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What Is INJC? A Guide to the Canary Staked INJ ETF

2026-11-06T04:13:23Z

This article is brought to you by Injective.

The Canary Staked INJ ETF (ticker: INJC) began trading on November 5, 2026, aiming to give U.S. investors a way to hold INJ, the native asset of Injective, through an ordinary brokerage account. The fund holds spot INJ and stakes most of it, so staking rewards build up inside the fund instead of being paid out to shareholders.

If you have wanted INJ in your portfolio but haven’t set up a crypto wallet, INJC is designed for you. This guide explains what the fund is, why it matters for Injective, how staking rewards grow your holding, how to buy shares and the risks to know.

Key Takeaways

INJC is a spot INJ ETF sponsored by Canary Capital, listed on Nasdaq, and the first U.S.-listed ETF to hold INJ.
Under normal conditions the fund intends to stake at least 90% of its INJ through third-party staking providers, with BitGo Bank & Trust holding the keys.
Staking rewards are added back into the fund, so each share grows over time. There are no cash payouts.
Shares trade in U.S. dollars during market hours, while INJ itself trades around the clock.
INJC holders get INJ price exposure plus staking without managing wallets or validators, but they cannot vote in Injective governance or use their shares in onchain applications.

Why an INJ ETF Matters

An ETF lets people invest in INJ the same way they buy a stock, through the brokerage they already use. Before INJC, owning INJ meant opening a crypto exchange account or setting up a wallet, and staking it meant choosing a validator and managing the process yourself. INJC puts both steps behind one ticker.

That opens INJ to a much wider group of people. Many investors, financial advisors and institutions can only buy assets that trade on a regulated U.S. exchange and sit with a qualified custodian. For them, an ETF is often the only practical way to hold a crypto asset at all. With INJC, INJ joins a very short list. Before this launch, only about 15 digital assets had a U.S. spot ETF, including bitcoin, ether, Ripple, Solana and Chainlink. Out of the tens of thousands of tokens tracked on CoinGecko, INJ is now one of roughly 16 that U.S. investors can buy through a spot ETF.

The launch also fits where Injective has been heading. Injective is a blockchain purpose-built for finance, and much of its recent work has focused on connecting onchain markets with the regulated financial system.

Date	Milestone
November 2026	INJC, the first U.S.-listed INJ ETF, begins trading on Nasdaq
August 2026	Injective Institutional Services becomes an SEC-registered transfer agent, able to keep official ownership records for tokenized securities
July 2026	Injective publishes its MiCA whitepaper, supporting regulated INJ offerings across the European Union
April 2026	U.S.-regulated INJ futures begin trading on Bitnomial, a CFTC-regulated exchange

Each of these steps makes Injective easier for traditional institutions to build on and INJ easier for traditional investors to own. INJC is the one most people will notice first, because it puts INJ in the same account as the rest of their portfolio.

INJC at a Glance

INJC holds INJ itself, so its value follows the price of INJ.

Detail	INJC
Full name	Canary Staked INJ ETF
Ticker	INJC
Listing exchange	Nasdaq
Launch date	November 5, 2026
Sponsor	Canary Capital Group LLC
Underlying asset	Spot INJ
Staking target	At least 90% of the fund's INJ under normal conditions
INJ custodian	BitGo Bank & Trust, N.A.

Source: Canary Staked INJ ETF Form S-1/A, October 23, 2026; final terms in the INJC prospectus.

How Staking Works Inside INJC

INJC aims to stake on your behalf. Most of the fund's INJ is staked with validators, the operators who keep the Injective network running. The rewards it earns are added back into the fund, so each share represents a little more INJ over time. If you want out, you simply sell your shares.

What staking rewards look like

Staking INJ has recently paid roughly 7% a year, according to the Injective Hub. The rate depends on how much INJ is staked across the network, so it can rise or fall over time and is not guaranteed.

Because INJC restakes its rewards, they compound. Here is a hypothetical example of a holding backed by 100 INJ, assuming the reward rate holds steady at 7% a year:

Time held	INJ behind the holding
At purchase	100.0
1 year	107.0
3 years	122.5
5 years	140.3

This example is for illustration only, leaves out fund expenses, and is not a forecast of INJC's returns.

The dollar value of that holding still depends on the price of INJ, which can move up or down by much more than staking adds.

What Is Injective?

Injective is a blockchain built for finance. Applications on Injective let people & agents trade crypto, (public & Pre-IPO) stocks, commodities and FX onchain. Companies such as Pentiv or POSCO International use it to bring real-world assets like mortgage records or trade receivables, respectively, onto the blockchain. INJ is the network's native asset, and INJC's value follows its price.

INJ has three main jobs on the network:

Fees: transactions on Injective are paid in INJ.
Security: staked INJ helps secure the network, which is where INJC's staking rewards come from.
Governance: staked INJ votes on upgrades and changes to the network.

Injective also runs a monthly Community BuyBack. Participants commit INJ in exchange for a share of ecosystem revenue, and the committed INJ is burned.

INJC vs. Holding INJ Directly

INJC and INJ both give exposure to the same asset, but they live in different accounts and come with different rights.

	INJC (ETF shares)	INJ (the token)
Where you hold it	Brokerage account	Crypto wallet or exchange account
Who holds the keys	BitGo, as the fund's custodian	You or your exchange
Staking	The fund stakes for you	You choose a validator and stake
Exiting a staked position	Sell shares on the exchange	Wait 21 days to unstake
Trading hours	Weekdays during U.S. market hours	24/7 on crypto exchanges (decentralized & centralized)
Governance voting	No	Yes, with staked INJ
Use in onchain apps and the BuyBack	No	Yes
Retirement accounts	Possible, depending on the broker	Only through specialized crypto IRA providers

Source: Injective, "INJ Tokens and INJ ETF Shares Compared" and the INJC prospectus.

INJC is built for investors who want INJ and its staking rewards inside the same account as their stocks and other ETFs, without managing a wallet or picking validators. Direct INJ ownership suits people who want to vote, use Injective apps, take part in the BuyBack, trade at any hour or move tokens freely. Some investors may choose to hold both.

How to Trade INJC

INJC is traded just like any other U.S.-listed ETF, with dollars, through a brokerage account.

Open or use a brokerage account that offers Nasdaq-listed ETFs. Availability depends on the broker, the account type and the country you live in.
Search for the ticker INJC and check the fund's prospectus at canaryetfs.com/INJC for full details.
Check the price before you trade. New funds can have bigger gaps between the bid and ask prices. A limit order lets you set the most you will pay.
Hold the shares in your brokerage account. Whether INJC can go in an IRA or other retirement account is up to your broker.

There is no minimum investment beyond the price of one share, or less if your broker offers fractional shares. INJC trades from 9:30 a.m. to 4:00 p.m. ET on weekdays, plus any extended hours your broker supports. Because INJ keeps trading on weekends, INJC can open Monday at a noticeably different price from Friday's close.

Risks to Understand

INJC removes the work of holding and staking INJ, and it keeps the risks of the underlying asset.

Price swings: INJ can move sharply in either direction, and INJC moves with it. Investors can lose some or all of what they put in.
Staking risk: validators can be penalized for errors or outages, which would reduce the fund's INJ. Reward rates change over time and are not guaranteed.
Weekend gaps: INJ trades every day, so news over a weekend shows up in INJC's price only when the market opens.
Regulatory change: rules for crypto ETFs and for staking inside them are still developing in the U.S.

The full list of risk factors is in the INJC prospectus, which is worth reading before buying.

Frequently Asked Questions

What is INJC?

INJC is the ticker for the Canary Staked INJ ETF, a U.S.-listed exchange-traded fund that holds spot INJ and stakes most of it. It launched on November 5, 2026 on Nasdaq.

Does INJC pay dividends or staking payouts?

No. Staking rewards are added back into the fund, so each share represents more INJ over time instead of paying cash.

What staking yield does INJC earn?

The fund earns the staking rewards Injective's network pays. Injective's staking reward rate was about 7% a year in late October 2026, and it changes with network conditions.

Can I redeem INJC shares for INJ?

No. INJC shares are traded on the stock market for dollars, the same way as any other ETF.

Can INJC holders vote in Injective governance?

No. Governance votes come from staked INJ held onchain, and INJC shareholders do not hold the tokens themselves.

Can I hold INJC in an IRA?

Possibly. Eligibility for IRAs and other retirement accounts depends on your broker.

Why doesn't INJC's price match the price of INJ?

Each share has its own dollar price, set by the fund's starting share value and its INJ per share. Compare percentage moves instead of price tags.

The Bottom Line

INJC is a milestone for Injective. A network built from day one for finance now has an ETF that tracks its native asset trading on Nasdaq. Available in the same brokerage accounts where millions of people already hold stocks and ETFs. Investors, advisors and institutions that had no easy way to own INJ can now reach it, staking included, through a single ticker.

The launch also shows how far Injective's work with regulated finance has come. Regulated futures, an SEC-registered transfer agent and now a staked ETF give traditional finance several ways to engage with Injective. As more of the financial system moves onchain, INJC gives a new wave of investors a simple way to be part of it.

This article is sponsored content brought to you by Injective. It is for informational purposes only and is not investment, tax or legal advice, or an offer to buy or sell any security. Read the INJC prospectus, including its risk factors, before investing.

Top Crypto Tax Software in 2026

2026-11-05T00:00:00Z

Overview

A crypto tax software is a tool designed to automatically sync across exchanges and wallets to harvest your crypto transactions and generate a tax report.
It saves you a headache when filing returns at the end of a financial year by automating the processes of harvesting data and generating a tax report.
Summ (formerly CryptoTax Calculator), Awaken Tax, TurboTax, Koinly, CoinTracking, CoinLedger, ZenLedger, Blockpit, TokenTax, and CoinTracker are popular tax software to consider when filing returns on your cryptocurrency transactions.

Did you trade crypto in the last financial year? If yes, then you may owe your government either capital gains or losses. You need to know the date and price of each asset you purchased, and the data and price of each asset you sold, in order to track and report crypto capital gains and losses to the government.

Tracking these sets of information can be daunting, especially if you’re a trader making hundreds or thousands of transactions per tax year. That is where crypto tax software comes in. These tools automatically sync across crypto exchanges and web3 wallets to calculate your capital gains and losses and provide a detailed tax report for filing. Read on to find out about the top crypto tax software for 2026.

This section is brought to you by Summ.

Summ (Formerly CryptoTax Calculator)

Summ seamlessly integrates with most exchanges and wallets to port your trades and generate comprehensive tax reports. It records airdrops, staking rewards, mining, and initial coin offering (ICO) participation when filing your returns. It also includes DeFi and DEX integrations, NFT trading, margin trades and futures, and more. The software's algorithm performs all calculations for you and generates detailed tax reports reflecting actual gains and losses.

Best Features

Supports 3,500+ exchanges and wallets, including Coinbase, Binance, Kraken, MetaMask, and Trust Wallet.
It provides region-specific report formatting for US users, ensuring they strictly conform to the IRS and state rules.
Includes smart categorization and spam detection features.
Its Trader Plan enables you to track and generate reports of up to 100,000 transactions per tax year.

Pricing

Summ has four pricing plans:

Rookie: Covers up to 100 transactions annually for $49. Ideal for long-term crypto holders who rarely trade, supporting up to three imports and basic portfolio tracking.
Hobbyist: Covers up to 1,000 transactions annually and costs $99. Includes all benefits of the Free Plan plus on-chain transactions and tax reports.
Investor: Covers up to 10,000 transactions annually and costs $249. Provides advanced tax reports, advanced inventory methods, and a tax loss harvesting tool.
Trader: Covers up to 100,000 transactions per year and costs $499. Includes all Investor Plan features plus priority support.

Awaken Tax

Awaken Tax is a crypto tax platform built for on-chain users who move across many wallets, chains and dApps. Rather than relying solely on exchange imports, Awaken uses AI to categorize complex activity like liquidity providing, staking, bridging and swaps, which makes it a strong fit for DeFi users, memecoin traders and NFT collectors. You can import your wallets and preview your capital gains for free, and only pay when you’re ready to download your tax reports.

Awaken also offers a migration tool, Awaken Bridge, that moves your full tax history (wallets, transactions, edits and notes) over from another crypto tax tool. Beyond individual filers, it serves businesses and funds and offers a full-service option where its team handles your taxes for you.

Best Features

Its AI handles 10,000+ dApps, with 500+ crypto integrations including Coinbase, Binance, Kraken, MetaMask, Phantom and Hyperliquid.
Supports 55+ countries, with US reports including Form 8949 and Schedule D, plus export to TurboTax and TaxAct.
Supports FIFO, LIFO, average cost and wallet-based (specific ID) cost tracking.
Plans are charged only on your current tax year’s transaction count, include reports for past years, and never auto-renew.
Accepts USDC as payment.

Pricing

has four self-serve plans plus a full-service option:

Minnow: Free. Includes portfolio tracking and a capital gains preview for up to 100 transactions, but no tax report exports.
Fish: $99/year for up to 300 transactions. Adds tax reports and TurboTax export.
Dolphin: $199, $299 or $399/year for 1,000, 2,500 or 5,000 transactions. Adds advanced tax settings and performance tracking.
Whale: $599, $799 or $999/year for 10,000, 25,000 or 50,000 transactions. Adds tax lots, tax planning and priority support.
Full Service Bookkeeping: Starts at $3,000/year, with a dedicated crypto tax specialist and direct Telegram access to your assigned tax team.

TurboTax

TurboTax has been helping individuals and businesses file returns since the 1980s. Whether you are generating a tax report for the first time or are a seasoned tax filer, the software will help you structure your transactions to generate an accurate report. It leverages a question-and-answer model and broad tax support to stand out from the rest. It's easy to use and has tax experts to help with concerns about filing taxes correctly and receiving the maximum tax refund.

Note: TurboTax discontinued its Investor Center feature on July 22, 2025, but continues to support crypto tax reporting through integrations with specialized crypto tax software.

Best Features

TurboTax allows you to upgrade to higher degrees of tax assistance. With TurboTax Live plans, you can connect directly with a tax expert.
It comes with token depreciation functionality that monitors your major holdings' performance throughout the year.
Simple but helpful options for uploading and harvesting data.
Integrates with major crypto tax software like CoinLedger, Koinly, and TokenTax.

Pricing

TurboTax has two main product categories:

Do it yourself: For DIY plans, users start for free and pay only when they file.
Live (Assisted or Full Service): Ideal for individuals with more complex tax needs who require expert help and advice to file returns. Pricing varies by complexity.

Koinly

Koinly's fast tax transaction tracking and reporting ranks it among the best crypto tax software. It claims to track and generate reports within 20 minutes. Koinly supports tax filing for more than 20 countries, and provides tips for minimizing future taxes. By syncing and porting your crypto transactions into Koinly, you can view your entire portfolio of under-realized and unrealized capital gains.

Importing your crypto activities to Koinly is straightforward—you can upload a CSV document or connect through the Koinly API. The tool integrates with over 800 exchanges, blockchains, and wallets. It's important to note that Koinly does not offer a free plan. While you can track up to 10,000 transactions for free, you must subscribe to one of its plans to download a tax report.

Highlights

Extensive crypto support: Monitor over 6000 digital currencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
Dashboard: A dashboard showing your gains and losses for a particular tax year, total growth return-on-investment (ROI), current investments, etc.
Double-entry system: A double-entry system that monitors all transactions made, simplifying error detection and debugging in the next financial year.
800+ integrations: Support for major exchanges, wallets, and blockchains.

Pricing

Apart from the free plan covering up to 10,000 transactions (portfolio tracking only, excluding report generation), Koinly supports three paid plans:

Newbie Plan: $49 per year with 100 transactions.
Hodler Plan: $99 per year with 1,000 transactions.
Pro Plan: $199 per year with 3,000 transactions, or $299+ supporting 10,000+ transactions.

CoinTracking

Apart from helping you generate a tax report, CoinTracking allows you to track your gains and losses, discover realized and unrealized gains, and see the value of your crypto from its intuitive interface. It's compatible with 14 tax calculation methods and can be accessed from 100+ countries. CoinTracking leverages 2FA and data and API encryption to guarantee maximum security for its users.

Note: Under current IRS guidance, the only two cost basis methods allowed for tax return reporting are Specific Identification and First In First Out (FIFO).

Highlights

It allows you to generate over 25 customizable tax reports, such as gains/loss, realized and unrealized gains, etc.
Supports 400+ exchanges and 100+ blockchains.

Pricing

CoinTracking has five pricing plans (yearly, bi-yearly, or lifetime subscription model):

Free: 7-day unlimited trial with access to all features. After the trial period, users of the free account can only view the existing portfolio and new imports require a paid plan.
Starter: $49/year for up to 200 transactions, and adds tax reports and tax options to the Free plan features. Includes 2 backups, portfolio tracking, 25+ reports, 300+ exchanges & wallets, and DeFi & NFT support.
Pro: $169/year for up to 3,500 transactions. Includes 5 backups, tax reports, tax options, auto-sync, and API access. Offers automated imports and all features from the Starter plan.
Expert: $259/year for up to 20,000 transactions. Includes 10 backups, priority support, advanced tools, and expert session access. All Pro features plus premium support.
Unlimited: $899/year for unlimited transactions. Includes 20 backups, premium support, advanced tools, expert sessions, and no transaction limits. Offers the most comprehensive feature set with dedicated support.

CoinLedger

CoinLedger (previously CryptoTrader.Tax) has been providing crypto returns filing since 2018. It's designed to help you monitor your crypto trades throughout a financial year in minutes and create tax reports highlighting gains, losses, and earnings from NFTs, staking, and mining activities. The CoinLedger interface is intuitive and user-friendly to seasoned and newbie users.

Best Features

Creates short and long-term gains reports, crypto income reports, and tax loss harvesting reports, reducing your tax requirements.
Allows you to track your portfolio for free and only pay when you want to generate a tax report.
Supports 700+ exchanges, wallets, and blockchains.
Partners with TurboTax, TaxAct, H&R Block, and TaxSlayer.

Pricing

CoinLedger supports four pricing plans:

Free: Import your transactions and track your portfolio free of charge, but no tax reports are included.
Hobbyist: Covers up to 100 transactions per tax year with tax reporting for $49.
Investor: Covers up to 1,000 transactions per year with tax reporting for $99.
Pro: Covers up to 3,000+ transactions per year with tax reporting for $199.

If you have more than 3,000 transactions, you can purchase additional transactions within the app.

ZenLedger

ZenLedger is a cryptocurrency tax software that offers comprehensive tax reports for crypto trades, such as customized Form 8949, Schedule 1 and Schedule D. Designed for accurate tax tracking and reporting to prevent users from overpaying, ZenLedger is known for its fast and user-friendly interface. To use ZenLedger, you import your exchange or wallet trade history, review it and download a tax report.

ZenLedger supports over 400 exchanges, wallets, and 100+ decentralized finance (DeFi) and NFT protocols. It has a supportive customer department ready to help you through email, live chat, and phone calls throughout the week. Besides, ZenLedger has a 1-year refund policy, and some of its plans also support non-fungible tokens (NFTs).

Highlights

Its tax tracking tools enable you to make informed decisions while investing and saving money with its comprehensive tax reports.
The Grand Unified Accounting tool features a detailed summary of all your transactions and tax liability, with all information regarding your trades in one place, simplifying the tracking of many transactions across multiple platforms.
It has a two-factor authentication (2FA) login process to strengthen online security and keep your information secure and private.

Pricing

ZenLedger supports three plans based on the number of transactions.

Silver: $49/year for up to 100 transactions.
Gold: $199/year for up to 5,000 transactions.
Platinum: $399/year for up to 15,000 transactions.

Blockpit

Blockpit is based in Austria and Germany, specilaizing in cryptocurrency compliance and has created software for tracking crypto transactions and generating tax reports. The tool streamlines the process of filling crypto returns and navigating anti-money laundering (AML) guidelines and other taxation laws. In addition, it comes with a real-time tax reporting system, enhancing effectiveness in compliance and AML processes through frictionless integration with multiple exchanges and wallets.

Best Features

Blockpit enables you to submit fully compliant reports for Austria, France, Germany, Spain, Switzerland, UK, USA, and other countries.
You can import transactions manually or through auto-sync and download tax reports in multiple formats.
You can see a summary of your past and current investment portfolio and assess your performance.
Supports 250,000+ assets across major exchanges and blockchains.

Pricing

Blockpit has 5 pricing plans based on the number of transactions, and an add-on:

Small: Tax report covers up to 50 transactions annually for €49.
Medium: Covers up to 1,000 transactions annually for €99.
Large: Covers up to 3,000 transactions yearly for €149.
X-Large: Supports up to 10,000 transactions per tax year for €229.
XX-Large: Supports over 10,000 transactions per tax year for €549.
Blockpit Plus: Additional subscription service at €59/year for premium features including tax optimization tools.

