Learn 3 ways to trade global indices on Bybit using USDT, including TradFi manual trading, Copy Trading and TradFi Combo Bot.

Digital asset markets and traditional financial markets are becoming increasingly connected. 

 helps users bridge the gap between crypto and traditional finance through a single platform. Now, you can trade major global 

 like the S&P 500, Nasdaq-100, Dow Jones, Nikkei 225 and Hang Seng Index directly from your Bybit account.

The core benefit is simple yet powerful: crypto traders can gain direct exposure to traditional stock markets and major global economies without ever leaving the Bybit ecosystem or converting cryptocurrency to fiat money. This advantage creates a seamless, highly efficient experience for

Index trading presents a powerful value proposition for investors seeking broad market exposure. Instead of taking on the isolated risk of picking individual stocks, indices allow you to invest in entire market segments at once. Trading indices on Bybit amplifies these core benefits by integrating everything into a single, intuitive platform. You can trade global indices alongside your existing crypto holdings in one single account, completely removing the need to open a separate traditional brokerage account.

This setup provides an easy, straightforward path to portfolio diversification. You can effectively hedge against

 by holding stable traditional equity positions. Furthermore, Bybit grants you seamless access to the performance of major global economies, including the US, Europe and Asia. By keeping your capital within one ecosystem, you maintain crucial agility and can quickly adapt to shifting market conditions across both the digital and traditional financial landscapes.

Bybit TradFi is a premier traditional finance trading product that expertly bridges crypto and 

 (RWAs). The platform operates fully on the web, iOS and Android, providing comprehensive access wherever you are. It offers over 300 trading pairs across indices, forex, metals, stocks and commodities.

Bybit TradFi offers fixed, unique leverage for each individual symbol, 

 for certain major indices, such as Nikkei225, HK50, TWINDEX and HKTECH. The platform smartly uses a 

, applying tiered requirements based directly on your position value.

Hedging works fully within the system, and the margin requirement relies entirely on the larger leg of the trade. Available order types include Market, Limit, Stop, 

 that liquidation occurs precisely when the Margin Level percentage falls below 50%.

Trading indices on Bybit is straightforward. Simply follow these clear, actionable steps to execute your first TradFi trade:

: Log in to your Bybit account via the Bybit website or 

 to your TradFi account. Note that balances display as USDx, which acts as a 1:1 internal representation of your USDT.

: Select an index from the comprehensive market list. Popular examples include major Bybit tickers, such as SP500, NAS100, DJ30, UK100 and GER40.

 acts as the default, but you can switch to 

 if you meet the financial requirements and have zero active orders.

. Input your position size carefully in either

: Monitor and manage your position closely. Be aware that dividend adjustments apply directly to indices. The platform credits them for long positions and deducts them for short positions. You must also account for overnight swap fees, keeping in mind that the system applies a three-day swap specifically on Fridays for all indices.

Copy professional index traders with TradFi Copy Trading

 provides a fantastic hands-off way for beginners to seamlessly replicate the exact strategies of professional TradFi traders. When you use this feature, the system scales position sizes proportionally to the follower's equity, relative to the Master Trader's equity. For example, if a follower has $100, and the Master Trader has $1,000, the follower automatically copies exactly 10% of the trade volume.

To optimize overall performance, TradFi Copy Trading operates exclusively in Tight-Spread Mode by default. This ensures that you experience minimal 

 and much better overall execution for all copied trades. Standard trading hours run continuously from Monday 12AM to Friday 11:59PM, following either UTC+3 or UTC+2, depending upon daylight savings time.

The platform uses a highly equitable profit-sharing model based strictly on the high–water mark (HWM) principle. This rule dictates that followers only share profits when cumulative net profits clearly exceed the previous highest recorded profits, meaning that any past losses must first be fully recovered. TradFi Copy Trading remains the ideal solution for traders who want traditional market exposure without developing their own complex technical strategies.

