 Sep 2026) on both the buy and the sell. Where a fee is a range we rank by the higher end. Routes within 1 bp (0.01%) of each other count as a tie.
  • Any amount: we measure at $1,000, $10,000 and $100,000. In between, the picker estimates on a log scale between the two nearest measurements; below $1,000 it uses the $1,000 figure; above $100,000 it does not estimate.
  • Sessions are New York time: US hours 09:30–16:00; pre- and after-market 04:00–09:30 and 16:00–20:00; overnight 20:00–04:00 before a trading day; weekend Friday 20:00 to Sunday 20:00.
  • Prices are per share. xStocks reinvest dividends by raising a multiplier, so a raw token is worth slightly more than a share. Every number here is per share.
  • Not included: the spread inside Kraken’s consumer app (not published), Solana network fees (a few cents) and the refundable deposit for a new token account.
Limits
  • These are quotes, not fills. A quote is what the market offered at that moment; your fill can differ.
  • Not measured yet: how far a token’s price sits from the real share price on the stock exchange.
  • Since 1 October we also record the Jupiter app’s own quotes, which include market makers that answer only inside the app, and the order books of Binance and nine more exchanges. They are not in the numbers on this page yet.
  • The route finder and the daily numbers cover Solana routes and Kraken Pro. The big exchanges (Bybit, Bitget, OKX, Gate and MEXC) are shown for the test week, 25 September to 1 October; daily numbers for them come next.
  • Costs move within minutes. The medians describe the period stated, not tomorrow.
  • Kraken fees fall at higher volume tiers; a high-tier trader pays less than shown.
  • This is measurement, not advice.
Who fills your trade

About 30% of the route hops behind these quotes go through proprietary market makers: venues that reprice their own quotes every few seconds instead of waiting for trades. They publish no trade events, so tools built on pool data cannot see them; our quotes go through the router, so they can.

The largest is Riptide, in 20% of all hops and in 80% of SPYx routes in US hours (70% at the weekend).

What we predicted, and what happened

H1–H3 were written down on 22 September 2026, before any overnight data existed; C1–C3 on 24 September 2026, before the first exchange check. We publish the results as registered, including the ones that failed.

  • FailsH1 SPYx $10k overnight >= 2x regular: FAILS (4.7 vs 4.8 bps, ratio 0.98)
  • FailsH3 SPYx $10k weekend >= 3x regular: FAILS (4.8 vs 4.8 bps, ratio 1.00)
  • FailsH2 Riptide share lower overnight: FAILS (87% overnight vs 87% regular)
  • HoldsC1 At $10k in US market hours, the cheapest big-exchange book beats the on-chain market, both before fees, for at least 3 of Apple, Alphabet, Meta and Coinbase. (4 of 4; needed 3)
  • HoldsC2 After fees, a big exchange is the cheapest way to trade $10k in US market hours for at least 4 of the 10 stocks. (8 of 10; needed 4)
  • FailsC3 At $100k, the cheapest big-exchange book costs at least twice as much overnight as in US market hours for at least 5 of the 10 stocks. (0 of 10; needed 5)
All the numbers

Market cost only, before app fees: median round trip in basis points (1 bp = 0.01%). The cheaper market is shaded. A median is shown only with at least 12 readings; “too thin” means Kraken’s book could not fill that size. On a phone, swipe the tables sideways.

  • At $1k and $10k in US hours, the on-chain market for SPYx, QQQx, NVDAx, TSLAx, CRCLx, MSTRx is cheaper than Kraken Pro’s; for AAPLx, GOOGLx, METAx, COINx, Kraken Pro’s is cheaper.
  • At $100k in US hours, Kraken Pro is cheaper for QQQx, AAPLx, GOOGLx, METAx, COINx; on-chain is cheaper for SPYx, NVDAx, TSLAx, CRCLx, MSTRx.
  • At night the on-chain market for those stocks barely moves (median 0.93× the daytime cost at $10k).

US market hours 407 price checks, Tue 22 Sep 15:52 to Tue 13 Oct 19:53 UTC

Stock$1,000$10,000$100,000Riptide in route
on-chainKrakenon-chainKrakenon-chainKraken
SPYx2.420.94.822.919.638.680%
QQQx6.020.58.824.061.240.899%
NVDAx3.520.97.924.434.745.781%
TSLAx7.621.118.727.647.157.283%
AAPLx35.720.966.926.6340.051.40%
GOOGLx38.120.956.327.3185.151.50%
METAx31.121.246.129.4214.493.00%
CRCLx6.624.521.839.961.686.082%
MSTRx10.021.914.033.179.182.394%
COINx55.822.3125.335.0313.489.00%

Pre- and after-market 581 price checks, Tue 22 Sep 20:07 to Tue 13 Oct 23:53 UTC

Stock$1,000$10,000$100,000Riptide in route
on-chainKrakenon-chainKrakenon-chainKraken
SPYx2.421.44.824.119.242.179%
QQQx6.020.98.924.462.047.3100%
NVDAx4.221.37.926.630.647.280%
TSLAx8.121.411.029.747.257.889%
AAPLx34.021.565.430.2338.957.00%
GOOGLx37.621.455.929.0178.353.30%
METAx29.921.743.032.9165.2121.20%
CRCLx6.425.418.343.858.2112.185%
MSTRx10.022.914.034.776.9100.294%
COINx55.923.8125.536.5313.2111.60%

Overnight 510 price checks, Wed 23 Sep 00:07 to Wed 14 Oct 07:23 UTC

Stock$1,000$10,000$100,000Riptide in route
on-chainKrakenon-chainKrakenon-chainKraken
SPYx2.421.44.724.319.446.979%
QQQx6.021.78.925.762.842.999%
NVDAx2.822.16.927.327.655.377%
TSLAx7.722.711.030.746.872.688%
AAPLx32.823.164.232.9335.164.50%
GOOGLx37.622.754.630.4178.155.90%
METAx28.523.642.034.9169.9124.80%
CRCLx6.127.215.144.960.0123.787%
MSTRx10.025.314.239.378.2122.895%
COINx56.125.1122.142.3312.4155.30%

Weekend 575 price checks, Sat 26 Sep 00:07 to Sun 11 Oct 23:53 UTC

Stock$1,000$10,000$100,000Riptide in route
on-chainKrakenon-chainKrakenon-chainKraken
SPYx2.424.64.832.818.4110.370%
QQQx6.023.08.934.865.1135.499%
NVDAx2.423.16.732.925.168.874%
TSLAx8.422.814.236.645.983.887%
AAPLx37.423.766.937.2342.394.20%
GOOGLx39.723.555.534.8180.780.60%
METAx24.831.333.348.681.0127.80%
CRCLx6.328.312.343.455.696.288%
MSTRx10.025.213.737.376.183.791%
COINx54.042.6117.956.7316.0too thin0%
Get the data

New: the daily price file. Every tokenized-stock order book on 14 exchanges every 15 minutes, in real-share terms, with a free sample day. From $499 a month: tokenized-stock data.

The figures on this page are free to quote with attribution to Fillable. Our daily data files are on tokenized-stock data. Questions: data@fillable.ai