TokenTax

Besides being a crypto tax software, TokenTax is a full-fledged digital currency accounting company. This makes its services more reliable, detailed, and accurate. The TokenTax support has a rich knowledge of cryptocurrency, DeFi, metaverse, and NFT, offering saving hacks when generating tax reports. The software also integrates well with multiple exchanges and wallets; hence, you don't have to manually enter much data into its tax calculation tool.

Best Features

Supports all major exchanges and wallets – While TokenTax directly integrates with 120+ exchanges and wallets, you can import a CSV from any exchange or wallet.
You can monitor your tax liability in real-time to avoid last-minute surprises.
Generates a broad range of tax reports, including international reports.
Offers full-service tax filing with in-house CPAs and enrolled agents.

Pricing

TokenTax has four pricing plans:

Basic: Covers up to 100 transactions per year for $49.
Premium: Covers up to 5,000 transactions per year, with a tax loss harvesting dashboard and Ethereum gas fee report, and costs $199.
Pro: Covers up to 20,000 transactions per year, supports automatic CSV imports for all exchanges and margin/options PnL calculations for $1,999 yearly.
VIP: Covers up to 30,000 CEX transactions per year, supports every DeFi and NFT platform, review of IRS inquiries and costs $3,499. Includes the option of full filing by TokenTax.

Note: You can add 20,000 additional transactions for Premium and Pro plans.

CoinTracker

CoinTracker was founded in 2017 and is now serving over 2.5 million users worldwide. As the official crypto tax partner of Coinbase and TurboTax, CoinTracker offers seamless integration with these major platforms. It supports over 500 exchanges and wallets, along with 10,000+ cryptocurrencies, making it ideal for traders with diverse portfolios.

The platform is particularly strong for users who primarily trade on centralized exchanges and want a streamlined, user-friendly experience. CoinTracker automatically tracks your crypto transactions, portfolio performance, and capital gains across multiple wallets and exchanges. It's also IRS-compliant and supports Rev. Proc. 2024-28, which introduced mandatory per-wallet cost basis tracking in 2025.

Best Features

Official crypto tax partner of Coinbase and TurboTax with seamless integration.
Supports 500+ integrations and unlimited wallets.
Real-time portfolio tracking with performance metrics and tax liability calculations.
Tax-loss harvesting features on paid plans to optimize tax outcomes.
Mobile apps for iOS and Android for on-the-go portfolio monitoring.
Direct filing integration with TurboTax and H&R Block.

CoinTracker offers multiple pricing tiers based on transaction volume:

Free: Offers portfolio tracking and a tax summary preview at no cost.
Base: Starts at $59 per year for basic tax reporting up to 100 transactions per year.
Base+: Starts at $99 per year for basic tax reporting up to 250 transactions per year.
Prime: $199 per year with tax lots breakdown, tax loss harvesting, performance tracking, and up to 1,000 transactions per year.
Prime+: $299 per year with tax lots breakdown, tax loss harvesting, performance tracking, and up to 2,500 transactions per year.
Ultra: $499 per year with additional priority support, multiple cost-basis methods, and up to 10,000 transactions per year
Ultra+: $999 per year with additional priority support, multiple cost-basis methods, and up to 25,000 transactions per year
Full Service: From $3,499 per year, with a dedicated account manager, personal assistance, and up to 300,000 transactions.

Conclusion

A crypto tax software streamlines the record-keeping of cryptocurrency transactions. It maintains secure records of all on-chain trades by integrating directly with your crypto exchange or wallet. It saves you significant time when filing returns at the end of a financial year by automating the processes of harvesting data and generating tax reports.

By trying any of the software discussed in this article, you can rest easy knowing you are following all the crypto tax rules of your country. Each platform offers unique strengths – whether it's Summ's smart categorization, Koinly's international support, CoinLedger's affordability, ZenLedger's comprehensive DeFi features, or CoinTracker's Coinbase integration.

When choosing crypto tax software, consider your transaction volume, the complexity of your trading activity (DeFi, NFTs, staking), your budget, and whether you need professional tax assistance. Most platforms offer free portfolio tracking, allowing you to test the interface before committing to a paid plan.

Disclaimer: This article is only for informational purposes and should not be taken as financial advice. Always do your own research before choosing any financial product or tax advisor.

Note: An earlier version of this article included TaxBit, which has since shifted to a B2B enterprise model.

Note: An earlier version fo this article was written by Josiah Makori.

Stacks (STX) Bitcoin Bonds: How BTC Earns While Staying in Self-Custody

2026-11-04T09:31:13Z

Key Takeaways

Stacks’ Bitcoin bond lets holders earn yield paid in BTC, with a 3% target annual yield per bond, while their Bitcoin stays on the Layer 1 (L1), in their own custody. The yield comes from BTC that miners spend to mine Stacks blocks, not from lending out participants' coins.
Every bonded Bitcoin requires STX worth 5% of its value to be held and locked for the six-month term, making STX the staking capacity for Bitcoin. The first two bonds brought in about 735 BTC, and Bonding Period 2 alone locked 6.7 million STX.
Two upgrades planned for 2027 are designed to deepen demand for STX capacity, alongside STX’s longer-term role as the gateway to Bitcoin capital markets. Neither upgrade is live yet.

This article is brought to you by Stacks.

Most Bitcoin does nothing. It sits in cold storage, ETPs and corporate treasuries, holding value but earning nothing. Until now, making it productive has usually meant handing it to someone else: a lender, an exchange or a yield platform. That trade-off between yield and custody is exactly what the 2022 lender collapses exposed.

Stacks offers a different route. Through its Bitcoin bond, holders lock BTC on the Bitcoin Layer 1 (L1), maintain custody of their coins, and earn yield paid in BTC. The bond is the first building block of what Stacks calls Bitcoin Capital Markets: markets where Bitcoin earns, collateralizes and trades while staying secured by Bitcoin finality.

This article covers what that gives a Bitcoin holder, how the bond works, and why STX sits at the center of it as the staking capacity every bonded Bitcoin requires.

What Bitcoin Capital Markets Give a BTC Holder

Holders of stocks and bonds take three things for granted: their assets can earn, they can be borrowed against, and they can be traded. For Bitcoin, each of these has typically required leaving the Bitcoin network or giving up custody. Stacks is built to deliver all three while the underlying security stays with Bitcoin.

Earn: Bond BTC for a fixed term and earn yield paid in BTC. The Bitcoin stays on the L1, in the holder's custody, for the life of the bond.
Collateralize (planned for 2027): A planned self-custodial lending product would let bonded BTC back a stablecoin loan while it keeps earning yield. The existing Stacks ecosystem already has hundreds of BTC deployed in lending through protocols such as Zest Protocol.
Trade: Bitcoin-based assets trade on Stacks DeFi venues such as Bitflow, the network's main DEX, alongside products like Hermetica's Bitcoin-backed, yield-bearing synthetic dollar.

Activity on Stacks settles with Bitcoin finality, so it inherits the security of the Bitcoin network rather than relying on a separate chain's guarantees.

Institutions now hold Bitcoin as a form of capital through ETPs, corporate treasuries and custodians, and many want to put it to work without handing custody to a lender or platform. The Stacks bond lets them earn BTC yield while their Bitcoin stays on the L1.

How the Bitcoin Bond Works

A Bitcoin bond lets a participant commit BTC for a fixed term and earn BTC in return, without moving that BTC off the Bitcoin L1. In practice, it works in four steps:

Bond BTC. The participant bonds Bitcoin for a six-month term. The BTC stays on the Bitcoin L1, in the holder's custody.
Pair it with STX. Each bond requires STX as staking capacity, currently worth 5% of the BTC value bonded. That STX stays locked until the bond matures.
Earn BTC. Participants earn rewards paid in native BTC. Each bond has a 3% target annual yield, set before the bond opens and fixed for its term. The next section explains where that BTC comes from.
Mature and repeat. At the end of the term, the bond matures and the STX unlocks, with new bonding periods open roughly every month.

The first bond, the Genesis Bond, sold out in September 2026. Its first participants were 21Shares, HashKey Cloud, UTXO Management (the asset management arm of public Bitcoin treasury company Nakamoto Inc) and Sypher Capital. At quarter-end, it had 230 BTC bonded.

Bonding Period 2 widened participation through liquid Bitcoin staking and added 505 BTC, bringing the combined total to about 735 BTC.

The current phase, PoX-5, is a deliberate bootstrap with a whitelist of anchor participants. The end-state design, PoX-6, is planned for 2027 as an open auction (covered below). According to Stacks, no other product currently offers BTC-denominated yield for self-custodial Bitcoin staking.

Where the BTC Yield Comes From

The yield is paid by Stacks miners. It does not come from lending out participants' Bitcoin, and it is not paid in a newly issued token.

The source is Stacks' consensus mechanism, Proof of Transfer (PoX). It works like this:

Miners bid BTC. To win the right to produce a Stacks block, miners commit BTC in a transaction on the Bitcoin network. The more BTC a miner commits, the better its chance of winning the block.
The winning miner earns STX. The miner that produces the block receives the Stacks block reward, paid in STX, plus transaction fees.
The BTC goes to participants. The BTC that miners commit is not burned or kept by Stacks. It is transferred to the network's participants, which today means those who bond BTC and lock STX capacity.

In effect, miners pay BTC to receive STX from economic activity, and that BTC flows to bond participants. Proof of Transfer has distributed 4,224 BTC this way since the network launched in January 2021.

For a Bitcoin holder, this means:

The yield comes from outside your position. Your BTC is not lent, rehypothecated or moved off the L1 to generate it. The BTC you earn is spent by miners competing for Stacks blocks.
Each bond has a 3% target annual yield, set before the bond opens and fixed for its term.

STX: The Staking Capacity for Bitcoin

The asset being staked in a Stacks bond is Bitcoin. STX is the capacity that unlocks it. To bond BTC and earn BTC yield, a participant must hold and lock STX worth a set share of the bonded BTC, currently 5%, for the full bond term.

That makes STX a capacity asset, a different category of token design. Most token demand comes from inside a protocol's own economy: fees, governance or rewards paid in the same token. Here, demand comes from outside: from Bitcoin holders who want to earn yield. Every Bitcoin that enters a bond creates proportional demand for STX that must be held and locked.

The amount of STX a bond requires depends on three values based on the below formula:

STX required = BTC bonded × capacity ratio × (BTC price ÷ STX price).

Because the capacity ratio is set in value terms, the number of STX needed moves with both prices. If BTC rises relative to STX, each bonded Bitcoin requires more STX. If STX rises relative to BTC, it requires fewer.

Institutional STX locked as capacity is taken off the market for the bond’s six-month term and can’t be sold or traded until the bond matures.

What the First Two Bonds Show

The first two bonds show the mechanism working. Bonded BTC more than doubled from 230 BTC in the Genesis Bond to 505 BTC in Bonding Period 2. Bonding Period 2 alone required 6.7 million STX to be locked alongside its 505 BTC.

Across the network, staked STX rose from 392 million after the PoX-5 hard fork to 493 million after Bonding Period 2, an increase of about 26%.

Bonds run for six months, and new bonding periods open monthly. Each new bond adds a fresh cohort of locked STX, on top of earlier cohorts that have not matured yet. Bonds 3 and 4 will each be 1,000 BTC, about double the size of Bonding Period 2. The table below shows how locked STX would build up if every new bond were that size.

Month	New cohort locked (STX)	Cohort maturing (STX)	Total bond capacity locked (STX)
1	13.3M	0	13.3M
2	13.3M	0	26.6M
3	13.3M	0	39.9M
4	13.3M	0	53.2M
5	13.3M	0	66.5M
6	13.3M	0	79.8M
7	13.3M	13.3M	79.8M

Illustrative only. Assumes monthly bonds of 1,000 BTC each at Bonding Period 2 prices (about 13,300 STX per BTC) and a six-month term.

With six overlapping cohorts, about 79.8 million STX would be locked at any given time, around 16% of the 493 million STX currently staked, and larger bonds would raise that level further. Taking that much STX off the market could also support its value, which would make STX block rewards more valuable to miners, incentivizing them to spend more BTC to win those blocks. Because each bond’s 3% target annual yield is set in advance, more BTC from miners means more Bitcoin can be bonded at that target, so each bond helps create room for a larger one.

How Bonds Compare to Token Buybacks

The closest familiar comparison is a token buyback. Both create a demand sink that takes tokens out of circulation, but they are funded and sustained very differently.

	Token buyback	Stacks Bitcoin bond
Funded by	The protocol's own treasury or revenue	Outside BTC capital seeking yield
What happens to tokens	Bought and held or burned	Held and locked for the bond term
Scales with	Protocol revenue	The amount of Bitcoin entering bonds
Duration	Permanent if burned; otherwise at treasury discretion	Temporary per cohort; STX unlocks at maturity

Locked STX is not removed for good: each cohort unlocks when its bond matures. The demand holds up only if new bonds keep replacing maturing ones, which is why the overlapping monthly cohorts above are central to the model. In exchange, the sink is funded by external Bitcoin rather than by the protocol spending its own resources, and it grows with every bond.

What 10,000 Bonded BTC Would Mean for STX

At Bonding Period 2 prices, 10,000 bonded BTC would require about 133 million STX to be held and locked, roughly 27% of the 493 million STX currently staked.

The calibration point is Bonding Period 2 itself: 6.7 million STX for 505 BTC, or roughly 13,300 STX per bonded Bitcoin. Applying that rate to larger bond sizes gives the following:

BTC bonded	STX held and locked (approx.)	Share of 493M STX currently staked
735 (first two bonds combined)	9.8M	2.0%
1,000	13.3M	2.7%
5,000	66.5M	13.5%
10,000	133M	27%

Illustrative only, at Bonding Period 2 prices. Because the capacity ratio is set in value terms, the STX amounts move with both the BTC and STX prices.

For perspective, 10,000 BTC is a small slice of the Bitcoin held by ETPs and corporate treasuries today. The table is illustrative rather than a forecast, but it shows that STX demand scales directly with the amount of Bitcoin that chooses to earn yield through Stacks.

The Roadmap: Three Levers for STX Demand?

Two upgrades planned for 2027 are designed to deepen demand for STX capacity. Neither is live yet.

Lever 1: An open auction for capacity (planned, PoX-6). Today, capacity goes to a whitelist of anchor participants. Under PoX-6, STX bids would determine how much BTC each participant can bond. Allocation would shift from whitelisted capacity to competitive bidding for a limited supply, turning STX capacity into a market in its own right.

Lever 2: Self-custodial borrowing (planned). A planned lending product would let bonded BTC, still earning yield, back a stablecoin loan. This mirrors the bond-and-repo pairing in traditional finance, where a bond earns its coupon while also serving as collateral for borrowing. For a Bitcoin holder, the same BTC would be productive twice: earning BTC yield and unlocking liquidity, all without leaving self-custody.

Greater capital efficiency makes bonding more attractive, more bonding raises demand for STX capacity, and an open auction lets that demand compete for a limited supply. Together, they would turn a single yield product into a capital market.

Lever 3: STX as the gateway to Bitcoin capital markets (long term). Beyond the two 2027 upgrades, STX’s longer-term role is as the entry point to the markets that form on Stacks. Staking BTC requires STX capacity, every transaction on Stacks pays its fees in STX, and borrowing against staked BTC is planned to build on that same staked position. Those fees go to the miners who produce Stacks blocks, so more activity on Stacks raises how much BTC miners are willing to commit, which flows back to staked BTC and can support more capacity for Bitcoin to come in and earn. For institutions and individual holders alike, that makes STX the gateway holding they need to deploy BTC into whichever yield, credit and trading markets develop on Stacks over time. As those markets grow, so does the role of the asset that gives access to them.

Conclusion: The First Primitive of Bitcoin Capital Markets

For Bitcoin holders, the Stacks bond answers a long-standing trade-off: BTC can now earn BTC yield while staying on the L1, in the holder's own custody. With planned lending and an active Stacks DeFi ecosystem, the same Bitcoin can also be collateralized and traded, all settled with Bitcoin finality.

The bond is the first primitive of these Bitcoin Capital Markets, and STX is the asset that unlocks access to them. Every Bitcoin that bonds requires STX to be held and locked. The first two bonds have already brought in about 735 BTC from participants including 21Shares and HashKey Cloud. If more of the Bitcoin sitting idle in treasuries and ETPs follows, demand for that capacity grows with it.

This article is for informational purposes only and is not financial advice.

Do Prediction Markets Deliver Real Utility?

2026-10-30T05:40:05Z

Key Takeaways

Driven by real financial ‘skin in the game’, prediction markets dynamically update in real time to provide precise probability distributions that continuously match or exceed the accuracy of traditional polls, expert surveys, and economic forecasts.
Prediction markets have evolved beyond sports and election forecasting into crucial macroeconomic and geopolitical data infrastructure, widely adopted by major financial media, central bank researchers, and institutional market platforms.
To establish prediction market data as trusted decision-making infrastructure worldwide, platforms must deepen liquidity to resist manipulation, actively engage regulators to reframe markets as monitoring tools, and maintain open, transparent data backed by independent research.

1. From Betting to Valuable Data

The first report covered the definition of prediction markets and how they work, and the second report covered the major regulatory developments. The central point of both reports is that prediction markets serve as valuable data, not merely as a venue for betting.

Major financial media and market infrastructure providers have begun to adopt prediction market data, which shows the value of that data.

Google Finance, CNBC, CNN, and The Wall Street Journal (WSJ) have started displaying prediction market probabilities, and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, and Tradeweb, an electronic trading platform for bonds and other assets, now distribute prediction market data to institutional clients alongside their existing market data.

A Federal Reserve Board working paper has also described prediction market data as a benchmark for macroeconomic expectations, such as interest rate decisions, inflation, unemployment, and GDP growth.

A Federal Reserve Board economist and co-authors described the markets of Kalshi, a prediction market, as “a high-frequency, continuously updated, distributionally rich benchmark that is valuable to both researchers and policymakers” (Diercks, Katz and Wright, 2026). Prediction markets are thus starting to be seen as a data source rather than a betting site.

Industry has already recognized prediction market data as valuable and put it to use. This final report in the prediction market series examines the utility of that data through three questions:

How does a prediction market price become valuable data?
Where is prediction market data used?
Do today’s prediction markets produce that kind of data?

2. How Does a Prediction Market Price Become Valuable Data?

As covered in the first report, the core mechanism of a prediction market, the binary contract, normally pays out either $1 or $0 depending on whether a specific event occurs. For example, if a contract stating “It will rain tomorrow” trades at $0.62, market participants are estimating the probability of that event at 62%.

A prediction market price ($0.62) therefore works as an intuitive probability (62%) for a future event. Four structural characteristics explain why these prices count as valuable data that global financial institutions and media use in actual decisions, not as mere betting odds.

2.1. Credibility Through Skin in the Game

Some regard betting on prediction markets as plain gambling, but putting money at stake gives participants real ‘skin in the game.’

‘Skin in the game’ means bearing the risk and responsibility of one’s own decisions. Unlike an opinion that costs nothing to state, a wrong prediction costs participants their own money, so they build only carefully verified information and genuine beliefs into the price.

When many predictions with money at stake are aggregated, the prediction market price becomes highly reliable probability data, provided the market has sufficient liquidity.

2.2. Timeliness Through Continuous Real-Time Updates

Traditional polls and expert surveys provide only a snapshot from the time they were conducted, so they are slow to capture fast-moving changes. For example, if a sudden external economic shock or an emergency statement arrives today, ahead of a central bank rate decision due tomorrow, a poll finished several days ago or a monthly expert survey cannot reflect it at all.

Prediction market prices, by contrast, change the moment new information enters the market. Prices update continuously because participants readjust their positions whenever news, unexpected developments, or regulatory announcements arrive.

A prediction market price is therefore not a probability fixed in the past but timely data that reflects changes as they happen.

2.3. Probability Distributions Across Outcomes

Traditional indicators that center on a single average or peak value lose information because they compress many opinions into one number. For example, when forecasting a central bank rate cut, a typical expert survey shows only one average figure, such as a “0.25 percentage point cut,” and cannot show scenarios that depend on how committee members’ remarks shift.

Prediction markets, by contrast, produce a ‘probability distribution’ across every possible outcome. A probability distribution here shows the probability of every possible scenario together rather than a single outcome (for example, hold 20%, 0.25 percentage point cut 70%, 0.5 percentage point cut 10%). It is also a continuous time series.

This lets a prediction market measure not only the most likely central value but also tail risk, meaning outcomes that are unlikely but would have a very large impact if they occurred. Prediction markets therefore provide more than a single-point figure: their probability distributions support an overall assessment of future market volatility and potential risk.

2.4. Objectivity Through Verification After the Fact

Prediction market data earns trust in academia and global financial markets above all because its results can be fully verified after the fact.