Automate your index trading with TradFi Combo Bot

TradFi Combo Bot serves as a highly advanced automated portfolio management tool for your index investments. Users can build fully customized portfolios, containing between two and ten TradFi contracts, while setting specific target allocation weights for each individual asset.

 and features a powerful automatic rebalancing function that works effortlessly in two distinct ways:

Furthermore, execution remains highly market-aware. If the traditional market closes, the bot will continuously retry every minute until it successfully opens.

You can choose from three distinct strategy types to fit your overarching financial goals:

The TradFi Combo Bot provides numerous measurable benefits, including a significantly reduced manual workload and incredibly consistent strategy execution. It delivers easy portfolio diversification and maintains highly disciplined buy-low, sell-high mechanics — without ever requiring constant daily monitoring from the user.

Consider these highly practical, actionable tips to enhance your overall index trading experience on Bybit’s platform:

Bybit TradFi helps crypto traders access traditional equity markets without needing to manage a separate brokerage platform. With USDT-based funding, users can trade major global indices through manual trading, TradFi Copy Trading or the automated TradFi Combo Bot, depending upon their experience level and preferred strategy.

For traders who already hold digital assets, this creates a more direct way to explore global index markets from within the Bybit ecosystem. Before getting started, make sure you understand how TradFi trading works, including leverage, trading hours and liquidation rules.

Ready to explore global indices on Bybit TradFi? 

 to explore available index markets, and be sure to start with the trading mode that fits your strategy.

Beginner

how-to-trade-indices-on-bybit.png

3 ways to trade indices on Bybit

Learn five ways to trade gold on Bybit using USDT, from TradFi and Combo Bot to XAUT Spot, Derivatives and Copy Trading.

Bybit offers multiple ways to trade gold, an asset that remains extremely popular in financial markets due to its value preservation and safe-haven properties. All of the gold trading methods on Bybit leverage your

 (USDT) funds, connecting crypto-native instruments to traditional financial markets.

This guide explains the five main ways to trade gold on Bybit: Bybit TradFi, TradFi Combo Bot, Spot trading, Derivatives and TradFi Copy Trading.

Gold remains the world’s dominant safe-haven asset, and its correlation to macroeconomic events — rate decisions, geopolitical shifts, dollar strength — makes it consistently relevant to active traders. 

The key problem for crypto-native traders has always been the convenience of access to the precious yellow metal: traditional gold exposure requires a fiat-funded brokerage account, which fragments capital, involves layers of fees and slows down execution.

Bybit eliminates this friction by letting you collateralize gold positions entirely in USDT. Your existing crypto holdings can fund TradFi 

 (CFD) positions, Spot purchases of tokenized gold or leveraged 

, all without fiat currency conversion or an account with a traditional finance broker.

Bybit supports five distinct methods for gaining on-platform exposure to gold: direct TradFi trading, TradFi Combo Bot, Spot trading, Derivatives trades and TradFi Copy Trading.

 provides a CFD trading environment powered by MetaTrader 5 (MT5), offering access to over 300 pairs — including metals, 

 CFDs and commodities — using USDT as margin. For gold, you can trade pairs such as XAUUSD+, XAUEUR+, XAUJPY+ and XAUAUD+ against multiple base currencies.

3. After accepting the Terms and Conditions, your TradFi account will be activated. Click on 

 to move USDT from your Funding Account into your TradFi account. Your balance will display as USDx at a 1:1 parity.

4. Select a gold pair such as XAUUSD+ from the 

5. In the right-side order panel, specify your order details 

 button at the bottom to place your order.

 availability on gold CFD pairs isn’t fixed, and depends upon the specific symbol. Your margin level is monitored continuously, and liquidation is triggered when your margin level falls below 50%.

TradFi Combo Bot applies automated portfolio management logic to let you build a basket of two to ten TradFi contracts — which can include gold pairs alongside forex, indices and stock CFDs — and maintain target allocations without manual intervention. It follows the same core logic as 

The bot supports two rebalancing triggers: 

If a scheduled rebalance coincides with a market closure for any contract in the portfolio, the system retries to execute the action continuously until all contracts are tradable and the rebalance completes in full.

