Crypto exchange Bitget has jointly released a research report with Reality and Keyring, and plans to launch the first on-chain stock basis trading strategy.

Bitget, in collaboration with Reality and Keyring, has released a research report exploring the synergies between tokenized stocks, perpetual contracts, and decentralized lending, while evaluating the potential returns and risks of related strategies via simulations. The report notes that tokenized stocks are expanding beyond traditional stock trading to additional use cases including collateralized lending, asset management, and systematic investment strategies. Based on Reality’s rToken, the research combines stock perpetual contract hedging and on-chain lending mechanisms to explore stock basis yield strategies. Historical simulation data indicates that between December 15, 2025, and October 19, 2026, the strategy index posted an annualized net return of approximately 7% in-sample and 4% out-of-sample, with a gross funding rate premium of 11%–14%. The report also highlights that financing costs, transaction execution fees, market liquidity, and risk management are key factors impacting the actual returns of these strategies. It is learned that Bitget and Keyring plan to jointly develop a stock basis index and build an on-chain lending market leveraging Reality’s rToken. Specifically, Reality provides tokenized stock asset exposure, while Keyring is responsible for developing the index methodology and constructing the related lending market. The index aims to capture funding rate and basis yield opportunities by combining rToken positions with corresponding stock perpetual contract hedging positions, offering a new strategic path for the application of tokenized stocks in on-chain financial scenarios.