Ordinary expert forecasts and surveys can also be checked for accuracy once the outcome is known, but the assessment usually leaves much room for interpretation, and institutions tend to cite only the track record that favors them. Prediction market data, by contrast, is recorded in full as a clear quantitative price (probability) and usually settles at 0 or 1 at expiry. Scoring is therefore mathematically exact and leaves no room for subjective interpretation.

Anyone can compare historical price data with actual outcomes transparently and without error. Because no one can manipulate this objective track record and it can be shown at any time, prediction market prices are more than subjective guesses: data professionals and institutions can rigorously judge their past accuracy, which gives the most reliable basis for adopting them as a core decision-making indicator.

3. Where Is Prediction Market Data Used?

Prediction market data has drawn public attention only recently, but its history goes back to the Iowa Electronic Markets (IEM) of the 1980s. For a long time its best-known use was forecasting elections, and its value has become more evident as prediction markets have recently been applied to a much wider range of areas.

3.1. Elections: Earlier and More Accurate Than Polls

The first case to show the potential of prediction markets was the Iowa Electronic Markets (IEM) described earlier. The IEM was compared against 964 poll results across five US presidential elections held from 1988 to 2004, and in 74% of cases it predicted the actual election result more accurately than the polls (Berg, Nelson and Rietz, 2008).

This advantage was not limited to the period just before elections. An analysis of the 1988 to 2000 presidential elections found that one week before the election, the IEM’s vote share forecast error (the gap from the actual vote share) averaged 1.5 percentage points, smaller than the 2.1 percentage point error of Gallup’s final poll, and even 150 days before the election the average error was only about 5 percentage points (Arrow et al., 2008).

The two figures cannot be compared directly, however. A poll is a current indicator that asks “if the vote were held today,” whereas a prediction market price is a forward-looking indicator of “the final result on election day.”

In fact, one study found that polls adjusted for the time remaining until the election were more accurate than prediction markets (Erikson and Wlezien, 2008). However, another analysis of the 2008 elections finds that when prediction market prices are corrected for their own known bias, they predict better than adjusted polls early in the campaign and in close races (Rothschild, 2009).

Prediction market prices are therefore more accurate than unadjusted polls and perform on par with highly calibrated polls. They also add value by providing forecasts that are updated every day from several months before an election.

3.2. Economy: Reading Macroeconomic Expectations in Real Time

For macroeconomic indicators such as interest rates, inflation, and employment, it is important to know accurately, before release, what the market expects.

Market expectations have traditionally been measured with expert surveys or the prices of traditional financial products. Surveys, however, are updated only every few weeks and so lack timeliness, while futures prices give a single figure, and option-implied distributions exist only for a few variables such as interest rates and headline inflation. Prediction markets, by contrast, produce a real-time probability distribution directly, through a price for each outcome.

This quantitative utility was already demonstrated between 2002 and 2005 in the economic derivatives market. An analysis of binary option trading data tied to the released values of indicators such as nonfarm payrolls, retail sales, and initial jobless claims found that market-implied forecasts were as accurate as, or more accurate than, the average expert survey, and the probability distributions implied by the market closely matched how often events actually occurred (Gürkaynak and Wolfers, 2006).

A recent Federal Reserve Board working paper (Diercks, Katz and Wright, 2026) evaluates prediction market forecasts against established benchmarks. The authors find that Kalshi’s median and mode forecasts for the federal funds rate had a perfect forecast record on the day before FOMC meetings and significantly outperformed fed funds futures at that horizon. Compared with the Bloomberg consensus, Kalshi forecasts were significantly more accurate for headline CPI inflation and statistically similar for core CPI inflation and unemployment. These findings suggest that prediction markets can improve on some benchmarks, while performing comparably to others.

The study also points to a broader range of practical applications beyond accuracy. Liquid derivatives-based indicators had not existed for key macro indicators such as GDP growth, core inflation, the unemployment rate, and nonfarm payrolls. Prediction markets remove this constraint by providing market-based expectations and detailed probability distributions in real time, which makes them a valuable benchmark for researchers and policymakers.

Prediction markets have been more accurate than traditional indicators for headline CPI and at least as accurate for interest rate decisions, and they also express macroeconomic expectations that traditional financial markets never covered as real-time probability distributions. This makes them a practical source of information.

3.3. Public Health: Flu Early Warning 2 to 4 Weeks Ahead

The US Centers for Disease Control and Prevention (CDC) publishes official flu statistics weekly, so there was a time lag in tracking how the flu was actually spreading.

To address this limitation, researchers at the University of Iowa ran a pilot prediction market for flu in which participating medical professionals traded. The market pooled the clinical information they provided voluntarily and predicted flu activity across Iowa two to four weeks in advance (Polgreen, Nelson, and Neumann, 2007).

Such forecasts may help inform treatment, prevention, and policy decisions. The case showed that prediction markets can support rapid response in public health. However, it was a pilot study confined to the state of Iowa.

3.4. Companies and Intelligence Agencies: Information That Bypasses Reporting Lines

In a typical company, negative news and uncertain outlooks tend to be diluted or played down as they move up the reporting chain. An internal prediction market, by contrast, has employees bet directly on whether internal matters such as revenue, new product launch dates, and hiring will succeed, and rewards correct predictions. This bypasses rigid reporting lines and quickly gathers candid frontline judgment and information into prices.

HP: An internal sales prediction market traded by 20 to 26 active participants was more accurate than official management forecasts in 6 of the 8 comparable cases, and in all 8 it correctly identified the direction in which the official forecast was wrong (Chen and Plott, 2002).
Intel: More than half of the 979 internal prediction markets operated from 2006 to 2013 were more accurate than the company’s official forecasts (Gillen, Plott and Shum, 2017).
Ford: Based on trading in its internal features prediction market, the company said in 2011 that it had decided against including a Ford-branded bike carrier and an in-car vacuum in future models (Cowgill and Zitzewitz, 2015).
Google: A senior executive told a company-wide meeting that a goal of filling a senior leadership role had been missed for six consecutive quarters and that the internal prediction market had seen this coming (Cowgill and Zitzewitz, 2015).
Siemens: For a software project whose traditional project plan still showed the deadline as reachable, the internal prediction market warned of a delay of two to three weeks, and the project was in fact completed 13 days late (Ortner, 1998).

Prediction markets have also proved useful on national security and geopolitical questions. In a geopolitical forecasting tournament run by the US Intelligence Advanced Research Projects Activity (IARPA) from 2011 to 2015, researchers compared prediction markets with prediction polls (surveys of forecasters) over two seasons.

In forecasts of 261 events by more than 2,400 participants, prediction market prices were more accurate than the simple average of the poll responses in both seasons. They did not match team polls whose forecasts were weighted by past accuracy and statistically adjusted, but the result shows that prediction markets aggregate information well without further processing (Atanasov et al., 2017).

Inside companies, prediction markets have repeatedly been reported to capture information that official forecasts and reporting lines missed. In the intelligence tournament as well, prediction markets were more accurate than the simple average of poll responses. However, they did not match team polls whose forecasts were weighted by past accuracy, and some of the markets, such as those at HP and Siemens, had small trading populations of about 20 to 60 people, which is a limitation.

4. Do Today’s Prediction Markets Produce Valuable Data?

Do the prediction markets operating today also produce this kind of valuable data? To find out, we analyzed the market types and forecast accuracy using public API data from Limitless, an on-chain prediction market platform, as of October 2026.

4.1. Variety of Market Types

At the time of analysis, a total of 556 markets were open. Far from being limited to simple sports or entertainment events, they broadly cover policy and macroeconomic indicators as a whole, including interest rate decisions by major central banks, elections and geopolitical variables, and tech company IPOs and quarterly earnings.

Prediction markets, once confined to a few events, now cover macro indicators and policy variables across the board. This suggests that the utility verified in the earlier sections (accuracy, timeliness, and verifiability after the fact) is now extending beyond specific areas to the global economy and policy decisions generally.

Uncertainties and future volatility that traditional financial systems and polls struggled to capture are now quantified as reliable probability data, which market participants and policymakers can use as practical reference points for decisions.

4.2. Forecast Accuracy

To test how closely prices in these markets reflect the actual probability of events, we compared the price one day before the scheduled resolution time with the actual outcome in 2,681 resolved event markets from our collected sample (about 85% of them sports markets).

In 9 of the 10 price ranges, the gap between the actual outcome rate and the price was within 4 percentage points. For example, of 165 contracts priced at 70 to 80% one day before resolution, 74.5% actually came true, and of 113 contracts priced at 90% or above, 97.3% came true.

The only range with a notable error was 50 to 60% (actual occurrence rate of 48.8%), mainly because about a third of the contracts in this range, most of them sports markets, were still at their initial listing price of 50% one day before resolution.

Apart from these illiquid, less popular sports markets, prediction market prices reflect the actual probability of events with high precision.

4.3. Response to New Information

Timeliness is what supports this accuracy. To check whether prices reflect new information as soon as it arrives, we tracked the time series of prices on the Fed rate decision.

The Fed rate decision market adjusted its probabilities immediately whenever new economic data or policy variables were released. The probability of a rate hold, which stood at around 70% in mid-August, fell below 50% in late August and early September as major indicators were released,

dropped to about 20% right after the September 11 inflation data release, and then fell into the 10% range the day before the decision. The probability of a 0.25 percentage point increase, by contrast, rose to 86 to 89% on the day of the decision, almost the same as the roughly 90% probability implied by federal funds rate futures on CME FedWatch (Diercks, Katz and Wright, 2026; Daiwa Capital Markets, 2026). Limitless prices formed just before the decisions of other major central banks showed the same real-time responsiveness.

On-chain prediction market platforms operating today thus meet in practice the timeliness and accuracy that the earlier sections identified as core requirements of valuable data. These cases show that prediction market prices absorb incoming information in real time and continuously supply it as highly precise probability data.

5. Do Prediction Markets Deliver Real Utility?

As this report has shown, the essential value of prediction markets does not lie in speculative trading or profit. Long-accumulated academic research and the empirical analysis in this report show that prediction markets produce probability data whose accuracy and timeliness exceed or complement those of traditional surveys and expert forecasts in areas such as elections, macroeconomic indicators, and corporate outlooks. The move by global financial media and key market infrastructure to adopt prediction market data as a real-time indicator also rests on this practical utility.

In major Asian countries and elsewhere, prediction markets are still often viewed as gambling. This analysis shows, however, that prediction markets such as Limitless already list markets on major regional policy and economic issues, including the interest rate decisions of the Bank of Korea and the Bank of Japan, although trading in these markets is still thin.

For this data to become trusted decision-making infrastructure worldwide, including in Asia, three efforts are needed.

First, structural efforts are needed to reduce price distortion and eliminate market manipulation. Liquidity in markets for major macroeconomic and political events should be increased and the pool of healthy participants broadened, so that a small amount of capital or speculative actors cannot distort prices.

Second, active government relations (GR) and communication are needed to change policy perceptions of prediction markets. Policy authorities and regulators in major Asian countries should be engaged continuously, through a cooperative framework, so that they accept prediction markets not as targets of regulation or blocking but as a supplementary macroeconomic monitoring indicator that aggregates the collective knowledge of private participants.

Third, transparent data disclosure and an independent research community are needed. Accuracy metrics and time-series datasets should be published regularly and openly, and research by specialized analysts such as Limitless Research should be encouraged, so that research institutions, the media, and policy authorities can easily access the data and trust it on the basis of objective evidence.

Prediction market platforms are at a turning point, evolving from simple trading venues into next-generation data infrastructure. If real-time probability data that closely tracks policy and economic issues worldwide, including in Asia, can be supplied and verified transparently, it can serve as an objective and useful tool for decisions under future uncertainty.

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Disclaimer

This report was partially funded by Limitless. It was independently produced by our researchers using credible sources. The findings, recommendations, and opinions are based on information available at publication time and may change without notice. We disclaim liability for any losses from using this report or its contents and do not warrant its accuracy or completeness. The information may differ from others’ views. This report is for informational purposes only and is not legal, business, investment, or tax advice. References to securities or digital assets are for illustration only, not investment advice or offers. This material is not intended for investors.

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Bitunix Care Fund Hits $50M: What Exchange Protection Funds Cover

2026-10-28T03:16:54Z

Key Takeaways

Bitunix has grown its Care Fund from $30 million to $50 million USDC and published the fund's on-chain address so anyone can check the balance.
A protection fund is a last-resort reserve for abnormal incidents like a hack, not a refund for trading losses.
Before relying on any exchange's protection fund, check three things: the size versus hot wallet exposure, whether the address is verifiable, and how payouts are determined.

This article is brought to you by Bitunix.

When an Exchange Gets Hacked, Who Covers the Losses?

Exchange hacks remain one of crypto's most expensive risks. When an exchange loses customer funds, what happens to users often depends on whether the exchange set money aside before the incident, which is where an exchange protection fund comes in.

Derivatives exchange Bitunix, which serves over 5 million users in more than 150 countries, just made its own fund bigger and easier for users to verify.

Bitunix's Care Fund Grows to $50M

Bitunix has increased its Care Fund to $50 million USDC, up from the $30 million it launched with in 2025. According to Bitunix, $50 million is enough to cover the full value of its hot wallets. The exchange has also published the fund's new on-chain address, so the reserve can be checked on Etherscan rather than taken on trust.

	Before	Now
Fund size	$30M USDC	$50M USDC
Launched	2025	Expanded 2026
On-chain address	Not highlighted	Published, verifiable on Etherscan
Hot wallet coverage	Not stated	Full value, per Bitunix

What Is an Exchange Protection Fund?

An exchange protection fund is a reserve a crypto exchange sets aside to compensate users after an abnormal incident, such as a security breach. Think of it as a self-funded emergency safety net, not insurance from a third party.

These funds matter because crypto deposits generally lack the government-backed protection that bank deposits have. If an exchange loses customer funds, there is often no outside safety net. A dedicated reserve gives the exchange a ready source of money to respond and allay customer fears, instead of scrambling after the incident.

What the Care Fund Covers (and What It Doesn't)

The Care Fund does not replace secure custody or other preventive measures; it is an added safeguard for extreme scenarios that custody controls alone cannot fully rule out. The Care Fund is not meant to compensate for trading results, but is instead intended to act as a reserve for extreme incidents that call for an exchange-level response, such as a hack.

May be covered	Not covered
Security incidents, such as a hack affecting the exchange	Losses from your own trades
Other abnormal events that require an exchange-level response	Liquidations caused by normal market moves

Bitunix says it assesses each case individually to decide on compensation: the exchange reviews what happened, verifies the affected accounts or transactions, and decides the response based on the evidence and its rules.

In practice, that means the fund is a promise backed by money, but the exchange still decides who qualifies and what events are covered.

How to Verify the Care Fund On-Chain

A published address turns "trust us" into "check for yourself." Anyone can look up the balance at a public blockchain address, at any time.

Care Fund address: 0x0988533bcb2e747351f08a365b33e46456c965a1 (Ethereum, ERC-20)

Get the address only from an official Bitunix source, such as its website or verified X announcement. Scammers often circulate look-alike addresses.
Paste the address into Etherscan.
Check the USDC token balance. It should be close to $50 million.
Review recent transactions: Large, unexplained outflows are worth noticing.
Check back over time: A fund is only useful if the balance stays there.

One caveat: an on-chain balance proves the money exists at that address today. It does not prove how the exchange will decide claims, or that the funds cannot be moved later.

How the Care Fund Fits Into Bitunix's Security Setup

The Care Fund is one of several security considerations at Bitunix, each addressing a different risk. It is meant as a backstop for exceptional incidents, not a substitute for keeping funds safe in the first place.

Security measure	What it does
Third-party custody (Fireblocks, Cobo)	Specialist providers secure and manage digital assets instead of in-house wallet software
MPC key management	Each private key is split into shares, so no single key can move funds alone
Cold storage	A significant portion of user assets is kept offline
Account controls and penetration tests	Protect accounts and probe systems for weaknesses
Proof of Reserves	Lets users verify the exchange holds the assets it claims
User insurance	An additional protection measure listed by Bitunix
Care Fund ($50M USDC)	Reserve for eligible user losses after exceptional incidents

Why Hot Wallets Are the Focus

Hot wallets are connected to the internet to process deposits and withdrawals. That makes them the most exposed part of any exchange. By sizing the Care Fund to cover the full value of its hot wallets, Bitunix is focusing on its riskiest surface.

What Is MPC?

Multi-party computation (MPC) splits a private key into pieces held by different parties. Transactions need several pieces to cooperate, so stealing one share is not enough to drain funds. Custody providers like Fireblocks use MPC to reduce single points of failure.

How to Safeguard Your Own Account

Protection funds are generally designed for incidents on the exchange's side, not for losses from an individual account compromised through phishing or shared login details. That makes your own account security just as important as any exchange-level safeguard.

Turn on two-factor authentication (2FA). An authenticator app is generally safer than SMS.
Use a strong, unique password. Never reuse your exchange password on other sites.
Check the URL before logging in. Bookmark the official site and only download the app from official stores.
Treat unsolicited messages as untrusted. Be wary of DMs, emails or links claiming to be from the exchange, even if they look official.
Never share passwords, 2FA codes or private keys. No legitimate support agent will ask for them.
Use extra protections where available. Features like anti-phishing codes and withdrawal address whitelists add another barrier.
Act fast if something looks wrong. Contact support through official channels right away.

5 Questions to Ask About Any Exchange's Protection Fund

The size of a fund only means something in context. Use these questions on Bitunix or any other exchange you trade on.

Can I see it on-chain? A published, verifiable address beats a number in a blog post.
How big is it relative to the risk? Compare it to hot wallet exposure or user deposits, not to other exchanges' headlines.
What is it held in? A stablecoin reserve like USDC holds its dollar value better than a volatile token.
What does it cover? Look for clear language separating security incidents from trading losses.
Who decides payouts, and how? Check whether the claims process and eligibility rules are published.

Final Thoughts

Bitunix's move to $50 million USDC, with a public on-chain address, makes its Care Fund larger and more transparent than before. It also adds a concrete benchmark: coverage of its full hot wallet value, per the company.

Still, a protection fund is a backstop, not a guarantee. The best protection remains choosing exchanges with strong custody, verifiable reserves, and clear rules, and not keeping more on any exchange than you need to.

FAQ

How much is the Bitunix Care Fund?

$50 million USDC, increased from $30 million.

When was the Bitunix Care Fund launched?

In 2025, with $30 million USDC.

Does the Care Fund cover trading losses?

No. It is meant for abnormal incidents that require an exchange-level response, not routine market outcomes.

How can I verify the Care Fund?

Look up the official Care Fund address on Etherscan and check its USDC balance. Only use the address from Bitunix's official channels.

Is compensation guaranteed?

No. Bitunix assesses each case individually based on the incident, the evidence, and its rules.

This article is for informational purposes only and is not financial advice. Information is based on Bitunix's announcement.

Robinhood Chain's Trading Boom: How Pons Put Stock Tokens to Work

2026-10-26T17:54:54Z

Key Takeways

Pons has made Stock Tokens useful inside third-party markets. Creators can price a new coin against a Stock Token; trades build the reserve, and successful launches carry the pair into a Uniswap pool.
The scale is already significant. Bitquery counted 207,893 V2 launches, $736 million in bonding-curve turnover, and at least $2.14 billion after graduation over 32 days.
Reserve choice is the distinctive feature. Some 73,896 launches used tokenized stocks, commodities, or wrapped bitcoin as reserves, generating $232 million of curve turnover. That total is broader than Stock Tokens alone.
A working use case is different from a durable market. The next signals are retained liquidity, returning users, useful applications beyond launch week, and outcomes for traders and creators.

A memecoin launch might seem like an unlikely place to find a new use for tokenized stocks. On Robinhood Chain, that’s exactly what’s happening. Pons lets creators launch tokens against assets linked to Nvidia and other stocks. Those assets become part of how the new market trades, collects reserves, and eventually moves to Uniswap.

Here's how it works. A creator chooses a reserve asset, and buyers trade against it on a bonding curve. Once the reserve reaches its target, liquidity moves into a Uniswap pool. Robinhood’s Stock Tokens provide economic exposure through tokenized debt securities, without shareholder rights. Pairing a memecoin with one doesn’t turn the memecoin into a share of the company.

The interesting part is what developers can do with those assets once they’re onchain. Pons puts them to work in markets built outside Robinhood. In a little over two months, it became one of the chain’s busiest applications. That gives us a working use case and the next question: what keeps people using it after the launch rush?

1. Robinhood Chain: A Growing Market for Builders

Robinhood brought an established consumer business into its onchain expansion. In its mainnet announcement, the company said it served nearly 28 million customers across 38 countries. Stock Tokens were available through Robinhood Wallet in more than 120 countries, subject to local restrictions. The Arbitrum-based chain opened to independent builders with Uniswap and Pleiades among its launch partners.

Activity grew across the wider network. In its second-quarter earnings call, Robinhood reported more than $12 billion in DEX volume after the mainnet launch. At a September investor conference, CEO Vlad Tenev said about 200 Stock Tokens were live, and trading across the chain had recently reached billions of dollars a day. And that set the context for a range of projects, including Pons, building markets and applications around tokenized assets.