When creating a TradFi Combo Bot, three configuration paths are available: 

Set up a TradFi Combo Bot with gold exposure

 as your configuration type. Then, specify required parameters. These may include direction (

), the amount you wish to invest, your desired leverage, and other relevant settings. Add gold pairs (such as XAUUSD+ and any other TradFi assets) to your basket.

4. After confirming your selections, click on

 on Bybit gives you direct ownership of tokenized gold through the 

 (XAUT) token. Each token represents one troy ounce of physical gold backed by reserves held in Swiss vaults, and the pair trades against USDT as XAUT/USDT on the Bybit Spot market. Unlike TradFi instruments or Perpetual contracts, there’s no leverage, 

 or counterparty risk with XAUT Spot trading. Your position reflects actual ownership of tokens.

This method is most appropriate when you want straightforward price exposure to gold without the complexity of 

 management, or the time constraints of traditional market hours. Because XAUT is a crypto token, the XAUT/USDT Spot pair trades continuously, giving you the ability to enter or exit positions at any time, including periods when traditional gold markets are closed.

2. Type XAUT into the search box on the top-right, and select Spot 

, etc.), enter the quantity or USDT amount, then click on the 

button at the bottom to execute your order.

 on gold-linked crypto contracts without holding the underlying token. Main contracts include XAUTUSDT and XAUTUSDC Perpetuals tracking Tether Gold, and PAXGUSDT and PAXGUSDC Perpetuals linked to 

 (PAXG). XAUTUSDT Options and Futures are also available.

Gold-linked Perpetual contracts on Bybit follow the same mechanics as standard crypto perpetuals — they carry no expiration date, and funding fees are exchanged between long and short holders every eight hours at 00:00, 08:00 and 16:00 UTC (based on the prevailing funding rate). Settlement is in USDT or USDC, depending upon the contract chosen.

2. Search for your preferred contract in the top-left search box (e.g., XAUTUSDT, XAUTUSDC, PAXGUSDT or PAXGUSDC).

3. In the order panel, set the position direction (

 (UTA) allows your full portfolio balance — including crypto and stablecoins — to serve as cross collateral, which affects the effective margin available on gold positions when multiple contracts are simultaneously open.

 mirrors trades from verified Master Traders in TradFi markets — including gold, commodities, forex and indices. You automatically follow trades in real time, aligning your portfolio with the selected trader's strategies.

The profit-sharing mechanism follows a high–water mark principle: Master Traders receive their share of profits only when cumulative net equity — calculated as the sum of realized and unrealized PnL — exceeds their previously recorded peak. This means that losses must be fully recovered before a new profit-sharing event triggers. The profit-sharing ratio varies by Master Trader’s ranking, ranging from 15% to 30%. Settlement runs every Sunday at midnight 

To start copy trading gold on Copy Trading TradFi

 tab to select a Master Trader with gold exposure in their portfolio, and click on 

3. Set your investment amount — the minimum is 100 USDT, but your chosen Master Trader might require a higher minimum amount — and specify other settings as indicated.

 that TradFi Copy Trading is unavailable on weekends and during system maintenance.

Gold exposure on Bybit spans a wider range of instrument types than most single-platform offerings, covering tokenized Spot ownership via XAUT, leveraged Perpetuals, Futures and 

, traditional CFD markets through TradFi and MT5, automated portfolio strategies via TradFi Combo Bot and passive signal-following via Copy Trading. 

Each method requires various margins, account activation steps and risk management approaches. Choosing between them depends upon whether you want outright ownership, leveraged directional exposure, portfolio automation or mirrored execution. Whichever method you use, all positions remain supported by USDT, keeping your capital within the Bybit ecosystem and eliminating the need for a separate fiat-funded brokerage account.

gold bybit.png

How to trade gold on Bybit

Cap-weighted, price-weighted or equal-weighted? Learn how weighted stock market indices work and what they mean for your trading strategy.

 are more than headline numbers. The way an index is weighted determines which 

 have the most influence, where concentration risk builds and how index-tracking funds allocate capital. With over $70 trillion in global assets benchmarked to indices, the weighting method behind each benchmark shapes 

 (ETF) allocations, fund flows and how millions of traders evaluate market performance. For traders comparing products such as tokenized equities, stock 

 (CFDs) or index-linked strategies, understanding index weighting can make market moves much easier to interpret.

What is a stock market index and why does construction matter?

A stock market index is a rules-based portfolio that tracks a defined segment of the market, reducing thousands of individual stocks into a single number that represents overall market direction. The index captures the collective price movement of its constituents according to a specific methodology, and that methodology matters more than most traders realize. Apply two different weighting methods to the same 500 stocks and you can get noticeably different performance figures, risk exposures and narratives about what the market is doing.

For traders, index construction determines which stocks have outsized influence on the benchmark you see on screen. It shapes which ETFs track which indices, which sectors receive more capital inflows and how index-linked funds rebalance their holdings each quarter. Ignoring the mechanics means tracking a number without understanding what's moving it.

The two foundational approaches have been around for over a century. Charles Dow introduced the price-weighted Dow Jones Industrial Average in 1896, tracking 12 US industrial companies by simply averaging their share prices. The market-cap-weighted S&P 500 followed in 1957, weighting companies by their total market value. Equal-weighted indices emerged later as a popular alternative, designed to address the concentration concerns that cap-weighted methods can introduce when a handful of mega-cap companies grow to dominate a benchmark.

-weighted indices, sometimes called capitalization-weighted indices, assign each stock a weight proportional to its market capitalization relative to all other constituents. The formula is straightforward: a stock's weight equals its market cap divided by the total market cap of every stock in the index.

Most major cap-weighted indices use a free-float adjustment, which excludes shares that are locked up and unavailable for public trading, such as shares held by company founders, governments or strategic investors. This means a company like Saudi Aramco, where the Saudi government holds the majority of shares, carries less weight than its raw market cap might suggest.

The practical effect of this structure is significant. In the S&P 500, 

 alone account for roughly 20% of total index movement. When those three stocks rise or fall sharply, the index follows, regardless of how the remaining 497 constituents perform.

Cap-weighted indices also carry a built-in momentum bias. As a stock's price rises, its market cap grows, which increases its index weight, which in turn attracts more buying from index-tracking funds. This creates a self-reinforcing loop. Quarterly rebalancing events also create notable price action: stocks added to major indices historically see 3-5% price increases before inclusion, though as markets have become more efficient, much of this effect tends to be priced in earlier.

 S&P 500, NASDAQ-100, FTSE 100, MSCI World, Hang Seng Index.

Price-weighted indices calculate their level by summing the share prices of all constituents and dividing by an adjustable figure called the divisor. The divisor is recalibrated whenever a constituent undergoes a stock split, pays a special dividend or is replaced by another company, ensuring index continuity despite these changes.

The critical feature of this method is that a stock's influence is entirely determined by its share price, not by the size of the company behind it. A stock trading at $500 per share moves the index ten times more than a stock trading at $50, regardless of which company has a higher market cap or generates more revenue.

The Dow Jones Industrial Average is the most widely followed price-weighted index, tracking 30 large US companies. The Nikkei 225, covering 225 Japanese stocks, follows the same method. In the Dow, UnitedHealth Group (trading above $500 per share) has far more index influence than Amazon, which trades around $200 per share, even though Amazon is the substantially larger company by market cap. When Apple executed a four-for-one stock split in 2020, its Dow influence dropped by roughly 75% overnight, with no change to its underlying business.

Because the Dow tracks only 30 stocks, each constituent carries significant weight. On any given trading day, moves in two or three names can drive most of the index's daily change, making it more susceptible to single-stock news than broader benchmarks.