2. The Growth Story: From Challenger to Heavyweight

Pons began operating on Jul 14, 2026. In CoinGecko’s late-July market snapshot, Pons accounted for 37.2% of all tokens launched on Robinhood Chain from July 13 to July 27, after Noxa paused new launches.

The bigger surge followed a new V2 deployment on Aug 3, 2026.

Bitquery reconstructed V2’s first 32 days through Sep 3, 2026. The totals were substantial: 207,893 launches, $736 million traded on bonding curves, and at least $2.14 billion traded after tokens graduated to Uniswap. Growth accelerated late in the study period. Bitquery reports that daily curve volume rose about 55-fold over 11 days, while daily launches increased roughly 17-fold.

That growth also showed up in revenue. According to CoinGecko, Pons overtook Pump.fun in daily protocol revenue on Sep 2, 2026, generating $1.1 million. Stonkfun achieved its own daily lead four days later with $1.5 million, underscoring how quickly new launchpads were entering the competition.

By Sep 28, 2026, Pons was still recording substantial trading activity. A DefiLlama snapshot showed $2.45 billion traded on V2 bonding curves over the preceding 30 days, including $231 million in the preceding week. These figures exclude trading after graduation to Uniswap. They show activity extended beyond the initial surge, while leaving the longer-term growth pace open.

3. The Reserve Choice: Why Stock Tokens Matter

The reserve choice is what makes Pons interesting. Pons lets creators price a new token against ETH, a dollar stablecoin, or a tokenized asset. If the token graduates, its reserve becomes one side of the Uniswap pool. Someone arriving to trade a memecoin can therefore end up trading against a Stock Token without setting out to buy stock exposure.

The choice caught on. In Bitquery’s first 32 days of V2 data, 73,896 of 207,893 launches used a reserve other than ETH or the dollar stablecoin. They generated $232 million of the $736 million traded on Pons’ curves—nearly one dollar in three. That category includes tokenized stocks, commodities, and wrapped bitcoin; Nvidia was its most popular reserve, followed by a SpaceX tracker, Trump Media, and SPY.

Figure 1. Alternative reserves accounted for nearly a third of Pons V2 curve volume, with tokenized stocks included alongside commodities and wrapped bitcoin.

Two graduates show where a stock-linked launch can lead. Orbio.so (ORBIO) launched against Nvidia’s Stock Token and graduated to Uniswap. CoinGecko recorded its market cap rising from $13.6 million on September 15 to $87.5 million on September 28. Orbio says it converts half of token trading fees into AI inference credits for holders, while its dashboard reported roughly 547,000 gateway requests served by September 30.

Longbow (BOW) launched against the SPY Stock Token, which is linked to an S&P 500 ETF. Its team reported 57 lending markets and more than 1,000 users in its first 30 days. A September 30 DefiLlama snapshot showed $4.37 million locked in its markets and about $857,000 in active loans. Longbow’s lending activity gives the stock-linked launch a story beyond the token’s trading.

4. Pons' New Application Economy

Beyond launch counts, Pons is already generating meaningful application-level economics. Bitquery measured $11.8 million in fees charged during the 32-day cohort. About $9.7 million went to holders of launch fee rights across 103,904 recipients. That fee flow is a tangible result for a young launchpad, even though individual recipients earned very different amounts.

The model can create activity at several layers. Pons collects application-level fees while a graduated market can generate Uniswap swap fees for liquidity providers and gas fees on Robinhood Chain. These streams accrue to different participants, so curve volume and secondary turnover should be understood as market activity rather than a single revenue figure. The broader point is that Pons brings new markets, liquidity, and transactions into the chain’s economy.

The PONS token is a separate part of the ecosystem. Bitquery found that it predates the audited V2 launches and is neither listed in the V2 creation registry nor referenced by its factory, router, or fee contracts. Whether V2 activity funds any PONS buybacks or burns, and by what mechanism, remains to be clarified.

5. The Next Chapter: Building Durable Markets

Most launches never reach the open-market stage. Bitquery counted 3,228 tokens that filled their reserves and graduated to Uniswap, or 1.55% of 207,893 created. Half of those graduations happened within four minutes, a sign of intense competition at launch. The graduates went on to generate at least $2.14 billion in trading—roughly three times the volume on Pons’ curves. The handoff into Uniswap is working at scale. The public cohort does not show whether stock-reserve launches graduated or retained liquidity at a different rate.

Figure 2. Most V2 launches did not reach Uniswap; the graduates generated substantial secondary trading.

The first month produced a large field of experiments and a much smaller group of markets with substantial secondary activity. In Bitquery’s cash-flow measure, 66.8% of 314,736 trading addresses withdrew less reserve value than they deposited, with unsold tokens valued at zero. Among 2,339 graduates with sufficient trading history, the median price at the study cutoff was 85% below its first-hour level. These snapshots do not measure final returns. They show why discovery, retained liquidity, and participant outcomes matter as Pons develops.

The commercial opportunity is in repeat use. A Stock Token can be the asset traders need to enter a new market, the reserve accumulated by its curve, and the asset paired with the token after graduation. That puts Robinhood’s assets in circulation through third-party activity. It also gives Pons more ways to differentiate a launch. Whether this becomes recurring demand will depend on the markets that remain useful once new-token excitement fades.

The useful follow-up is a like-for-like view of stock-reserve pairs after seven and 30 days: which still trade, how much liquidity remains, and whether people return. Comparing those patterns with ETH and stablecoin launches would show whether the reserve choice changes the life of a market. Returns after costs and the value of unsold holdings would help answer a separate question about participant benefits.

Pons has turned Robinhood’s Stock Tokens into building blocks for independent crypto markets. Its flexible reserve menu lets creators choose how a token launches, gives traders a new way to use stock-linked assets, and carries successful pairs into Uniswap. That is a concrete achievement for both Pons and Robinhood Chain. The next chapter is to turn this early momentum into recurring markets with retained liquidity and better outcomes for participants. The first cohort proves the use case; durable adoption is the opportunity still ahead.

What Is the Bitunix Derivatives Exchange?

2026-10-17T04:02:00Z

What Is Bitunix?

Bitunix is a spot and derivatives trading platform built around its “Better Liquidity, Better Trading” mission, offering perpetual futures with up to 200x leverage (where permitted; product availability varies by jurisdiction).

Key Takeaways

Bitunix is a spot and derivatives trading platform for cryptocurrency traders. It offers 1,200+ trading pairs, 400+ spot assets, and services traders in 150+ countries and regions worldwide.
Bitunix offers up to 200x leverage on eligible perpetual contracts, deep liquidity (5B+ USDT in reported daily trading volume), and competitive spreads. The platform pairs an intuitive interface with professional tools—Chart Trading 2.0, copy trading, and a tiered VIP fee program — as it scales as a top-10 derivatives venue on leading data platforms such as CoinGlass. trading market.
Assets tradable on the Bitunix exchange include Bitcoin, Ethereum, Solana, BNB, and several other crypto assets.

Despite the proliferation of crypto spot and derivatives trading platforms, traders still seek better trading conditions. For derivatives traders, the possible leverage level is also a strongly considered factor as they wish to increase their chances of making a significant profit off a winning trade.

Existing trading platforms are putting considerable effort into solving these problems and developing the perfect platform for traders. Bitunix is one of these platforms and since its official launch, it has shown resilience in pursuing its mission and cementing its place in the competitive crypto derivatives and spot trading sector.

We take a closer look at the crypto exchange and what it offers;

Bitunix: A Spot and Derivatives Trading Platform

Bitunix specializes in spot and derivatives trading across USDT-M, USDC-M, and coin-margined perpetuals, with 1,200+ markets and 400+ spot assets. Users can access spot, futures, copy trading, earn products, P2P, fiat on-ramps, and TradFi-style contracts (where available). Bitunix operates under a global compliance framework; identity verification (KYC) and anti-money laundering controls apply to withdrawals, higher limits, and fiat services as required in your region.

Bitunix was established in 2021, and registered in Seychelles, offering trading services to traders in 150+ countries and regions worldwide. The exchange holds registrations and licenses across multiple jurisdictions, including U.S. FinCEN MSB registration, Canada MSB (FINTRAC), Australia AUSTRAC, South Africa FSP, Mauritius Investment Dealer, El Salvador Bitcoin Service Provider registration, and CodeVASP Travel Rule membership, with additional applications in progress.

Bitunix is available as a mobile application on the Apple Store for iOS users and the Google Play Store for Android users, enabling its users to trade on the go. Bitunix also offers 24/7 automated support for its users.

Bitunix has scaled rapidly since its 2021 launch: the platform reports 5M+ registered users worldwide, 5B+ USDT in daily trading volume, and recognition as one of the fastest-growing exchanges by volume in the 2025 CoinGlass annual report. Rankings cited by Bitunix include #10 on CoinGlass derivatives, #11 on CoinGecko, and top-tier inflow performance on DeFiLlama—reflecting broader adoption by retail and VIP traders.

To establish itself as a leading firm in the crypto trading industry, Bitunix believes that better liquidity offers users a better trading experience.

Better Liquidity, Better Trading on Bitunix

With leverage up to 200x on eligible perpetual contracts, Bitunix offers derivatives traders significant market exposure—while leveraged trading carries a substantial risk of loss and is not suitable for every investor. For derivatives traders using the platform, this is handy as it reduces the limits on possible profit that can be earned from a winning trade.

Bitunix claims to employ gilt-edge technologies in developing the algorithms used in its platforms. This includes the price feed system and the liquidation protocol. These systems are developed to maintain a sufficient level of accuracy and precision to ensure that the platform sustains its financial health and optimal operation. In addition to these, Bitunix does a lot more to improve the experience of traders that use its platform;

One of Bitunix's biggest perks is its liquidity provisions. Spot and derivatives traders often resort to increasing their acceptable slippage levels while trading. This is due to the poor liquidity density on platforms where they trade. In low liquidity conditions, the gap between orderbook prices also tends to widen, causing a wider spread.

Bitunix claims to pool liquidity from a network of independent market makers, retail traders, and institutional investors to realize a liquidity-rich platform. By aggregating liquidity from multiple sources, Bitunix offers its users cost-effective trading through narrow spreads, minimizing the gap between bid and ask prices, letting them capture favorable entry and exit points in their trades. With 5M+ users globally, the order book aggregates flow from retail traders, market makers, and institutions—helping keep spreads tight and execution smooth on major pairs.

Bitunix also claims to run a market surveillance system to mitigate fraud and manipulations on its platform. It employs rigorous market surveillance protocols and advanced risk management systems to maintain a fair and orderly trading environment. This is in line with growing confidence among users and trust in the platform’s liquidity dynamics.

Features of Bitunix Exchange

Now, let’s look at other key features of Bitunix.

Deposit Through Various Blockchains

Bitunix supports several blockchain networks. Users can deposit funds through any of the supported blockchains. The multi-network support enables the platform to embrace different blockchain communities and simplify the deposit process for investors in any of these communities. Users can deposit assets via Ethereum, Bitcoin, Solana, Cardano, and other supported networks.

Spot and Futures Trading

Crypto asset trading is the primary service offered on Bitunix. Users can place direct orders or limit orders on the spot trading platform. 400+ crypto assets are available on the spot market, alongside convert, spot DCA, and related tools. Derivatives traders can access 1,200+ markets across USDT-M, USDC-M, and coin-margined perpetuals, copy trading, futures grid, and Chart Trading 2.0 (including Super Alert, Fixed Risk, and Multi-Trade). Users can trade many contracts with up to 200x leverage (where permitted) and minimum notionals from about $10 on listed products.

Tiered VIP Rate System and Referrals

Bitunix operates a tiered system for traders. The VIP system classifies users according to their 30-day trading volume or the value of their asset positions on the platform. Users in higher VIP ranks enjoy lower trading fees—VIP 1 is available from a 300 USDT equivalent threshold, and VIP 8 can qualify for 0% maker fees on eligible tiers (see the live fee schedule on Bitunix).

Bitunix also offers its users referral bonuses, where users who invite their friends to the platform can enjoy up to a 40% rebate on transaction fees once their referrals complete their registration and start trading on the platform.

Customer Support

Bitunix users can access customer support through the support page, which addresses frequently asked questions around deposits and withdrawals, along with spot and futures trading. There is also a chatbot available, where users can ask questions around issues they face on the platform, guaranteeing quick access to live customer officers in under 1 minute.

Community Building

Bitunix organizes weekly live sessions on Telegram for traders to learn and exchange ideas, which are open to anyone from pro traders to beginners. Bitunix also conducts AMA sessions on Twitter to share knowledge and trends around the Web3 space with their community.

Ready to start using the Bitunix exchange? Here’s a user-friendly guide.

Trading on Bitunix

After you create an account, you can explore the platform and deposit crypto to begin trading; complete identity verification when required for withdrawals, fiat services, or higher limits. To register:

Visit the Bitunix platform
Click Sign up on the homepage to begin your registration
Enter your details.

You can use your email address or your mobile phone number for your registration

Click Sign Up to continue
Verify your email address using the code sent to your mail to complete your registration.
You can now deposit crypto on the platform to start trading.

How to Trade Futures on Bitunix

To trade perpetual futures contracts on Bitunix:

Click Markets from the menu to navigate to the pair catalog
Click Trade on the pair you wish to trade
Set your order price and enter the amount you wish to trade in the quantity box
Click on the leverage selector in the top right corner.
Slide the selector to your desired leverage level.
Click your position (short or long) and click Confirm.
Click Confirm from the pop-up to complete.

You can manage your position from the order tab.

Spot Trading on Bitunix

To trade crypto assets on the spot market;

Click Markets from the top menu and navigate to the spot trade market.
Click Trade on your desired asset pair

You can trade using the limit order (set your buy or sale price) or the market order (buy or sell at the presiding market price)

Set your trading parameters and click Buy or Sell to complete.

Trading Fees on Bitunix

Bitunix charges a maximum of 0.1% fee for spot trades (0.08% Maker fee and 0.1% Taker fee). The maximum fee charged for futures trading is 0.06% (0.02% Maker fee and 0.06% Taker fee).

Trading fees differ across tiers. VIP tier 7 pays a maximum of 0.0325% of trade volume for spot markets and 0.03% for futures markets. Users' VIP tier rises according to their 30 days cumulative trading volume on spot and futures trading markets, or their USDT balance. See a detailed breakdown of trading fees and VIP tiers on the Bitunix exchange.

Fees can also apply to crypto and fiat withdrawals. Withdrawal fees for crypto assets depend on the token and the network used for the withdrawal. You can find applicable fees for each asset here.

Conclusion

Bitunix is structured to give traders an opportunity to thrive in a market known for its volatility. Users get to enjoy low trading fees in addition to other perks like 24/7 customer support. However, the most important feature of the platform is its high liquidity. Traders often struggle with slippages and wide spreads while trading on derivatives and spot trading platforms. This erodes profits made by traders and widens the losses made in a losing trade. With the liquidity problem handled as it claims, traders can now enjoy the whole or a higher percentage of their profits without losing out to slippage.

Bitunix also publishes Merkle-tree Proof of Reserves (October 2026 snapshot: BTC 156%, ETH 108%, USDT 105%, ~$239M audited reserve value), partners with custodians such as Fireblocks, maintains a $50M USDC Bitunix Care Fund, and holds ISO/IEC 27001:2022 certification—supporting its Ultra Trust positioning.

For new users, Bitunix runs periodic welcome campaigns, trading competitions, and referral programs (including fee rebates of up to 40% for eligible invitees). Promotions change over time—check the Bitunix Rewards or promotions hub for current terms before you deposit. Learn more about the Bitunix welcome and futures trading bonus program

Having said this, always do your own research and understand how the platform manages users' funds and other aspects that are vital to you as a user. This article is only for informational purposes and should not be taken as financial or investment advice.

How to Get Anthropic Pre-IPO Data With the CoinGecko API

2026-10-08T08:13:28Z

TL;DR

Anthropic is still privately held, with no public ticker. It publicly filed its S-1 with the SEC on 26 October 2026 and intends to list on Nasdaq under the symbol ANT.
A tokenized proxy for its pre-IPO shares is currently issued by PreStocks and trades permissionlessly on Solana DEXs.
CoinGecko API lets you pull that proxy's data: RWA Data by ID for live price and market cap, RWA Tickers by ID for venue-by-venue quotes, and RWA Historical Chart Data by ID for historical price data.
Use Top Token Holders by Token Address and Top Token Traders by Token Address to analyze holder and trader activity at the wallet level.

Anthropic remains privately held and is not publicly traded on any exchange. It submitted a confidential draft registration in June 2026 and publicly filed its Form S-1 with the SEC on 26 October 2026. Anthropic intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT".

This guide explains what Anthropic’s pre-IPO data represents, why different price numbers appear online, and how to pull Anthropic’s tokenized market data with the CoinGecko API. It also shows how to verify the data directly from the source rather than relying on third-party broker pages.

Disclaimer: This guide covers data access only and is not investment advice. CoinGecko API provides market data for tokenized real-world assets. It does not facilitate trading or acquisition of these assets.

Is Anthropic Stock Publicly Traded?

Anthropic is not publicly traded. It is privately held and has no ticker on a public exchange. The company confidentially filed for an IPO with the SEC in June 2026 and selected Nasdaq for its potential IPO.

A public S-1 is a step toward going public, but the registration is not yet effective, and Anthropic remains privately held until its shares begin trading.

When Is Anthropic's IPO?

Anthropic has not announced a listing date or price range. The Wall Street Journal reported that it could begin trading as early as the week of 16 November 2026 and raise $100 billion or more, but both remain unconfirmed until Anthropic announces its IPO pricing.

💡 Pro Tip: CoinGecko’s Crypto News endpoint supports filtering by coin_id on paid plans. Passing coin_id=anthropic-prestocks-2 to retrieve news related to Anthropic’s tokenized listing and monitor IPO-related updates in the same API workflow.

Can You Buy Anthropic Pre-IPO Shares?

CoinGecko provides market data for Anthropic’s tokenized pre-IPO asset, rather than access to the company’s private shares. Accredited investors can access private-company shares through secondary-market platforms such as Forge Global, Hiive, and EquityZen, while tokenized pre-IPO exposure is available through PreStocks. Anthropic states that any transfer of its stock not approved by its board is void, and that tokenized offerings of its shares "may have no value" because of its transfer restrictions.

This article covers the tokenized option through PreStocks’ Solana token, which trades on the DEXs listed in the RWA Tickers endpoint. Each ticker can include a trade_url that points directly to the trading venue:

{
  "market": {
    "name": "Manifest"
  },
  "trade_url": "https://app.manifest.trade/market/61mmsZUgoFNuqzXDsRH9TV2U9zc5aL1H5pKKA2pogsCC"
}

You can also view the same market data without writing code on the Anthropic (Pre-IPO) RWA page and Anthropic PreStocks token page. Both show the tokenized market price, while the underlying Anthropic shares remain private until they are publicly listed.

How to Pull Anthropic's Pre-IPO Data With the CoinGecko API

Prerequisites

You'll need a CoinGecko API key. If you don't have one, follow the guide to get a free Demo API key. The Demo plan covers resolving the asset and reading its snapshot and issuer details below. Pulling live tickers, price history, and holder and trader data requires a paid plan starting at $29/month.

Your API key type must match the base URL and authentication header used in your requests:

Key type	Base URL	Header
Demo	`https://api.coingecko.com/api/v3`	`x-cg-demo-api-key`
Paid	`https://pro-api.coingecko.com/api/v3`	`x-cg-pro-api-key`

To run the full script included at the end of this guide, you'll need Python 3.8+. Install the official SDK and requests:

pip install coingecko-sdk requests

💡 Prefer less setup? You can call these endpoints with CoinGecko's official Python SDK or TypeScript SDK instead of raw HTTP requests. The SDK handles the base URL, headers, and authentication for you, so there is less boilerplate to write.