 Dow Jones Industrial Average, Nikkei 225.

Equal-weighted indices assign every constituent an identical weight, regardless of share price or company size. In a 500-stock equal-weighted index, each stock accounts for 0.2% of the total. The index rebalances quarterly to reset these weights, selling stocks that have risen above their target allocation and buying those that have fallen below it.

This structure means a small-cap stock with a $5 billion market cap has exactly the same influence on the index as a mega-cap worth many times more. The result more closely resembles the performance of the "average stock" rather than the largest names. Because mid-size and smaller companies receive more weight than they would in a cap-weighted equivalent, equal-weighted indices carry a natural tilt toward smaller companies.

The S&P 500 Equal Weight Index, tracked by the RSP ETF with over $70 billion in assets, is the most prominent example. It holds the same 500 stocks as the standard S&P 500 but weights them identically. The performance difference between the two can be striking: during periods when gains are concentrated in a handful of mega-cap tech names (as happened during the 2023-2024 AI rally), the equal-weighted version tends to lag. In years when gains are distributed broadly across sectors and company sizes, equal-weighted indices often outperform their cap-weighted counterparts.

The higher quarterly turnover from rebalancing does increase transaction costs compared to cap-weighted indices, which are largely self-adjusting as prices move.

 S&P 500 Equal Weight Index (RSP), MSCI World Equal Weighted.

Cap-weighted, price-weighted and equal-weighted are the three dominant methodologies, but several other approaches are worth knowing as you encounter more specialized products.

 assign stock weights based on financial metrics such as revenue, earnings, dividends or book value rather than market cap. The goal is to reduce the momentum bias of cap-weighted methods by anchoring weights to business fundamentals.

 weight stocks based on specific investment characteristics (value, momentum, quality, low volatility or dividend yield) and form the basis of most "smart beta" ETF products.

 cap or fix exposure to specific sectors, preventing any single sector from dominating total returns regardless of relative market cap.

 track companies tied to a specific investment theme, such as artificial intelligence, clean energy, semiconductors or blockchain infrastructure, regardless of size or sector classification.

The right weighting method depends on market conditions and what you are trying to measure. The table below summarizes the key differences.

No single method is objectively better. Each tells a different story about the same market. When cap-weighted and equal-weighted versions of the same index diverge significantly, it signals something useful: if the cap-weighted version is rising while the equal-weighted version is flat or falling, gains are concentrated in a small number of large-cap stocks rather than distributed broadly.

Index construction is not just an academic distinction. It generates recurring patterns that traders can observe and interpret.

 When index-tracking funds adjust their holdings during quarterly rebalances, the buying and selling can create temporary price pressure on affected stocks. Stocks newly added to major indices have historically attracted increased buying interest around inclusion dates. However, as markets have become more efficient, a significant portion of this effect tends to be priced in before the official change takes place.

 When the cap-weighted S&P 500 rises while the equal-weighted version lags, the rally is narrow and driven by mega-caps. When both versions rise together, the rally has broader participation across sectors and market-cap tiers. Tracking both simultaneously is a low-cost way to add context to market interpretation.

 When the top 10 stocks in a cap-weighted index exceed 30% of total weight, the index becomes more sensitive to news affecting those specific companies. Monitoring how concentrated an index has become helps traders assess how dependent a rally is on continued outperformance from its top holdings.

 Changes in sector composition between rebalancing periods can indicate where institutional capital is flowing across the economy.

Understanding index mechanics can inform how traders approach Bybit's equity products.

 are tokenized stock products that provide exposure to selected major equities, including Apple, Tesla, Nvidia and Microsoft, available for fractional trading 24/7 on 

. Because these companies carry high weights in cap-weighted benchmarks like the S&P 500 and NASDAQ-100, understanding index mechanics helps traders contextualize why these names tend to move markets.

 offers stock CFDs that allow traders to speculate on equity market movements, including major index constituents and broader market themes, with 

. CFD trading involves significant risk due to leverage, which can amplify both gains and losses.

When choosing between the two, xStocks may suit traders seeking fractional exposure to specific equities without the complexity of leverage. Bybit TradFi CFDs may suit traders looking for short-term speculation on index-driven price moves without direct ownership. Neither approach is appropriate for all traders; consider your risk tolerance and experience before using leveraged products.

Crypto and equity trading involves significant risk. Past performance is not indicative of future results. Always trade within your means.

Index construction determines which stocks drive the benchmarks traders watch, where concentration risk lies and how rebalancing mechanics create observable patterns in price. Cap-weighted indices amplify mega-cap moves and carry momentum bias. Price-weighted indices give arbitrary influence to high-priced stocks. Equal-weighted indices spread risk evenly but drift away from market realities between rebalancing dates.

By comparing how major index constituents move across cap-weighted and equal-weighted benchmarks, traders can better understand whether equity market momentum is broad-based or concentrated in a few large stocks. As tokenized equities bring traditional market access to crypto-native platforms, index literacy becomes a useful framework for interpreting equity market moves.

 products provide access to major index constituents for traders looking to apply these concepts.

What is the most commonly used stock market index weighting method?

Market-cap weighting is the most widely used method globally. The S&P 500, NASDAQ-100, MSCI World and FTSE 100 all use this approach. It dominates because it naturally reflects the economic significance of each company and requires minimal rebalancing compared to alternatives.

Why does the Dow Jones move differently from the S&P 500?

The Dow is price-weighted and tracks only 30 stocks, while the S&P 500 is cap-weighted and tracks 500. A single high-priced stock can move the Dow significantly without affecting the S&P 500 nearly as much. The two indices measure different things despite often moving in the same direction.

What does it mean when cap-weighted and equal-weighted indices diverge?

Divergence between cap-weighted and equal-weighted versions of the same index signals that market gains are concentrated in a small number of large-cap stocks rather than distributed across the broader market. This can indicate that the rally is more dependent on continued outperformance from its top holdings.

Can crypto traders access stock index products on Bybit?

Yes. Bybit offers two main routes: xStocks are tokenized stock products available for fractional trading 24/7 on Bybit Spot and Bybit Alpha, covering selected major equities such as Apple, Tesla and Nvidia. Bybit TradFi offers stock CFDs for traders who want leveraged exposure to equity market movements. Both products carry risk and are not suitable for all traders.

Intermediate

cap-price-equal-weighted-indices.png

Cap-weighted vs. price-weighted vs. equal-weighted indices

Learn what tokenized stocks are, how they work and how to trade xStocks like AAPLX, TSLAX and NVDAX on Bybit Spot and Alpha.

 have long operated in separate environments, with different infrastructure, hours and gatekeepers, and distinct regulatory requirements. Tokenized stocks merge these two asset classes by placing representations of real-world equities and ETFs directly on blockchain platforms, enabling such assets to be traded with a crypto wallet at any time.

 (RWA) tokenization trend, which is bringing everything from government bonds to commodities and real estate onto blockchains. Bybit has moved into this space through a

 — tokenized equities backed 1:1 by real underlying assets — on its 

Tokenized stocks are blockchain-based tokens that represent exposure to publicly traded equities and ETFs, with each token backed by the underlying asset, held securely in regulated custody, typically on a 1:1 basis. Custodial backing distinguishes tokenized stocks from purely synthetic 

 instruments, giving each token a price anchor in the traditional finance (TradFi) system.

The price exposure is structurally similar to owning the stock outright: when the underlying equity moves, the token is designed to move with it. However, the infrastructure is entirely different. Traditional equities settle through brokers and stock exchanges under regulated timelines. In contrast, tokenized stocks settle on-chain, meaning they can be held in a

 and traded across both centralized and decentralized cryptocurrency platforms. While holders don’t receive voting rights or direct dividend entitlements, they do get the economic exposure the tokens provide.