Step 1: Resolve the RWA ID

CoinGecko's RWA List endpoint returns every tokenized real-world asset it tracks in one unpaginated call, including Anthropic's pre-IPO listing. Pre-IPO companies use asset_type: "stock", the same value used for publicly listed tokenized equities, so there is no separate pre-ipo value to filter on. Call it once to find the RWA ID you'll use throughout this guide — anthropic-pre-ipo.

curl -s "https://api.coingecko.com/api/v3/rwas/list" \
-H "x-cg-demo-api-key: YOUR_API_KEY" \
| jq '.[] | select(.id == "anthropic-pre-ipo")'

# Python SDK equivalent:
# pip install coingecko-sdk
# from coingecko_sdk import Coingecko
# client = Coingecko(demo_api_key="YOUR_API_KEY", environment="demo")
# rwas = client.rwas.get_list()

Here’s what the response looks like:

{
  "id": "anthropic-pre-ipo",
  "symbol": "anthropic",
  "name": "Anthropic (Pre-IPO)",
  "asset_type": "stock"
}

Step 2: Pull the asset snapshot

The RWA Data by ID endpoint returns the asset's current tokenized market data and the tokens[] array of issuer tokens behind it. For Anthropic, this market data belongs to the PreStocks token. Tokenized market data reflects activity for the tokenized asset and may differ from the underlying company's broader valuation. For more context, refer to our RWA Data API Guide. The tokens[] array currently lists PreStocks as the only issuer.

curl -s "https://api.coingecko.com/api/v3/rwas/anthropic-pre-ipo?tokens=true&tokenized_market_data=true" \
-H "x-cg-demo-api-key: YOUR_API_KEY"

# client.rwas.get_id(id="anthropic-pre-ipo", tokens=True, tokenized_market_data=True)

Here’s what the response looks like:

{
  "id": "anthropic-pre-ipo",
  "tokenized_market_data": {
    "current_price": 1002.63,
    "market_cap": 7701008.62,
    "total_volume": 740309.35
  },
  "tokens": [
    {
      "id": "anthropic-prestocks-2",
      "name": "Anthropic PreStocks",
      "issuer_details": {
        "id": "prestocks-ecosystem",
        "name": "PreStocks"
      },
      "platforms": {
        "solana": "Pren1FvFX6J3E4kXhJuCiAD5aDmGEb7qJRncwA8Lkhw"
      }
    }
  ]
}

Step 3: Get issuer-level context

The RWA Issuer Data by ID endpoint returns an issuer’s aggregate market cap, 24-hour volume, and every token it issues. PreStocks is currently the only issuer tokenizing Anthropic, so this gives you the issuer-level context, such as market cap, volume, and related tokens, to evaluate the issuer behind the tokenized asset.

curl -s "https://api.coingecko.com/api/v3/rwas/issuers/prestocks-ecosystem" \
-H "x-cg-demo-api-key: YOUR_API_KEY"

# client.rwas.issuers.get_id("prestocks-ecosystem")

Here’s what the response looks like:

{
  "name": "PreStocks",
  "market_cap": 21523478.25,
  "volume_24h": 1914377.06,
  "tokens": [
    {
      "name": "Anduril PreStocks"
    },
    {
      "name": "Anthropic PreStocks"
    },
    {
      "name": "Kalshi PreStocks"
    },
    {
      "name": "Neuralink PreStocks"
    },
    {
      "name": "OpenAI PreStocks"
    },
    {
      "name": "Oura PreStocks"
    },
    {
      "name": "Polymarket PreStocks"
    },
    {
      "name": "SpaceX PreStocks"
    },
    {
      "name": "xAI PreStocks"
    }
  ]
}

Step 4: Get Live Tickers and Validate Data

CoinGecko's RWA Tickers by ID endpoint (Basic Plan and above) lists every CEX and DEX venue trading the token, with is_stale and is_anomaly flags to help you identify quotes that may need closer review. Results are paginated at 100 tickers per page, and you can narrow them with issuer_ids or exchange_ids as more venues or issuers list the token.

cost_to_move_up_usd and cost_to_move_down_usd, returned when you pass depth=true, show the dollar cost to move a venue's price up or down by 2%. These values help indicate the available liquidity on each venue.

curl -s "https://pro-api.coingecko.com/api/v3/rwas/anthropic-pre-ipo/tickers?depth=true" \
-H "x-cg-pro-api-key: YOUR_API_KEY"

# client.rwas.tickers.get(id="anthropic-pre-ipo", depth=True)

The API returns the following:

{
  "tickers": [
    {
      "market": {
        "name": "Meteora"
      },
      "converted_last": {
        "usd": 1011.67
      },
      "is_stale": false,
      "is_anomaly": false,
      "cost_to_move_up_usd": 135.96,
      "cost_to_move_down_usd": 135.55
    }
  ]
}

Step 5: Pull price history

CoinGecko's RWA Historical Chart Data by ID endpoint (Basic Plan and above) returns the token's historical price, market cap, and volume as [timestamp, value] arrays. days=max returns the full history at daily granularity. Shorter ranges such as days=30 automatically use finer granularity, or you can set it explicitly with interval (5m, hourly, or daily).

curl -s "https://pro-api.coingecko.com/api/v3/rwas/anthropic-pre-ipo/market_chart?days=max" \
-H "x-cg-pro-api-key: YOUR_API_KEY"

# client.rwas.market_chart.get(id="anthropic-pre-ipo", days="max")

The API returns the following:

{
  "tokenized_prices": [
    [
      1758672000000,
      144.51
    ],
    "... 399 more daily points ...",
    [
      1793232000000,
      1002.17
    ]
  ]
}

Here’s the tokenized_prices series charted for the last 90 days:

Step 6: Track Who’s Holding and Trading It

The RWA suite above covers market data, while the onchain endpoints let you see who holds and trades the token. Top Token Holders by Token Address (top_holders) ranks wallets by balance, Top Token Traders by Token Address (top_traders) ranks them by realized and unrealized PnL, and Historical Token Holders Chart by Token Address (holders_chart) tracks holder count over time. All three require the CoinGecko API Analyst Plan or above and support Anthropic PreStocks as an SPL token.

The holders and traders count parameters accept max to return all available wallets, while include_pnl_details adds average buy price and realized and unrealized PnL to top_holders.

curl -s "https://pro-api.coingecko.com/api/v3/onchain/networks/solana/tokens/Pren1FvFX6J3E4kXhJuCiAD5aDmGEb7qJRncwA8Lkhw/top_holders?holders=5" \
-H "x-cg-pro-api-key: YOUR_API_KEY"

# client.onchain.networks.tokens.top_holders.get(address="Pren1FvFX6J3E4kXhJuCiAD5aDmGEb7qJRncwA8Lkhw", network="solana", holders="5")

The API returns the following:

{
  "data": {
    "attributes": {
      "holders": [
        {
          "rank": 1,
          "address": "CmDrDCReUTbrUnFT8zdPcYRfNyokgFNDaBWkVb8DYSma",
          "percentage": "24.0661",
          "value": "1881550.68"
        },
        {
          "rank": 2,
          "address": "HkvpFqa3WngHoQcfLttAX4am7Ng8vezF6EEGRSbMsRj9",
          "percentage": "12.6812",
          "value": "991449.89"
        }
      ]
    }
  }
}

Run the Full Script

The full workflow is combined into one script, from resolving the Anthropic asset to pulling its market and wallet data.

import os
import requests

API_KEY = os.environ["COINGECKO_PRO_API_KEY"]
BASE_URL = "https://pro-api.coingecko.com/api/v3"
HEADERS = {"x-cg-pro-api-key": API_KEY}

RWA_ID = "anthropic-pre-ipo"
TOKEN_ADDRESS = "Pren1FvFX6J3E4kXhJuCiAD5aDmGEb7qJRncwA8Lkhw"
NETWORK = "solana"


def resolve_rwa_id():
    resp = requests.get(f"{BASE_URL}/rwas/list", headers=HEADERS)
    resp.raise_for_status()
    # client.rwas.get_list()
    match = next((r for r in resp.json() if r["id"] == RWA_ID), None)
    if not match:
        raise SystemExit(f"{RWA_ID} not found in /rwas/list")
    return match


def get_asset_snapshot():
    params = {"tokens": "true", "tokenized_market_data": "true"}
    resp = requests.get(f"{BASE_URL}/rwas/{RWA_ID}", headers=HEADERS, params=params)
    resp.raise_for_status()
    # client.rwas.get_id(id=RWA_ID, tokens=True, tokenized_market_data=True)
    return resp.json()


def get_issuer_snapshot(issuer_id):
    resp = requests.get(f"{BASE_URL}/rwas/issuers/{issuer_id}", headers=HEADERS)
    resp.raise_for_status()
    # client.rwas.issuers.get_id(issuer_id)
    return resp.json()


def get_live_tickers():
    resp = requests.get(f"{BASE_URL}/rwas/{RWA_ID}/tickers", headers=HEADERS)
    resp.raise_for_status()
    # client.rwas.tickers.get(id=RWA_ID)
    return resp.json()["tickers"]


def get_price_history(days="30"):
    resp = requests.get(
        f"{BASE_URL}/rwas/{RWA_ID}/market_chart", headers=HEADERS, params={"days": days}
    )
    resp.raise_for_status()
    # client.rwas.market_chart.get(id=RWA_ID, days=days)
    return resp.json()


def get_holder_and_trader_activity():
    onchain_base = f"{BASE_URL}/onchain/networks/{NETWORK}/tokens/{TOKEN_ADDRESS}"
    holders = requests.get(f"{onchain_base}/top_holders", headers=HEADERS, params={"holders": "5"})
    holders.raise_for_status()
    # client.onchain.networks.tokens.top_holders.get(address=TOKEN_ADDRESS, network=NETWORK, holders="5")
    traders = requests.get(f"{onchain_base}/top_traders", headers=HEADERS, params={"traders": "5"})
    traders.raise_for_status()
    # client.onchain.networks.tokens.top_traders.get(token_address=TOKEN_ADDRESS, network_id=NETWORK, traders="5")
    chart = requests.get(f"{onchain_base}/holders_chart", headers=HEADERS, params={"days": "30"})
    chart.raise_for_status()
    # client.onchain.networks.tokens.holders_chart.get(token_address=TOKEN_ADDRESS, network=NETWORK, days="30")
    return holders.json(), traders.json(), chart.json()


def main():
    listing = resolve_rwa_id()
    print(f"Resolved: {listing['name']} ({listing['id']}), asset_type={listing['asset_type']}")

    asset = get_asset_snapshot()
    market = asset["tokenized_market_data"]
    token = asset["tokens"][0]
    print(f"Tokenized price: ${market['current_price']:,.2f}")
    print(f"Tokenized market cap: ${market['market_cap']:,.2f}")
    print(f"24h volume: ${market['total_volume']:,.2f}")
    print(f"Issued by: {token['issuer_details']['name']} on {list(token['platforms'].keys())[0]}")

    issuer = get_issuer_snapshot(token["issuer_details"]["id"])
    print(f"\n{issuer['name']} issuer profile:")
    print(f"  Market cap: ${issuer['market_cap']:,.2f}")
    print(f"  24h volume: ${issuer['volume_24h']:,.2f}")
    print(f"  Tokenizes {len(issuer['tokens'])} assets total")

    tickers = get_live_tickers()
    print(f"\n{len(tickers)} live venue tickers:")
    for t in tickers[:5]:
        flags = []
        if t["is_stale"]:
            flags.append("STALE")
        if t["is_anomaly"]:
            flags.append("ANOMALY")
        flag_str = f" [{', '.join(flags)}]" if flags else ""
        usd_price = t["converted_last"].get("usd")  # not every venue quotes a USD pair
        price_str = f"${usd_price:,.2f}" if usd_price is not None else "n/a"
        print(f"  {t['market']['name']}: {price_str}{flag_str}")

    history = get_price_history(days="30")
    prices = history["tokenized_prices"]
    print(f"\n{len(prices)} price points over the last 30 days")
    print(f"  First: {prices[0]}")
    print(f"  Last:  {prices[-1]}")

    holders, traders, holders_chart = get_holder_and_trader_activity()
    holder_list = holders["data"]["attributes"]["holders"]
    trader_list = traders["data"]["attributes"]["traders"]
    holder_counts = holders_chart["data"]["attributes"]["token_holders_list"]
    print(f"\nTop holder controls {holder_list[0]['percentage']}% of supply")
    print(f"Top trader realized PnL: ${float(trader_list[0]['realized_pnl_usd']):,.2f}")
    print(f"Holder count: {holder_counts[0][1]} -> {holder_counts[-1][1]} over the window")


if __name__ == "__main__":
    main()

Output from an actual run:

Resolved: Anthropic (Pre-IPO) (anthropic-pre-ipo), asset_type=stock
Tokenized price: $1,011.95
Tokenized market cap: $7,772,609.27
24h volume: $759,469.16
Issued by: PreStocks on solana

PreStocks issuer profile:
Market cap: $21,523,478.25
24h volume: $1,914,377.06
Tokenizes 9 assets total

17 live venue tickers:
Raydium (CLMM): $1,015.06
Meteora: $1,003.64
Meteora: $1,015.03 [ANOMALY]
Meteora: $1,000.80
Manifest: $1,015.03

721 price points over the last 30 days
First: [1790661600000, 1067.4875072535551]
Last:  [1793253600000, 1013.8607891962657]

Top holder controls 24.0661% of supply
Top trader realized PnL: $976,164.24
Holder count: 40370 -> 85080 over the window

How to Monitor Anthropic's Pre-IPO Data In Real-Time

Stream live price and trades via WebSocket

CoinGecko's WebSocket (Basic Plan and above) streams price and trade updates continuously, so you can receive updates without polling.

Connect to wss://stream.coingecko.com/v1?x_cg_pro_api_key=YOUR_API_KEY, then subscribe to three channels:

OnchainSimpleTokenPrice for live price updates. It uses a network_id:token_address pair.
OnchainTrade for live DEX trade updates. It uses a network_id:pool_addresses field.
OnchainOHLCV for live candlestick data, letting you stream candles directly into a chart instead of building them yourself from ticks. It uses a network_id:pool_addresses field, an interval, and a token side.

After connecting, send these two messages in order. The first subscribes to the channel, and the second specifies which token to watch.

{"command":"subscribe","identifier":"{\"channel\":\"OnchainSimpleTokenPrice\"}"}
{"command":"message","identifier":"{\"channel\":\"OnchainSimpleTokenPrice\"}","data":"
{\"network_id:token_addresses\":
[\"solana:Pren1FvFX6J3E4kXhJuCiAD5aDmGEb7qJRncwA8Lkhw\"],\"action\":\"set_tokens\"}"}

The same pattern applies to OnchainOHLCV, with a different channel name and response fields.

{"command":"subscribe","identifier":"{\"channel\":\"OnchainOHLCV\"}"}
{"command":"message","identifier":"{\"channel\":\"OnchainOHLCV\"}","data":"
{\"network_id:pool_addresses\":
[\"solana:EZyszDEx1LZDt7TsSFV8xdPi49sDKC3mdfv2MVMEQLtU\"],\"interval\":\"1h\",\"token\":\"base\",\"action\":\"set_pools\"}"}

Once subscribed, an example live feed looks like this:

Get notified about asset changes via Webhook

CoinGecko's webhooks (Basic Plan and above) push updates directly to your endpoint, so you receive them automatically.

The webhook cg.coin.info.updated event triggers when indexed coin metadata changes, including ticker, name, categorization, security notices, or contract addresses. For tokens that can migrate contracts, this provides a way to detect contract-address changes without polling.

Here’s what the notification can look like:

For a step-by-step guide to setting up CoinGecko webhooks, see How to Get Real-Time Crypto Updates via Webhook.

How to Read Anthropic's Tokenized Data

The numbers above are real market data, but they represent different things. The asset snapshot in Step 2 showed that the tokenized market cap and Anthropic's company valuation are different numbers. The tokenized market cap reflects the token's market price and circulating supply, while Anthropic's valuation comes from its funding rounds. Its latest, a $65 billion Series H in May 2026, valued Anthropic at $965 billion post-money. Neither figure represents the other, so changes in the tokenized market cap do not directly indicate changes in Anthropic's company valuation. For more context on how tokenized prices compare with company valuations and perpetual futures, read our analysis of Anthropic and OpenAI's crypto-enabled pre-IPO markets.

Anthropic pre-IPO perpetual futures also trade on derivatives exchanges such as Binance, Bitget, and Lighter. CoinGecko’s Derivatives Tickers List endpoint returns these markets under the index ANTHROPIC, with price, funding rate, and open interest. Perp prices use a different unit from the PreStocks token, so compare perp markets with each other, not with the token price.

Conclusion

With CoinGecko's API, you can build a data pipeline for Anthropic's tokenized pre-IPO asset, from discovering the asset and issuer to pulling live market data, historical prices, and wallet-level holder and trader activity. The same API endpoints extend to other PreStocks tokenized pre-IPO assets, as well as tokenized stocks and ETFs more broadly.

You can also pull the same data for OpenAI, xAI, and the rest of PreStocks' pre-IPO lineup using the RWA Data API Guide. For a different use case, see this worked example of tracking who holds and trades a token

Ready to start building? Sign up for a free Demo API plan today to start tracking tokenized RWA assets and issuers, including live tokenized price and market cap. As your application scales, upgrade to a CoinGecko API paid plan for the higher limits and access needed to run production workloads, including live market updates, historical data, WebSocket and webhook delivery, and wallet-level holder and trader tracking.

How Are Real World Assets Tokenized in Hong Kong?

2026-10-06T02:13:17Z

Key Takeaways

The RWA market has grown rapidly. The question now is how tokenized products can be issued, sold, and repaid in practice.
In the model examined here, an offshore vehicle issues a product backed by underlying assets, while a licensed Hong Kong intermediary sells it to overseas professional investors. Investors buy the issuer’s product, not the assets themselves.
A successful sale does not ensure repayment. The issuer must have an enforceable right to the assets’ cash flows, and those funds must arrive in time to meet its obligations to investors.
The test comes after the first issuance: can the same structure support another product? A lasting market needs a steady supply of assets and investors willing to return.

1. The RWA Market Has Grown. What Comes Next?

According to RWA.xyz, the RWA market grew from about $1.5 billion in August 2023 to about $38.86 billion on September 13, 2026, an increase of roughly 26 times. More types of assets are being tokenized, while governments are developing rules for their issuance and sale.

The growth is clear. The next question is how to turn an asset into a product that investors can actually buy and, ultimately, be repaid from.

2. Where Should Tokenization Take Place?

Jurisdictions are introducing rules for tokenized assets, but their requirements and pace differ. Where a product is issued can therefore affect how quickly it reaches the market.

Hong Kong offers an established security's framework, access to international investors, and experience with tokenized bond issuance, including government bonds. Its licensing and investor protection requirements give issuers and intermediaries a framework for bringing products to market.

Hong Kong has set out rules for the key stages of tokenization, from SFC licensing and VASP regulation to technical safeguards. This clarity helps firms plan issuances and gives institutional investors a framework for assessing their protections. It is one reason Hong Kong is attracting attention as a hub for RWA issuance and distribution.

How, then, can assets from another country reach overseas investors through Hong Kong? We examine the process using Korean assets as an example.

3. How the Korea–Hong Kong Structure Works

The structure diagram has two sides. Korea, where the underlying assets are sourced, is on the left. Hong Kong and the British Virgin Islands (BVI), where the product is issued and sold, are on the right.

The black arrows trace the product structure.

Korean securities firm: Provides a channel for purchasing underlying assets, such as listed stocks, fund units, and notes.
BVI special purpose vehicle (SPV): Purchases and holds those assets through a brokerage account with the Korean securities firm’s Hong Kong entity, then issues notes backed by them.
Tokenization platform: Creates tokens representing the notes issued by the SPV and records their issuance and ownership.
Distributors: Offer the product to overseas professional investors through licensed intermediaries and eligible trading venues.

The orange arrows trace the subscription funds.

Overseas professional investors subscribe using fiat currency or stablecoins. The funds reach the SPV through the intermediary. Where subscriptions are made in stablecoins, the SPV converts them into fiat currency through a CEX. The proceeds then pass through the Hong Kong entity to the Korean securities firm, which purchases the underlying assets.

Finloop, a Hong Kong financial technology company, calls this its dual-engine model. One side sources the assets; the other issues and distributes the product. Three features matter most.

The source of assets can change. A securities firm in another country and its Hong Kong entity could take the place of the Korean firms. Hong Kong could then serve as a distribution channel for products backed by assets from several markets.
The SPV sits at the center. It receives subscription funds, purchases or holds the assets, and issues the notes. Investors have a claim under the SPV’s product terms, so the SPV’s rights to the assets and its ability to pass on their returns are critical.
The SPV connects blockchain payments with conventional finance. Investors may subscribe in stablecoins and hold tokenized notes, while the assets are purchased and held through brokerage and custody arrangements.

The structure succeeds only if those links hold. That requires a suitable underlying asset, a sound issuance structure, and a lawful route to investors.

3.1. Choosing the Underlying Asset

Before issuing a product, the SPV needs a clear legal right to receive the money generated by the underlying assets.

For government bonds or fund units, the question may be whether the SPV can purchase and own them directly. For export receivables or music royalties, the position is more complex. The right to collect future payments may need to be transferred to the SPV, or the asset holder may need a binding obligation to collect the money and remit it.

In either case, the contracts must establish who is entitled to the cash, who collects it, and how it reaches the SPV. Without a clear collection path, an asset cannot reliably support payments to investors.

3.2. What Does the Offshore Issuer Create?

In this model, tokenization centers on the SPV. Even after the underlying Korean asset has been selected, a separate entity is needed to issue the tokens and distribute the proceeds to overseas investors.

Finloop’s dual-engine model places that role with a special purpose vehicle (SPV) incorporated in the British Virgin Islands (BVI). The SPV is the link between holders of Korean assets and overseas investors.

The SPV issues tokenized notes or securities backed by rights to income from the Korean assets. Overseas investors therefore buy a financial product issued by the SPV, rather than the Korean government bonds or export receivables themselves. Under the product terms, the SPV pays investors their income and repays principal at maturity.

For the structure to work reliably, the SPV’s incoming cash must be timed to meet its payments to investors. The issuer first needs to establish when each underlying asset will pay: interest and principal on government bonds, fund distributions and redemption proceeds, or settlement payments on export receivables and royalties.

If investors are due to be repaid before the SPV collects those funds, the product could face a liquidity shortfall or delayed repayment.

Incorporating an SPV offshore does not automatically give it access to cash generated by Korean assets. The contracts must specify the SPV’s legal rights to the underlying assets, who collects the cash, and who is responsible for remitting it to the SPV. The tokenization platform, meanwhile, keeps a transparent record of the amount issued, token holdings, and tokens burned.

The central task at the offshore issuance stage is to ensure that the cash the SPV can actually collect is sufficient and arrives in time to meet the payment terms promised to investors.

3.3. How Widely Can the Product Circulate After Its Sale in Hong Kong?

Creating a product through an offshore SPV is only one step. To sell it to overseas investors, the issuer also needs a financial institution to handle its distribution. Finloop proposes using a licensed Hong Kong intermediary, which can review the product under Hong Kong securities rules, offer it to professional investors, and reach investors outside Hong Kong.

The intermediary reviews the terms and risks of the SPV’s product and confirms that each investor is eligible to buy it. If the offering is restricted to professional investors, token transfers must remain restricted after issuance. The product terms therefore limit transfers to buyers whose eligibility has been verified. This is how Finloop proposes to structure its private placement products; the restriction does not apply to every tokenized security in Hong Kong.

Finloop also proposes making products first sold in Hong Kong available through intermediaries and trading venues in other regions. An initial sale in Hong Kong, however, does not automatically permit sales or trading elsewhere. The rules of each market must be assessed separately. Investors who want to sell before maturity also need a willing buyer and a way to determine the price. Using the product as collateral requires an institution willing to accept it.

In this structure, Hong Kong provides the route for the initial sale and investor eligibility checks. Sales and trading in other regions, as well as use as collateral, each require separate arrangements.

4. Three Risks That Could Interrupt Payments from Korean Assets to Investors

A tokenized product may sell successfully in Hong Kong and still fail to pay investors as promised. The cash generated by the underlying assets must reach them through the offshore issuing vehicle (SPV). Three risks could disrupt that flow.

Unclear rights and collection arrangements: For assets such as export receivables, the contracts must specify where the buyer pays and who is entitled to receive the money. Unless the collection obligations and settlement process are legally binding, payments from the assets may never reach the SPV.
A gap between cash collection and repayment: If investors must be repaid before the underlying assets settle, the SPV may face a liquidity shortfall and delay repayment. When won-denominated assets back a dollar-denominated product, exchange rate movements and conversion costs can also reduce returns.
Cross-border transfer and tax bottlenecks: A Hong Kong intermediary’s authorization to sell the product does not resolve how funds move from Korean asset holders to the offshore SPV or how payments are made to overseas investors. Those transfer and tax procedures must work in practice.

The model ultimately depends on whether cash from the Korean assets can pass through the SPV and reach overseas investors in full and on time, as the contracts promise.

5. The Second Issuance Matters More Than the First

Selling a product backed by Korean assets in Hong Kong once is only a starting point. The first issuance takes time: the parties must review the assets, finalize the contracts, and decide how the product will be sold.

If they have to repeat that work from scratch for every new product, the business will struggle to scale. From the second issuance onward, they need to be able to reuse the structure established for the first deal.

Dollar-settled export receivables offer a way to test whether that is possible. The issuer and intermediary could apply the debtor assessment criteria and product disclosure approach developed for the first deal to later receivables, reducing the work needed to design each product. Applying the same criteria does not, however, mean that every receivable carries the same risk.

To judge whether the model can support a lasting market, three developments matter:

Does the time needed to review assets fall with each issuance?
Do existing investors return for new products?
Do asset holders have a reason to keep supplying assets?

As experience with export receivables grows, the model could extend to other Korean assets. Its success will depend on more than one completed issuance. Asset holders must continue to supply suitable assets, investors must be willing to reinvest, and intermediaries must see value in bringing new products to market.

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Disclaimer

This report has been prepared based on materials believed to be reliable. However, we do not expressly or impliedly warrant the accuracy, completeness, and suitability of the information. We disclaim any liability for any losses arising from the use of this report or its contents. The conclusions and recommendations in this report are based on information available at the time of preparation and are subject to change without notice. All projects, estimates, forecasts, objectives, opinions, and views expressed in this report are subject to change without notice and may differ from or be contrary to the opinions of others or other organizations.

This document is for informational purposes only and should not be considered legal, business, investment, or tax advice. Any references to securities or digital assets are for illustrative purposes only and do not constitute an investment recommendation or an offer to provide investment advisory services. This material is not directed at investors or potential investors.

Terms of Usage

How to Track Crypto Wallet Transactions, Balances, Profits & Loss

2026-10-02T09:40:29Z

TL;DR

CoinGecko API is a multi-chain crypto wallet API for tracking a wallet's balances, trades, token transfers, and PnL from a single provider.

Pull balances with the Token Balances by Wallet Address endpoint to see every token a wallet holds, valued in USD, across multiple networks in one call.
Pull trades with the Trades by Wallet Address endpoint. Each trade is labeled buy or sell and includes USD pricing.
Use the Token Transfers by Wallet Address endpoint to capture token movements that a trade-only feed misses.
Merge trades and transfers into one chronological activity feed, then add realized and unrealized PnL from the PnL by Wallet Address endpoint.

A wallet balance shows the assets a wallet currently holds. To understand its activity, portfolio dashboards, tax tools, and wallet analytics also need trade and transfer data. The trades endpoint shows what was swapped and at what price, while the transfers endpoint shows which tokens moved in or out and in which direction. This provides the data needed to track both trades and asset movements.

This guide uses CoinGecko API's Onchain Wallet endpoints to retrieve both data sets for a wallet address and combine them into a single activity feed, sorted by time and labeled by type. It also covers how to add realized and unrealized PnL. Trade responses include USD pricing, so no separate price feed is needed to calculate trade values.

Prerequisites

You’ll need a CoinGecko API key on the Analyst plan or above to use all four endpoints.

This guide uses the same Ethereum wallet address throughout, so the balance snapshot, trade history, transfer history, and PnL summary all describe the same wallet. A trade represents a swap with a buy or sell side and price, while a transfer represents a token moving into or out of a wallet through a swap, send, deposit, or airdrop. A single swap appears in both data sets as a trade and as the token transfers that moved the assets.

To get started, install the dependencies.

1
2

requests>=2.31.0
python-dotenv>=1.0.0

pip install -r requirements.txt

COINGECKO_PRO_API_KEY=CG-your_api_key_here

💡 Prefer less setup? You can call these endpoints with CoinGecko's official Python SDK or TypeScript SDK instead of raw HTTP requests. The SDK handles the base URL, headers, and authentication for you, so there is less boilerplate to write.

How to Fetch a Wallet's Balances Across Multiple Networks

CoinGecko API’s Token Balances by Wallet Address endpoint returns every token a wallet holds across one or more networks in a single call. Pass a comma-separated networks list, such as eth, base, or arbitrum, to see a wallet’s full multi-chain portfolio in one request instead of querying each chain’s RPC separately and merging the results yourself. Recently added networks include Monad, Unichain, ZkSync and World Chain.

Each holding includes price_usd and value_usd, so you don’t need a separate price feed. Use token_type to filter for native or non_native (ERC-20 / SPL) tokens, and value_usd_min or reserve_in_usd_min to filter out dust and low-liquidity spam tokens.

Verify the endpoint with a curl request:

curl --request GET \
  --url "https://pro-api.coingecko.com/api/v3/onchain/wallets/0x9642b23ed1e01df1092b92641051881a322f5d4e/balances?networks=eth,base,arbitrum" \
  --header "x-cg-pro-api-key: CG-your_api_key_here"

This gives you a wallet’s current holdings and USD value to pair with the trade, transfer, and PnL history covered next. Every call in this guide uses the same API client, so set it up once before working through the endpoints.

import os
import requests
from dotenv import load_dotenv

load_dotenv()

API_KEY = os.getenv("COINGECKO_PRO_API_KEY")
BASE_URL = "https://pro-api.coingecko.com/api/v3"
HEADERS = {"x-cg-pro-api-key": API_KEY}

def get_balances(address, networks):
    """Fetch a wallet's token balances across networks."""
    url = f"{BASE_URL}/onchain/wallets/{address}/balances"
    response = requests.get(url, headers=HEADERS, params={"networks": networks}, timeout=20)
    response.raise_for_status()
    return response.json()

def get_trades(network, address, **params):
    """Fetch a wallet's trades on a single network."""
    url = f"{BASE_URL}/onchain/networks/{network}/wallets/{address}/trades"
    response = requests.get(url, headers=HEADERS, params=params, timeout=20)
    response.raise_for_status()
    return response.json()

def get_transfers(network, address, **params):
    """Fetch a wallet's token transfers on a single network."""
    # SDK equivalent (pip install coingecko_sdk):
    # from coingecko_sdk import Coingecko
    # client = Coingecko()  # reads COINGECKO_PRO_API_KEY automatically
    # response = client.onchain.networks.wallets.transfers.get(address, network=network, **params)
    url = f"{BASE_URL}/onchain/networks/{network}/wallets/{address}/transfers"
    response = requests.get(url, headers=HEADERS, params=params, timeout=20)
    response.raise_for_status()
    return response.json()

def get_pnl(address, networks):
    """Fetch a wallet's realized and unrealized PnL across networks in one VM family."""
    url = f"{BASE_URL}/onchain/wallets/{address}/pnl"
    response = requests.get(url, headers=HEADERS, params={"networks": networks}, timeout=20)
    response.raise_for_status()
    return response.json()

Calling get_balances("0x9642b23ed1e01df1092b92641051881a322f5d4e", "eth,base,arbitrum") returns a data object. The top-level networks array shows the USD value and holding count per chain, so you can see how a wallet’s assets are distributed before drilling into individual balances:

{
  "data": {
    "id": "0x9642b23ed1e01df1092b92641051881a322f5d4e",
    "type": "wallet_balances",
    "attributes": {
      "wallet_address": "0x9642b23ed1e01df1092b92641051881a322f5d4e",
      "total_value_usd": "8452.10",
      "total_holdings": 14,
      "networks": [
        {
          "network": "eth",
          "value_usd": "6210.55",
          "holdings": 9,
          "last_updated_at": "2026-09-24T09:00:00Z"
        },
        {
          "network": "base",
          "value_usd": "2241.55",
          "holdings": 5,
          "last_updated_at": "2026-09-24T09:00:00Z"
        }
      ],
      "balances": [
        {
          "network": "eth",
          "address": "0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2",
          "token_type": "erc20",
          "name": "Wrapped Ether",
          "symbol": "WETH",
          "decimals": 18,
          "coingecko_coin_id": "weth",
          "balance_raw": "412000000000000000",
          "balance": "0.412",
          "price_usd": "2521.47",
          "value_usd": "1038.85",
          "h24_price_change_percentage": "1.32",
          "total_reserve_in_usd": "48210233.10"
        }
      ]
    }
  }
}

How to Fetch a Wallet's Trade History

CoinGecko API’s Trades by Wallet Address endpoint returns trade history for a specified network and wallet address. Each result is labeled as a buy or sell and includes the USD price for both sides of the swap. The endpoint supports 250+ networks, including Ethereum (network="eth") and Base (network="base")

Pass from and to together to query a fixed window of up to 30 days, or omit both parameters to default to the most recent 7 days. If the response contains more results, pass the next_cursor value from meta in your next request to fetch the next page.

Each entry's attributes object contains kind, which is either buy or sell, along with price_from_in_usd and price_to_in_usd for both sides of the swap and volume_in_usd for the total trade volume in USD. Anomalous trades are excluded by default. Pass include_anomalous=true to include them, then check is_anomalous on each trade. The response looks like this:

{
  "id": "eth_26043243_0x3a1c...142",
  "type": "trade",
  "attributes": {
    "pool_address": "0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640",
    "pool_dex": "uniswap_v3",
    "block_number": 26043243,
    "block_timestamp": "2026-09-23T22:03:47Z",
    "tx_hash": "0x3a1c...142",
    "tx_from_address": "0x9642b23ed1e01df1092b92641051881a322f5d4e",
    "kind": "buy",
    "from_token_address": "0xdac17f958d2ee523a2206206994597c13d831ec7",
    "to_token_address": "0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2",
    "from_token_amount": "500.000000",
    "to_token_amount": "0.198342",
    "price_from_in_usd": "1.0002",
    "price_to_in_usd": "2521.47",
    "volume_in_usd": "500.10"
  }
}

How to Fetch a Wallet's Transfers

CoinGecko API’s Token Transfers by Wallet Address endpoint returns token transfer history for a specified network and wallet address. Each result includes a transfer direction and a resolved token amount, separate from its price. This captures activity that a trades-only view misses, such as deposits, sends, and airdrops that move tokens without a swap.

The from and to parameters define the date range, while the cursor fetches additional pages of results. The direction parameter filters results to incoming (in) or outgoing (out) transfers.

Each entry includes direction, which is out when the wallet is the from_address and in when it is the to_address. It also includes amount, the token amount transferred. Here is the response:

{
  "id": "eth_26046243_0x08550aecf7a762599ceaac52bddfdb42cec1ebfc14cb9bfd9c895e7278502134_413_out",
  "type": "transfer",
  "attributes": {
    "block_number": 26046243,
    "tx_hash": "0x08550aecf7a762599ceaac52bddfdb42cec1ebfc14cb9bfd9c895e7278502134",
    "direction": "out",
    "token_address": "0xdac17f958d2ee523a2206206994597c13d831ec7",
    "amount_raw": "99598300",
    "amount": "99.5983",
    "block_timestamp": "2026-09-24T08:51:11Z",
    "from_address": "0x9642b23ed1e01df1092b92641051881a322f5d4e",
    "to_address": "0xb24c9abdeb1b06c19dece441fa259d69631e1e3b",
    "name": "Tether USD",
    "symbol": "USDT",
    "decimals": 6
  }
}

How to Fetch a Wallet's PnL Across Multiple Networks

The PnL by Wallet Address endpoint returns a wallet’s realized and unrealized profit and loss across one or more networks in a single call. It uses the same multi-chain design as the balances endpoint, providing a wallet’s full trading performance without stitching together per-chain results.

Pass a comma-separated networks list, as long as every network belongs to the same VM family. For example, eth, base, and arbitrum can be queried together because they’re all EVM, while networks from a different VM family must be queried in a separate request. The response includes total_realized_pnl_usd and total_unrealized_pnl_usd for the requested networks combined, a networks array with the PnL breakdown by chain, and a token_stats array with the breakdown by token.

The endpoint returns a combined PnL summary across the requested networks, along with a per-network breakdown, giving you a consolidated view of wallet performance without requiring separate PnL requests and manual aggregation for each chain. The API returns the following:

{
  "data": {
    "id": "0x9642b23ed1e01df1092b92641051881a322f5d4e",
    "type": "wallet_pnl",
    "attributes": {
      "wallet_address": "0x9642b23ed1e01df1092b92641051881a322f5d4e",
      "total_realized_pnl_usd": "1284.52",
      "total_unrealized_pnl_usd": "312.90",
      "total_tokens": 14,
      "networks": [
        {
          "network": "eth",
          "realized_pnl_usd": "980.15",
          "unrealized_pnl_usd": "150.40",
          "tokens": 9
        },
        {
          "network": "base",
          "realized_pnl_usd": "304.37",
          "unrealized_pnl_usd": "162.50",
          "tokens": 5
        }
      ],
      "token_stats": [
        {
          "network": "eth",
          "address": "0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2",
          "name": "Wrapped Ether",
          "symbol": "WETH",
          "decimals": 18,
          "realized_pnl_usd": "540.22",
          "unrealized_pnl_usd": "88.10",
          "token_balance": "0.412",
          "average_buy_price_usd": "2410.00",
          "average_sell_price_usd": "2601.55",
          "total_buy_count": 6,
          "total_sell_count": 4,
          "total_buy_usd": "2901.84",
          "total_sell_usd": "2061.63"
        }
      ]
    }
  }
}

How to Build a Multi-Chain Crypto Wallet Portfolio Dashboard and Feed

Balances, trades, transfers, and PnL each provide a different view of a wallet. Pulling all four for the same wallet address gives you a complete multi-chain view of holdings, activity, and performance from one API. Trades and transfers combine into one chronological activity feed, while balances and PnL provide separate portfolio and performance summaries.

from wallet_client import get_balances, get_trades, get_transfers, get_pnl

WALLET = "0x9642b23ed1e01df1092b92641051881a322f5d4e"
NETWORK = "eth"
NETWORKS = "eth,base,arbitrum"

def fetch_all_trades(network, address):
    """Page through every trade using the cursor CoinGecko returns."""
    trades = []
    cursor = None
    while True:
        params = {"per_page": 100}
        if cursor:
            params["cursor"] = cursor
        payload = get_trades(network, address, **params)
        trades.extend(payload["data"])
        cursor = payload["meta"]["next_cursor"]
        if not cursor:
            break
    return trades

def fetch_all_transfers(network, address):
    """Page through every transfer using the cursor CoinGecko returns."""
    transfers = []
    cursor = None
    while True:
        params = {"per_page": 100}
        if cursor:
            params["cursor"] = cursor
        payload = get_transfers(network, address, **params)
        transfers.extend(payload["data"])
        cursor = payload["meta"]["next_cursor"]
        if not cursor:
            break
    return transfers

def build_activity_feed(trades, transfers):
    """Merge trades and transfers into one feed, labeled and sorted by time."""
    feed = []

    for trade in trades:
        attrs = trade["attributes"]
        feed.append({
            "type": "trade",
            "timestamp": attrs["block_timestamp"],
            "tx_hash": attrs["tx_hash"],
            "kind": attrs["kind"],
            "volume_usd": attrs["volume_in_usd"],
        })

    for transfer in transfers:
        attrs = transfer["attributes"]
        feed.append({
            "type": "transfer",
            "timestamp": attrs["block_timestamp"],
            "tx_hash": attrs["tx_hash"],
            "direction": attrs["direction"],
            "token": attrs["symbol"],
            "amount": attrs["amount"],
        })

    feed.sort(key=lambda entry: entry["timestamp"], reverse=True)
    return feed

if __name__ == "__main__":
    balances = get_balances(WALLET, NETWORKS)
    portfolio = balances["data"]["attributes"]
    print(f"Portfolio value: ${portfolio['total_value_usd']} across {len(portfolio['networks'])} networks\n")

    trades = fetch_all_trades(NETWORK, WALLET)
    transfers = fetch_all_transfers(NETWORK, WALLET)
    feed = build_activity_feed(trades, transfers)

    for entry in feed[:10]:
        if entry["type"] == "trade":
            print(f"{entry['timestamp']}  TRADE     {entry['kind']:<4}  ${entry['volume_usd']}")
        else:
            print(f"{entry['timestamp']}  TRANSFER  {entry['direction']:<3}   {entry['amount']} {entry['token']}")

    pnl = get_pnl(WALLET, NETWORKS)
    summary = pnl["data"]["attributes"]
    print(f"\nRealized PnL: ${summary['total_realized_pnl_usd']}")
    print(f"Unrealized PnL: ${summary['total_unrealized_pnl_usd']}")
    for network in summary["networks"]:
        print(f"  {network['network']:<10} realized ${network['realized_pnl_usd']}  unrealized ${network['unrealized_pnl_usd']}")

fetch_all_trades and fetch_all_transfers fetch data for one network at a time. To build a feed across multiple networks, run both for each network and merge the results by timestamp.

Once trades and transfers are in the same list, the type field identifies each event as a trade or transfer. This matters because one swap can produce one trade entry and two transfer entries for the tokens that moved.

PnL stays separate from the activity feed. Trades and transfers are individual events with timestamps, while realized and unrealized PnL are totals. get_pnl therefore returns a separate PnL summary instead of adding PnL to the event list.

Note: If you are building the feed for a Solana wallet, use fetch_all_trades with network="solana" and add PnL separately with get_pnl.