The issuance process for tokenized stocks starts when an issuer, such as Backed Finance, acquires the actual underlying shares on a traditional exchange, and deposits them with a regulated, independent custodian. Based on the acquired tokenized share count, an equivalent number of tokens is minted on a smart contract–compatible network. This mint-to-custody ratio is the foundation of the 1:1 backing claim.

Price tracking depends upon two mechanisms: 

 (AML) procedures directly with the issuer. Secondary market participants on platforms like Bybit can buy and sell without a direct relationship with the issuer. Tokens can also move into 

 (DeFi) protocols, functioning as collateral in lending markets or contributing to liquidity pools. This flexibility extends their utility well beyond simple price-tracking exposure.

A key advantage of tokenized stocks is the creation of 24/7 trading opportunities. Traditional equity markets operate within fixed trading hours, meaning any market-moving event outside those hours cannot be acted upon until the next open. Tokenized stocks offer around-the-clock access, eliminating this constraint.

 is another benefit. A single share of a high-priced equity can run into hundreds or thousands of dollars. But tokenized stocks remove that floor, letting you gain exposure at any size without minimum lot requirements imposed by a broker. No brokerage account is required, as you trade directly from a crypto wallet or exchange account.

For traders outside the US, these assets provide access to 

 US equities and major ETFs. You no longer need to navigate foreign broker restrictions or residency requirements.

 is a key benefit of tokenized stocks. Composability adds a layer of capital efficiency that traditional share ownership doesn’t support. Digital assets can serve as collateral in lending protocols or be deployed to liquidity pools, generating additional yield.

The regulatory classification of tokenized stocks is still not fully settled across most jurisdictions. Depending upon where you’re located, these instruments may be treated either as securities, derivatives or crypto assets, with each category carrying different compliance obligations and levels of investor protection.

Unlike exchange-listed equities in the US, tokenized stocks aren’t protected by traditional protections, such as 

Counterparty risk also runs deeper for tokenized stocks than in conventional equity trading. The value of each token depends entirely upon the issuer maintaining 1:1 custodial backing. Operational failure, insolvency or regulatory enforcement against the issuer or custodian could compromise that backing.

Liquidity depth for tokenized stocks tends to be thinner than on traditional exchanges, which means that spreads can widen under pressure. Price deviation from the underlying asset is a related concern: during off-market hours, when the primary exchange is closed and oracle feeds reflect mostly sentiment rather than executed prices, the on-chain token price can drift. Thus, the market for tokenized stocks is driven more by sentiment than by a real-time reflection of the underlying asset.

Bybit's xStocks are tokenized representations of US stocks and ETFs. These tokens are issued by Backed Finance, and are listed directly on Bybit's Spot market. Each token is backed at a 1:1 ratio by its underlying asset, and is held by a regulated custodian. The available range of xStocks spans individual high-market-cap equities, such as 

 (NVDAX), as well as index trackers like the State Street

By offering xStocks, Bybit functions as a secondary market on which you can buy and sell tokenized stock assets. Issuance and redemption remain entirely managed by Backed Finance while you trade xStocks directly through Bybit’s Spot interface or 

 (SOL), they can be withdrawn to compatible on-chain wallets, traded on 

 (DEXs) (such as Jupiter and Raydium) and deployed within Solana-based DeFi protocols.

Trading xStocks requires a Bybit account with Standard Identity Verification completed. xStocks aren’t available to institutional users, market makers, accounts registered in jurisdictions not serviced by Bybit, or users in Australia, Japan and all European Economic Area (EEA) member states.

To trade xStocks via Bybit’s Spot market, follow the steps below:

: On the trading page, search for your preferred xStock asset, e.g., TSLAX, by typing its name in the search box in the top-left corner. Click on a pair in the list of available options.

: In the order panel on the right, specify your order details — direction of trade (

 at the bottom of the panel to place your trade.