Running activity_feed.py prints the portfolio value, merged activity feed, and PnL summary, including the per-network breakdown:

Portfolio value: $8452.10 across 2 networks

2026-09-24T09:14:02Z  TRADE     sell  $312.40
2026-09-24T08:51:11Z  TRANSFER  out   99.5983 USDT
2026-09-24T08:51:11Z  TRANSFER  out   1803.28 LINK
2026-09-23T22:03:47Z  TRADE     buy   $500.10
2026-09-23T19:40:15Z  TRANSFER  in    250.0 USDC

Realized PnL: $1284.52
Unrealized PnL: $312.90
  eth        realized $980.15  unrealized $150.40
  base       realized $304.37  unrealized $162.50

The per-network breakdown enables a multi-chain dashboard to be built from a single wallet address. The API provides balances, trades, transfers, and aggregated PnL across the requested networks, all through a single provider.

The dashboard below is built directly from the data above:

CoinGecko Wallet API vs Blockchain Explorer APIs (Etherscan)

Blockchain explorer APIs and a crypto wallet API answer different questions. CoinGecko API's wallet endpoints return wallet data that is already priced and calculated: USD-valued balances, trades labeled buy or sell, and realized and unrealized PnL. Etherscan API returns raw onchain records for an address, such as transactions, token transfers and balances in the token's smallest unit, on 60+ EVM chains with one chainid per request.

Use CoinGecko API as your wallet API when you need USD-valued holdings, buy/sell trades and PnL across several networks without building your own pricing and PnL logic. Use Blockchain Explorer APIs such as Etherscan when you need raw transaction records, contract data or a balance at a specific block.

Capability	CoinGecko API (Onchain Wallet endpoints)	Etherscan API
Balances	Every token held, with `price_usd`, `value_usd` and token liquidity (`total_reserve_in_usd`) per holding	Native balance in wei; ERC-20 holdings list with quantity in the smallest unit and a USD token price
Networks per request	250+ networks; several networks in one call for balances and PnL (same VM family)	One `chainid` per request, 60+ EVM chains under one key
Trades	Swaps labeled buy or sell, with USD price for both sides and `volume_in_usd`	No buy/sell labels; swaps appear in transaction and token transfer lists
Token transfers	Direction (in/out) and resolved amount; cursor pagination; up to 30 days per query	ERC-20, ERC-721 and ERC-1155 transfers by address; page and offset pagination; amounts in the smallest unit
PnL	Realized and unrealized PnL in USD, per network and per token	No PnL endpoint
Historical balances	Current balances; history comes from trades and transfers	Native and ERC-20 balance at a given block number

Conclusion

CoinGecko API provides the data to build a complete, multi-chain view of any wallet, including balances, trade history, token transfers, and realized and unrealized PnL, across 250+ networks through one API. Query balances and PnL across multiple chains in a single call, then combine trades and transfers into one onchain activity feed with USD pricing.

Once you have wallet activity covered, combine it with CoinGecko’s market data endpoints to build a multi-chain crypto platform with real-time prices and market data alongside wallet balances, trades, transfers, and PnL. Create a Crypto Portfolio Dashboard shows how to bring these data points together in a portfolio dashboard. You can also track newly created pools across networks or stream real-time crypto prices with REST and WebSocket

Ready to start building? The CoinGecko API Analyst plan unlocks the onchain wallet endpoints used in this guide, along with 500K monthly API call credits and a 500 RPM rate limit. If you are not ready to subscribe yet, start with a free Demo API key to explore 60+ endpoints with 10K free monthly API call credits.

Best Crypto Prop Firms in 2026

2026-10-01T09:45:16Z

Overview of Best Crypto Prop Firms

The top crypto prop firms compared in this article are HyroTrader, Mubite, SizeProp, FTMO, Crypto Fund Trader, Breakout Prop, Bitfunded, TradeXProp, and FundedNext.

How it works: You pay for an evaluation, trade a simulated account under the firm's rules, and if you pass, receive a share of your simulated profits as real payouts. The most you can lose is the evaluation fee.
Rules matter more than profit split: Drawdown type, daily loss limits, crypto leverage, refund terms and payout cadence decide whether you can realistically pass and get paid. After all, a generous split is worth little if the rules make it hard to reach a payout.
Simulated capital: Nearly every firm in this space, including some of the largest, funds evaluated traders through simulated or notionally calculated capital rather than a live brokerage deposit. However, as a user, what matters is how payouts are funded and whether you can verify they are paid.
Crypto depth: FundedNext holds the highest review volume of any prop firm on Trustpilot, over 72,000 reviews at 4.5/5, yet its own Help Center lists only 9 crypto pairs at flat 1:1 leverage.

What Are Crypto Prop Firms

A prop (proprietary trading) firm lets you trade with the firm's capital instead of your own, in exchange for a share of the profits. You pay an upfront fee to attempt an evaluation. If you pass, you move to a "funded" account and start earning performance-based payouts.

Simulated Capital, Real Hedging

Here's the part that surprises a lot of traders: at nearly every firm in this space, including some of the largest, that funded account still runs on simulated or notionally-calculated capital, not a live brokerage deposit. TradeXProp calls its funded capital "notional." Bitfunded's own name for the post-evaluation stage is "Live Simulated Account." Even Breakout Prop, now owned by Kraken with its market data and connectivity tied to Kraken's exchange, states plainly that "all trading account balances consist entirely of simulated capital."

That doesn't mean your trades disappear into a void. When you open a position on a funded account, the firm can choose to mirror, or hedge, that same position on a real exchange using its own capital. If you're up $500 on a notional balance, the firm can hold a matching real position that's also up $500, so your payout is covered by an actual market gain rather than paid purely out of pocket.

Whether or how consistently a given firm actually does this varies, and most don't publish real-time proof either way, but the mechanism is what allows a firm to offer "funded" trading without holding a segregated real-money account for every single trader.

What to Consider When Choosing a Crypto Prop Firm

Every prop firm promises a funded account and a share of the profits after you pass the evaluation. The rules behind that promise are what decide whether you can realistically pass, keep trading, and when you get paid. Two firms with the same profit split can feel completely different once you read how drawdown is measured or when payouts are released.

Here’s a quick look at the key factors when selecting a crypto prop firm, and why they matters:

Consideration	Why It Matters
Profit split	Your share of gains, but only attainable if you reach the payout threshold without breaking any rules.
Profit target	How much you must gain to pass. There are different types of evaluations: One-step: A single target to pass, usually higher, with tighter risk limits. Two-step: The target is split across two phases, which takes longer but is often more forgiving per phase. Instant funding: No evaluation, in exchange for a higher upfront fee and usually stricter funded-account rules.
Max drawdown	The total loss that ends your account. There are two types: Static drawdown: The limit is fixed at a set amount below your starting balance. On a $10,000 account with a 5% static limit, the account ends if equity falls to $9,500, no matter how much profit you made first. Trailing drawdown: The limit moves up as your equity reaches new highs. After a strong run, the limit rises with it, so a normal pullback in a volatile crypto market can end an account that is still in profit overall.
Daily loss limit	A second way to fail, even when total drawdown is fine. The exact reset time may be in UTC instead of your time zone, and in a volatile crypto market, a reset time that falls mid-move can catch traders out. Some firms have no separate daily limit at all, and only the drawdown limits apply.
Trading rules	Check whether the firm allows weekend holding, trading around news events, bots and copy trading, and whether it has consistency rules or minimum trading days. Forex-style restrictions like these suggest crypto was added to an existing product rather than built for it.
Crypto leverage	Multi-asset firms often cap crypto far below their forex leverage, so always check on the leverage for the specific pairs you trade.
Crypto pairs	Whether the coins you trade are available at all, as smaller coins may be excluded.
Execution	Affects how realistic your fills are and how your payouts are funded. Simulated accounts: Nearly every firm keeps funded traders on simulated accounts. If trades aren’t hedged on a real market, payouts come from the firm’s own revenue, mostly evaluation fees, so the firm earns more when traders fail. Hedged or real capital: Fiirms that hedge trades on a real exchange, or move proven traders onto real capital, have incentives more closely aligned with yours. Price feeds: Live exchange order-book data gives spreads and fills close to the real market. CFD pricing on forex platforms may include markups and behave differently during sharp moves.
Fee refund	Your true at-risk cost of entry, since most traders who start an evaluation don’t reach a payout. Some firms refund the fee on the first payout, some on the third, some at their discretion, and some never. Watch for reset fees and paid add-ons. I If in doubt, clarify with the prop firm before committing.
Payout frequency	How quickly and easily you can access your profits. Terms range from on-demand withdrawals processed in about 24 hours to once every 30 days. Also check the minimum withdrawal amount, any waiting period before your first payout, and which currencies and networks are supported.
Payout verification	Whether you can check that the firm actually pays, rather than relying on self-reported figures and review platforms. On-chain payouts can be verified on a public block explorer. This is the strongest public evidence, but it shows only that funds were sent, not who received them or how many requests were denied. Community reports of denied or delayed payouts are worth checking alongside on-chain data.

Comparison Table of Crypto Prop Firms

Firm	Crypto Pairs	Leverage	Execution	Profit Split	Payout Speed & Currency
HyroTrader	700+ (Hyro & Bybit), 80+ (BloFin)	Up to 1:100 (1:150 on BTC/ETH via BloFin)	Real exchange execution, up to $200K funded.	80% → 90%	~24h, USDT/USDC, on-chain verifiable
Mubite	1000+ (ByBit, CLEO)	Up to 1:100	Real markets equity through ByBit, and Cleo. Up to $1m in scaling.	80–90%, varies by account/add-ons	On-demand requests, USDC, on-chain verifiable
SizeProp	50+ (crypto; Hyperliquid & Bybit), 50+ (stocks, commodities, metals, forex and indices; Hyperliquid)	5x (BTC/XAUT), 2x (alts + stocks + indices + commodities + metals + forex)	Hyperliquid & ByBit orderbook data, simulated.	80% → 95%	On-demand, ~24h, USDC (ERC-20)
FTMO	31+	1:1–1:3.3	Spot CFD	80% → 90%	1–2 business days
Crypto Fund Trader	550+ (Bybit)	Up to 1:100	Multi-asset, fully demo	80% → 90%	15–30 day cadence, up to 3 days processing
Breakout Prop	58–62+	5x (BTC/ETH), 2x (alts)	Kraken-backed, simulated	80% → 90%	On-demand, ~24h, USDC
Bitfunded	100+	1x–5x	Fully simulated	80:20 → 90:10	Monthly, USDT
TradeXProp	Not disclosed	5:1 (BTC/ETH), 2:1 (alts)	DXtrade, notional	Up to 90%	Every 30 days
FundedNext	9	1:1 flat	CFD, weekdays only	Up to 95%	~24h guarantee

HyroTrader: Real Exchange Execution with Verifiable On-Chain Payouts

This section is brought to you by HyroTrader.

HyroTrader launched in Prague in 2023 with a specific angle: that crypto traders deserved infrastructure built for crypto, not a forex platform with some coins bolted on. It became the first crypto prop firm to integrate directly with a major exchange, replacing the standard MT5/cTrader model with real Bybit order-book pricing and execution via API.

Crypto coverage: You get access to over 700 tradable pairs through Bybit and HyroTrader's own Hyro platform, or 80+ through BloFin, and leverage runs up to 1:100 (1:150 on BTC/ETH on BloFin). CLEO is no longer offered for new challenges. Trading pairs, price feeds, and order execution all come from the exchange itself, not a proprietary simulation layer standing in for one.

The evaluation phase uses simulated data like the rest of the prop firms on this list, but what happens after you pass is where HyroTrader diverges: passing evaluation moves you to a simulated funded account (same as every other firm), and you become eligible for real capital after consistent performance and meeting a minimum profit target of 10% in the One Step Challenge.

Key features: Profit splits start at 80% and scale to 90%. On One-Step and Two-Step challenges the entry payment is a Refundable Challenge Deposit, returned with the first payout. The Zero-Step fee is non-refundable. Payouts are on-demand and processed in roughly 24 hours, paid in USDT or USDC, and payouts sent on Solana are published with public transaction IDs on hyrotrader.com/transparency and can be verified independently on-chain, a concrete answer to a problem that's common across this industry, where payout claims are typically self-reported and impossible for an outside trader to check.

HyroTrader's Zero-Step evaluation is their fastest challenge. It has only one phase, a 10% profit target, one minimum trading day, and no verification phase.

Account sizes range from $5,000 to $200,000, and total funded capital per trader goes up to $200,000. Bot and algorithmic strategies are permitted without restriction, and a free trial lets you test the evaluation environment before paying anything.

Track Record: HyroTrader launched in 2023, so its track record and review volume are still smaller than long-established multi-asset firms like FTMO. That said, since launch, it has paid out more than $8 million to over 1,700 funded traders, with a community of over 35,000-plus.

Mubite: Instant Funding, Configurable Challenges, Honest Spreads and High Leverage

This section is brought to you by Mubite.

Mubite is a crypto-native prop trading firm founded in 2024 by Vojtěch Ryp and Petr Andreas, both crypto traders themselves. They built the platform after running into the same problem repeatedly: most prop firms were designed for forex and adapted to crypto later, carrying over rules built for a market that closes. Traders were penalized for holding over the weekend or trading through major news, when crypto moves most. Mubite was built around the market as it actually behaves: open 24/7. Since launch, the firm has grown to 45,000+ registered traders and paid out more than $8 million to 3,700 funded traders.

Crypto coverage: Mubite offers over 1,000 crypto pairs through its direct Bybit integration, alongside the CLEO terminal, which runs on Binance market data. Price feeds come straight from the exchanges, so spreads are set by the market rather than the firm, with no markups or adjustments. Beyond crypto, traders can access tokenized commodities and stocks, with leverage of up to 1:100 on select pairs.

Key features: Rather than selling fixed evaluation packages, Mubite lets traders build their own. The profit split starts at 80% and can be raised to 90% through optional add-ons, and the drawdown allowance, profit target, and minimum trading days can be adjusted on top of the base fee. Some rules stay fixed for everyone: on One-Step and Two-Step evaluations, maximum drawdown is static rather than trailing, anchored to the starting balance for the life of the account, and challenge fees for Two-Step challenge are fully refundable with your first payout. Positions can be held over weekends and through news events, and payouts are processed on-demand or bi-weekly, in roughly 24 hours, in USDC or bank transfers. Account sizes range from $1,250 to $200,000, with scaling up to $1,000,000 depending on performance.

Instant Funding: Mubite is one of the few crypto-native prop firms to offer Instant Funding, letting traders skip the evaluation entirely and receive a funded account within minutes, a third route alongside the One-Step and Two-Step paths. Mubite's Instant Funding runs on the same full catalog as its evaluations: 1,000+ crypto pairs with leverage of up to 1:100.

Track Record: Mubite is rolling out on-chain payout infrastructure across multiple chains by the end of Q4 2026, which will let traders independently verify challenge rules and payouts rather than relying on self-reported figures.

SizeProp: Hyperliquid-Powered Crypto and TradFi Markets in One Terminal

This section is brought to you by SizeProp.

SizeProp is a crypto-native proprietary trading firm founded in 2025 offering funded accounts of up to $200,000. Backed by Igloo Inc, the parent company of Pudgy Penguins, SizeProp combines crypto-native trading infrastructure powered with access to traditional markets through a single in-house terminal.

Crypto coverage: SizeProp offers 100+ symbols with 50+ crypto pairs powered by Hyperliquid and ByBit, alongside stocks, indices, commodities, forex, and metals powered by Trade.xyz. Crypto leverage runs up to 5x on BTC and XAUT and 2x on altcoins.

Key features: Profit splits reach up to 95%, with no minimum trading days, no consistency rules, no time limits, and news trading allowed. The same trading rules apply during both the evaluation and funded stages, so traders don't have to adapt to a different set of restrictions after passing. Withdrawals are available on demand, with payouts processed within roughly 24 hours in USDC via ERC-20.

Backing: SizeProp is backed by Igloo Inc, the parent company of Pudgy Penguins, one of crypto’s biggest consumer brands.

Technology and support: SizeProp operates its own trading terminal with TradingView-powered charts and brings crypto, stocks, metals, forex, and indices into the same interface. This means traders can access both crypto-native and traditional markets without moving between separate trading platforms. Users can also trade directly on their account without having to log in several times like with traditional prop firms. SizeProp reports that its support team's average response time is under five minutes. The platform also includes a points system that rewards active users with benefits yet to be announced in the future.

FTMO: A Multi-Asset Firm with Narrow Crypto Leverage

FTMO has operated since 2015 and carries the deepest trust signal in this list: a 4.8/5 Trustpilot score across roughly 45,000 reviews. It's a multi-asset firm first, with forex, indices, commodities, stocks, and crypto all trading on the same infrastructure.

Crypto coverage: FTMO lists 31 confirmed crypto pairs, spanning majors alongside a reasonable spread of DeFi and NFT-adjacent tokens (AAVE, UNI, GRT, IMX). But every pair trades as a Spot CFD, and FTMO's own blog states crypto leverage is capped at 1:1 on Swing accounts and 1:3.3 on Normal accounts, against up to 1:100 on forex. Trading hours can also vary due to scheduled maintenance windows, an odd fit for an asset class that otherwise runs 24/7.

Key features: Profit split starts at 80% and scales to 90%. Payouts process in 1–2 business days, paid in BTC, ETH, LTC, USDC, or USDT. The fee refund depends on which product you buy: the 2-Step Challenge refunds your fee with your first reward; the 1-Step Challenge never refunds it, even after passing.

Crypto Leverage: FTMO's forex-first architecture shows up directly in the numbers: leverage on crypto sits at a fraction of what's available on its own forex pairs, which is a key consideration if crypto is your primary market rather than a side allocation.

Crypto Fund Trader: Broad Bybit-Powered Instrument Access

Crypto Fund Trader (CFT) offers evaluations across crypto, forex, indices, commodities, and stocks, with roughly 1,100 Trustpilot reviews.

Crypto coverage: CFT's FAQ confirms 550+ crypto futures pairs through Bybit, or 720+ total instruments across its Match-Trader/MT5 setup, offering broad coverage. Leverage on Bybit evaluations runs up to 1:100.

Key features: Profit split runs 80% to 90%. Individual evaluation accounts go up to $200,000, but traders can hold multiple funded accounts at once, up to a combined $300,000 in total live capital per user. Withdrawals are available after 15 days traded, or every 30 calendar days as an alternative, with processing taking up to roughly three days end-to-end. CFT states outright on its homepage: "It's all demo, no real capital involved."

Evaluation Refund Policy: CFT's evaluation refund policy is the least specific in this group. Its official refund page states refunds are "issued at our discretion," without the fixed payout milestone that FTMO, FundedNext, Bitfunded, and Breakout all publish.

Breakout Prop: Kraken-Backed Liquidity with Conservative Leverage

Breakout Prop was acquired by Kraken in September 2025, giving it the strongest crypto exchange pedigree of any crypto-native firm in this comparison, alongside roughly 950 Trustpilot reviews at a 4-star average.

Crypto coverage: Breakout offers 58 to 62-plus crypto pairs, with real liquidity sourced from major exchanges. Leverage is fixed at 5x on BTC and ETH, 2x on everything else, applied automatically. Markets run genuinely 24/7, including weekends.

Key features: Profit split defaults to 80%, with a permanent 90% upgrade available at checkout. Payouts are on-demand, processed in about 24 hours, paid in USDC, and the fee is fully refunded with the first payout. Breakout's own Program Rules confirm funded balances are simulated capital, and disclose that individual trade ideas may be routed to a real exchange or logged as an internal calculation, at the firm's discretion, though payouts are calculated identically either way.

Leverage Cap: Leverage is capped well below several peers, a deliberate risk-management choice rather than an oversight, and worth weighing against firms offering higher multiples.

Bitfunded: 100+ Crypto Pairs with a Conservative Leverage Model

Bitfunded is a crypto-only firm with more than 120,000 traders and roughly 162 Trustpilot reviews at a 4-star average.

Crypto coverage: Bitfunded offers 100+ crypto pairs plus 20+ traditional-finance instruments, with leverage capped between 1x and 5x, which Bitfunded frames explicitly as a design choice to reduce over-leveraging rather than a limitation.

Key features: The default split is 80:20, scaling to 90:10 through an Incentive Scaling Program requiring 10% net profit over four consecutive months. News and weekend trading are both allowed, which is unusual among firms with TradFi roots. Its refund policy is less consistent, though: Bitfunded's Refund and Cancellation Policy and its Terms of Use both state the fee is refunded on your first profit-split day, but its FAQ page states it's refunded on your third payout instead. Users considering Bitfunded may want to check in directly with support around which one currently applies.

Withdrawal Cadence: Withdrawals are processed monthly, a slower cadence than the 24-hour standard several crypto-native competitors offer.

TradeXProp: A Dedicated Crypto Challenge with Flexible Trading Hours

TradeXProp runs a dedicated crypto evaluation track, though with a considerably thinner track record (around 41 Trustpilot reviews) than most firms here.

Crypto coverage: Leverage runs 5:1 on BTC and ETH, 2:1 on everything else. Notably, TradeXProp doesn't publish an actual pair count anywhere on its site, only that it offers "any products streamed by the Liquidity Provider." Trading runs close to 24/7, and weekend holding is permitted.