As with other Spot trades on Bybit, orders involving xStocks utilize capital directly from your 

. The same UTA balance applies, and gas fees are automatically converted from your payment token (with no manual gas management needed).

Tokenized assets aren’t just a novelty product — they’re a functional bridge between traditional capital markets and on-chain infrastructure. Holding a custody-backed stock token representation of Apple, Tesla or the S&P 500 in a crypto wallet — tradable even on a Sunday or at midnight — offers traders unmatched advantages and flexibility.

Bybit's xStocks offering gives crypto-native traders direct exposure to US equities without requiring a brokerage account or satisfying stringent capital or residency requirements. As the RWA sector expands — involving more assets, more chains and deeper DeFi integration — the boundary between a crypto portfolio and a traditional investment portfolio will keep narrowing. xStocks is one of the more tangible examples of this process that’s already underway.

what-are-tokenized-stocks.png

Tokenized stocks — and where to buy them

Discover how Bybit Alpha simplifies on-chain trading through UTA access, with DeFi opportunities and tokenized stocks like AAPLx and NVDAx on-chain.

For nearly two years, Bybit’s Web3 platform has helped unify the worlds of

 (DeFi) and centralized finance (CeFi) by offering users a seamless, wallet-based decentralized trading experience. Starting in October 2025, Bybit redefines its Web3 offering by introducing direct account-based decentralized trading via Bybit Alpha. 

Bybit Alpha isn’t just a rebrand of Bybit Web3; it’s a new trading model in which users can access on-chain opportunities straight from their

 (UTA) without any need to set up wallets or use gas tokens.

This transition will help users enjoy safer, more streamlined and beginner-friendly on-chain trading by leveraging their accounts while enjoying the protections and familiar user interface of the Bybit platform.

The original Bybit Web3 platform, unveiled by the company in late 2023, was a significant innovation in the crypto world. It helped leverage the exchange’s interface and security to access on-chain trading opportunities. Users could create decentralized wallets linked to their user accounts to exploit these opportunities. 

However, this model favored experienced DeFi users over beginners, as the actual trading and operations had to be carried out through the user’s Web3 wallet, not their Bybit account. The existence of a separate decentralized wallet meant that Bybit users had to manage complex on-chain trading operations, such as seed phrases, private keys and gas fee payments. 

Many beginners had to face a relatively high learning curve in adapting to the on-chain experience. In addition, the user also bears many of the risks involved in managing a decentralized wallet.

Starting in October 2025, the Bybit Web3 platform is being rebranded to Bybit Alpha. This is, however, not just a name change: the entire on-chain trading platform offered by Bybit is moving to a totally new operational model. Unlike the old, wallet-based structure, Bybit Alpha allows users to directly engage in decentralized operations using their Unified Trading Account (UTA).

With the direct integration of the user’s UTA, there’s no longer a need to create a decentralized wallet, worry about seed phrases/private keys or set aside funds specifically to cover gas fees. All the on-chain operations in Bybit Alpha are conducted through the user’s UTA, with gas fees automatically calculated and deducted as part of each transaction.

Alpha transactions are settled in four cryptocurrencies: 

Beyond crypto-native tokens, Bybit Alpha also gives users access to selected on-chain real-world assets, including 

Altcoins

Blockchain

Crypto

DeFi

GameFi

Indicators

Investing

Artificial Intelligence

Metaverse

Memes

Options

Stablecoin

Staking

Strategies

Trading

Web 3.0

Web3 Experts

Live ICYMI

Fiat Money

Real-world asset (RWA)

Bybit TradFi

3 ways to trade indices on Bybit

Trading

How to trade gold on Bybit

RWA

Cap-weighted vs. price-weighted vs. equal-weighted indices

RWA

Tokenized stocks — and where to buy them

Bybit Guide

Bybit Alpha: The evolution of on-chain trading

Crypto

What are real-world assets (RWAs) in crypto? Tokenized stocks, gold and more