Key features: Profit split reaches up to 90%. The funded stage is explicitly described as "notionally-funded," meaning actual capital may not match the account's nominal size. To date, TradeXProp has paid out $1.9 million-plus to more than 5,000 traders.

Refunds and Withdrawals: Two things stand out: fees are never refunded, even after passing, and withdrawals are limited to once every 30 days; both more restrictive than the rest of this list. TradeXProp also carries over a forex-style rule prohibiting trades within three minutes of a "News Event," a category the firm defines at its sole discretion.

FundedNext: Established Prop Firm With Smaller Crypto Offerings

FundedNext holds the highest review volume of any prop firm on Trustpilot (over 72,000 reviews at 4.5/5) and has paid out more than $300 million across its full product range since 2022.

Crypto coverage: FundedNext's own Help Center lists exactly 9 crypto pairs: DOGE, ADA, XLM, XRP, BTC, ETH, LINK, LTC, and XMR, notably excluding SOL and BNB, two of the largest coins by market cap. Crypto leverage is flat at 1:1, against up to 1:100 on forex, and crypto positions can only be opened or closed on weekdays, with the firm's own disclaimer confirming trades are CFD simulations rather than real asset purchases.

Key features: Profit split reaches up to 95% on CFD accounts, among the highest in the industry. FundedNext guarantees payouts within 24 hours, backed by a $1,000 penalty if it misses that window, with a median processing time of 4.74 hours. Fee refunds apply, though timing depends on the product: first payout for Stellar 2-Step, third payout for Stellar 1-Step and Stellar Lite as of a January 2026 policy update.

Narrow Pair Count: FundedNext is a genuinely well-reviewed, fast-paying firm, but its scale comes from forex and multi-asset trading, not crypto. A 9-pair, 1:1-leverage, weekdays-only crypto offering is a fraction of what dedicated crypto firms provide, making it a clear example of why review volume alone doesn't indicate crypto-specific depth.

FAQ

Do crypto prop firms use real money?

Most do not. Nearly every firm in this guide runs funded accounts on simulated or notional capital. Your payouts are real, but they are calculated from simulated trading. Some firms hedge trades on real exchanges, and a few offer a path to real capital after a track record.

Are crypto prop firms legit?

Many pay traders reliably, but the industry is lightly regulated and payout claims are often self-reported. Check how long a firm has operated, whether its rules are consistent across its own pages, and whether its payouts can be independently verified.

What is the difference between static and trailing drawdown?

Static drawdown is fixed to your starting balance. Trailing drawdown rises with your highest equity, so your room to lose can shrink after a profitable run. Static is generally more forgiving.

Can I lose more than the evaluation fee?

No. Because you trade the firm's capital, the most you can lose is the fee you paid to enter, plus any reset fees or add-ons you choose to buy.

Can I hold crypto positions over the weekend?

It depends on the firm. Crypto-native firms usually allow weekend holding, while some multi-asset firms restrict crypto trading to weekdays. Check the rules before you buy an evaluation.

Disclaimer: Rankings, comparisons, and commentary reflect independent research based on publicly available information from each firm's official website, help center, and terms of service as of the time of writing. Figures such as leverage limits, profit splits, pair counts, and payout policies are subject to change at each firm's discretion; readers should verify current terms directly with the provider before making a decision. This content is for informational purposes only and does not constitute financial, investment, or trading advice. Proprietary trading, and cryptocurrency trading more broadly, carries substantial risk, including the risk of losing your evaluation fee. CoinGecko does not endorse any prop trading firm and encourages readers to conduct their own research before participating in any evaluation program.

Best Crypto Wallet Data API for Developers (2026)

2026-09-29T08:13:56Z

TL;DR: What Is the Best Crypto Wallet API?

For most wallet-data use cases, CoinGecko API is the best crypto wallet API: it combines wallet, token, pool, and market data in one API, adds top holders and top traders per token, and charges a flat credit per request regardless of the number of networks queried.
Specialized providers serve specific needs, including Moralis for pre-categorized activity feeds, Alchemy for free prototyping, DeBank for normalized DeFi position data, and CoinStats for DeFi data alongside standard wallet balances.

Portfolio trackers, tax tools, DeFi dashboards, and AI trading agents rely on wallet data to understand what a wallet holds and how it has been used. A crypto wallet API, also called a wallet data API, turns a wallet address into structured data, so you can work with this information without pulling and decoding raw blockchain logs yourself.

Wallet data APIs read activity from existing wallets. If your application also needs to generate wallets, sign transactions, or manage private keys, you can pair a wallet data API with a wallet-as-a-service provider such as Privy, Turnkey, or Fireblocks.

This guide compares five wallet data APIs: CoinGecko, Moralis, Alchemy, DeBank, and CoinStats. We looked at chain coverage, key capabilities, limitations, pricing and usage.

How to Choose a Crypto Wallet Data API

Chain coverage

The breadth of network coverage and whether the provider supports the chains your application requires.

Balances and token holdings

Whether you can filter out spam and low-value tokens, sort by value, and paginate through wallets holding hundreds of tokens instead of receiving everything unsorted in a single response.

Transaction and transfer history

How activity is returned. Some providers tag and categorize events such as buys, deposits, and swaps, while others return raw logs that require interpretation.

Historical data

How far back wallet value and activity can be accessed.

PnL and cost basis

Whether profit and loss is calculated and which cost-basis method is used, since different methods can produce different results. Providers may use static average cost, moving average cost, or per-lot methods such as FIFO or HIFO.

Pricing, usage, and rate limits

Consider the cost at the expected usage, including how pricing changes beyond the plan quota. Rate limits determine how many requests can be made per second and how quickly data can be pulled across multiple wallets.

AI agent and MCP support

Whether AI agents or MCP-based tools can query wallet data directly, which is relevant for autonomous applications.

Wallet Data APIs at a Glance

CoinGecko API provides unified wallet and market data with flat, per-request pricing across 250+ networks. Other providers offer different capabilities, including pre-categorized activity feeds, free usage for prototyping, and detailed DeFi position data for specific use cases.

API Provider	Chain Coverage	PnL	Historical Data	AI & MCP support	Entry Pricing & Usage	Best For
CoinGecko	250+ chains	Realized + unrealized	All-time trades, transfers, PnL data. and token holders chart (7d, 30d, max)	AI Integrations, SDKs, MCP, CLI, Agent Skills, and x402 pay-per-use	$129/mo (500 requests/min) Model: 1 credit per call, regardless of chains queried	Broadest chain coverage, unified market and wallet data, and cost-efficient multi-chain wallet data
Moralis	30 chains	Realized + unrealized	Wallet transaction history; current balances	Agent Skills	$149/mo (40 requests/sec) Model: 100 compute units per chain, so cost rises with chain count	Pre-categorized wallet activity
Alchemy	30+ chains	No native PnL calculation	Transaction history via a beta endpoint	MCP, CLI, Agent Skills, and x402 pay-per-use	Free (15 requests/sec), then $0.525/1M compute units after quota (300 requests/sec) Model: 200 compute units per call	Prototyping before scaling
DeBank	30+ chains	No native PnL calculation	24-hour net value curve, and transaction history	MCP only (unofficial, community-built)	$200 per 1M units (100 requests/sec) Model: 30 units per multi-chain balance check	DeFi position tracking
CoinStats	120+ chains	Realized + unrealized	Portfolio value and PnL history	MCP, and x402 pay-per-use	Free (2 requests/sec), then $49/mo for 1M units (30 requests/sec) Model: 40 credits per chain, 400 credits for all chains	DeFi protocol data alongside wallet balances

Best Crypto Wallet APIs Compared

CoinGecko API: Broadest Chain Coverage, Unified Wallet Data, and Efficient Pricing

CoinGecko is the most widely used crypto market data API, trusted by platforms including Coinbase, Kraken, and Etherscan. Its Onchain Wallet endpoints cover wallet balances, trade history, transfers, and PnL, with support for 250+ chains, including Ethereum, Base, BNB Chain, Arbitrum and Robinhood, alongside token, pool, and market data from the same API.

Pros

Broadest trade and PnL coverage: Access trade history and PnL across 250+ chains through a single provider, simplifying multi-chain wallet analysis.
Holder and trader intelligence: Identify top token holders and traders, explore historical holder trends, and access optional holder PnL details alongside wallet-level trade history and PnL.
Flat pricing: Each API request costs 1 credit, regardless of the number of networks queried, so querying more networks within the same chain type does not increase credit usage.Balances and PnL for several EVM networks come back in one call, while Moralis's EVM balance endpoint takes one chain per request.
Real-time, filterable wallet data: Trade and transfer data is returned without a cache delay, while balance queries support minimum USD value filtering, sorting, and pagination to exclude dust and spam tokens. Pool-level onchain trades can also be streamed in real time over WebSocket.
Built-in PnL: Provides realized and unrealized profit and loss across networks in one call, broken down by network and by token, without requiring separate PnL calculations.
Official AI tooling: AI integrations, SDKs, MCP, CLI, Agent Skills, and x402 pay-per-use access for querying crypto data through AI applications.
Unified data access: Wallet, token, and pool data, alongside comprehensive price and market data, are available through the same API.

Cons

No historical balance chart: The balance endpoint provides current holdings. Historical holdings can be reconstructed from trade and transfer data, but there is no built-in chart for historical holdings.
Limited PnL history: PnL is provided as lifetime realized and unrealized totals, without built-in daily or monthly breakdowns. Period-based PnL can still be calculated server-side using raw trade data.
Paid wallet access: CoinGecko API provides a free Demo API plan. However, its wallet endpoints are exclusively available on the $129/mo Analyst plan and above.

Moralis API: Best for Pre-Categorized Wallet Activity

Moralis API provides wallet balances, transaction history, token holdings, and portfolio data across 28 EVM chains, with Solana and Bitcoin supported through dedicated wallet APIs.

Pros

Pre-categorized wallet activity: Its wallet history endpoint returns a decoded, human-readable activity feed, reducing the need to build custom logic to classify transaction activity.
Bitcoin wallet support: Provides Bitcoin balance and transaction history by address or xpub, alongside Solana wallet data.

Cons

PnL on selected EVM chains: Realized and unrealized PnL comes from a separate PnL API that lists selected EVM chains, such as Ethereum, Base, BNB Chain, and Polygon, with no Solana or Bitcoin PnL listed.
Usage-based costs: EVM wallet balance checks cost 100 compute units per chain queried, so costs increase with the number of chains.
Separate wallet APIs: Solana and Bitcoin use dedicated wallet APIs rather than the main EVM Wallet API, requiring different integration paths for multi-chain applications.

Alchemy API: Best for Prototyping Before Scaling

Alchemy's Portfolio API provides token balance data across 30+ EVM chains. It is part of Alchemy's broader suite of APIs for accessing and working with blockchain data.

Pros

Free tier: 30 million compute units per month before paid usage. The usage-based pricing starts at $0.525 per 1 million compute units after the included quota.
RPC and wallet APIs: Wallet data and RPC access are available through the same API account.

Cons

No native PnL: Profit and loss needs to be calculated separately from the available balance and transfer data.
Usage cost and multi-chain limit: A balance check costs 200 compute units and covers up to 5 networks per address, so checking a wallet across 30+ supported chains requires multiple calls.
Transfers endpoint is beta: Alchemy's Transfers by Wallet endpoint is limited to 14 EVM chains and requires access requests.
No documented dust filter: The balance response does not provide a minimum-value parameter for excluding spam or low-value tokens as a way to optimize API and compute credit costs.

DeBank API: Best for DeFi Position Tracking

DeBank focuses on normalized DeFi data across 30+ chains, including lending, staking, and liquidity pool positions, presented in a single view instead of as raw balances.

Pros

DeFi positions: Lending, staking, and liquidity-pool positions are normalized across protocols into a single readable view, with structured data for DeFi positions alongside wallet balances.

Cons

No native PnL: DeBank does not calculate profit and loss.
Limited portfolio history: Historical portfolio data is available for a 24-hour period, with no longer-term history.
No documented dust filter: The balance API does not provide a minimum-value parameter for excluding spam or low-value tokens.

CoinStats API: Best for DeFi Protocol Data Alongside Wallet Balances

CoinStats combines standard wallet balances with DeFi positions, including staking, lending, and liquidity-pool data across more than 10,000 protocols, and supports 120+ chains.

Pros

DeFi data: Staking, lending, and liquidity-pool positions across 10,000+ protocols are detected for each wallet alongside standard token balances.
Categorized history: Wallet transaction history includes pre-applied activity categories.
Built-in PnL: The API calculates realized and unrealized profit and loss.

Cons

Higher credit cost for multi-chain queries: A single-chain balance check costs 40 credits, while some multi-chain queries can cost 400 credits.
MCP requires account authentication: The hosted MCP server requires a CoinStats account instead of an API key, which can be less suitable for server-side integrations that need API-key authentication.
No documented dust filter: The API does not provide a minimum-value parameter for excluding spam or low-value tokens.

Which Crypto Wallet Data API Should You Choose?

CoinGecko: Broadest Multi-Chain Fit in One API

Broad multi-chain support for accessing the widest network coverage among the providers compared, all through one API at a flat, per-request cost.
Portfolio or net worth tracking with wallet and market data through the same API.
Real-time wallet activity feeds with trade and transfer data returned without cache delay, alongside real-time pool trade streams over WebSocket.
Wallet performance tracking and copy-trading research with wallet trade history, realized and unrealized PnL, top traders, top holders with PnL.
Onchain holdings for an existing exchange or wallet app with onchain balances alongside off-chain assets through the same API used for market data.
Tax and accounting tooling using trade and transfer history with realized and unrealized PnL as a starting point for your own cost-basis calculations.

Moralis, Alchemy, DeBank, and CoinStats: Specialized Needs

Moralis for decoded, pre-categorized wallet activity.
Alchemy for free prototyping or onchain audits and forensics, particularly if you already use Alchemy for RPC access. Its RPC-based access provides granular raw chain data, but requires more calls and processing.
DeBank for DeFi position tracking covering lending, staking, and liquidity pools normalized across protocols.
CoinStats for DeFi protocol data alongside standard wallet balances and PnL in one response.

Conclusion

CoinGecko API delivers broad network coverage, unified wallet and market data, and flat, per-request pricing. Other providers offer different capabilities, including detailed DeFi position data, free prototyping, and pre-categorized wallet activity.

The right choice depends on the chains you support, the importance of built-in PnL, your preferred approach to wallet activity categorization, and the provider's multi-chain pricing model.

If you also need pool- or token-level onchain data, the best onchain DEX data APIs compare the options available. For PnL, AI-agent, and portfolio use cases, see how to track crypto wallet transactions, balances, and PnL, building an AI assistant to track profit and loss and creating a crypto portfolio dashboard in Python.

Ready to start building? The CoinGecko API Analyst plan unlocks the onchain wallet endpoints, along with 500K monthly API call credits and a 500 RPM rate limit. If you are not ready to subscribe yet, start with a free Demo API key to explore 60+ endpoints with 10K free monthly API call credits.

Crypto Bull Runs 2014-2026: BTC Gains +130.5% on Average Each Run

2026-09-24T06:09:37Z

We Are 33 Days In A New Crypto Bull Cycle

In our previous study on crypto bear markets, we defined each crypto bear market cycle as any period where Bitcoin trades under its 200 Day Moving Average (200D MA) for 30 or more consecutive days. On August 20, 2026, Bitcoin’s price closed above its 200D MA marking the end of the 2025-2026 crypto bear market cycle at 290 days (November 4, 2025 - August 20, 2026). When we reverse our bear market definition, when Bitcoin trades over its 200D MA for 30 or more consecutive days, is our definition of a crypto bull market.

August 20, 2026 marks the start of the latest crypto bull cycle which on average lasts 237 days across the 10 completed bull cycles since 2014. Individual cycle lengths vary widely, ranging from as brief as 31 days (the 2020 Pre-COVID Mini-Rally) to as long as 849 days (the 2015-2018 ICO and Halving Cycle Mania).

That 849-day episode is the single largest driver behind the 237-day average, running more than double the length of the next-longest cycle, the 385-day 2020-2021 COVID Bull Run. If we exclude the 2015-2018 run, the remaining nine completed bull runs last an average of 169 days, this figure is more likely more representative of how long a typical modern crypto bull run lasts.

How Much BTC Gains in Each Bull Cycle

Bitcoin bull markets have delivered an average gain of +130.5% from start to peak across the nine completed cycles since 2014, excluding the outsized 2015-2018 mania (+7844.3%). Individual returns vary enormously, ranging from as modest as +10.8% (the 2020 Pre-COVID Mini-Rally) to as large as +627.1% (2020-2021 COVID Bull Run).

Using previous averages, if we assume BTC climbs the average of 130.5% from the start of the bull run (August 20 where BTC’s price is $69,255), Bitcoin’s price is projected to climb to $159,634 by the end of this bull cycle.

However, we caveat the above projection on the grounds that gains have generally compressed noticeably since 2022, meaning we would likely see prices lower than said projections at the end of this bull cycle. Specifically, none of the four most recent completed cycles, the 2023 Post-FTX Recovery (+57.7%), 2023-2024 BTC ETF Debut Rally (+156.4%), 2024-2025 US Post-Election Rally (+60.8%), and 2025 $125K ATH Rally (+33.3%), came close to matching the 2020-2021 or 2019 cycles' returns. That pattern suggests Bitcoin's growing market capitalization and institutional participation may be dampening the magnitude of subsequent rallies, even as new catalysts (ETF approvals, election outcomes) continue to drive fresh bull cycles.

The 2015-2018 ICO and Halving Cycle Mania (+7,844.3%) is excluded from these figures entirely, given its magnitude vastly outsizes every other episode on record and would distort any average calculated across the full dataset. Separately, the current 2026 Post-Bear Recovery Rally, up +17.3% as of September 21, 2026, is also excluded from the average as an incomplete, ongoing cycle rather than a finished data point.

Crypto Bull Run Episodes Since 2014

Rank (by Gain)	Bull Market	Start Date	End Date	Duration (Days)	Gain to Peak
1	2015-2018 ICO and Halving Cycle Mania*	2015-10-11	2018-02-05	849	+7,844.3%
2	2020-2021 COVID Bull Run	2020-04-30	2021-05-19	385	+627.1%
3	2019 ICO Bubble Recovery	2019-04-03	2019-09-26	177	+167.3%
4	2023-2024 BTC ETF Debut Rally	2023-10-17	2024-07-04	262	+156.4%
5	2024-2025 US Post-Election Rally	2024-10-15	2025-03-09	146	+60.8%
6	2023 Post-FTX Recovery Rally	2023-01-14	2023-08-17	216	+57.7%
7	2021 Peak of DeFi Summer Rally	2021-10-02	2021-12-13	73	+40.3%
8	2025 $125K ATH Rally	2025-04-23	2025-10-17	178	+33.3%
9	2015 Mini-Rally	2015-06-29	2015-08-18	51	+21.0%
10	2026 Post-Bear Recovery Rally (Current)**	2026-08-20	Ongoing	33+	+17.3%
11	2020 Pre-COVID Mini-Rally	2020-01-29	2020-02-28	31	+10.8%

*Excluded from average gain calculations and chart visualizations due to its magnitude vastly outsizing every other episode. **Excluded from both average calculations as an incomplete, ongoing cycle. Data as of September 21, 2026.

Methodology

Bitcoin daily closing price data was sourced from CoinGecko covering January 1, 2014 through September 21, 2026. The 200-day moving average was calculated as a simple rolling average of the prior 200 daily closing prices. A bull market episode was defined as any continuous stretch where Bitcoin's closing price remained above its 200DMA for 30 or more consecutive days, the inverse of the definition used in CoinGecko's companion bear market study. Brief dips back below the 200DMA lasting fewer than 30 days do not end an episode's designation as the start of a new bull cycle; instead, each episode runs from the first day BTC closes above its 200DMA through the last day before a subsequent 30-plus day stretch below it begins.

Gain to Peak is calculated as the percentage increase from a bull episode's 200DMA-crossing start price to its highest closing price recorded during that period. The 2015-2018 ICO and Halving Cycle Mania (+7,844.3%) is excluded from the chart and from average calculations for scale, given its magnitude vastly outsizes every other episode and would flatten the rest of the data to near-invisibility. The current 2026 Post-Bear Recovery Rally is excluded from both average duration and average gain calculations, as it remains an ongoing, incomplete cycle as of the data cutoff date.

Average duration (237 days) is calculated across the 10 completed cycles, including the 2015-2018 outlier, since its 849-day length does not distort the chart's visual scale the way its percentage gain does (chart 2). Average gain (+130.5%) is calculated across the nine completed cycles, excluding both the 2015-2018 outlier and the current ongoing episode.

If you cite these insights, we would appreciate a link credit to this article on CoinGecko, which allows us to keep supplying you with useful data-led content.

This study is for illustrative and informational purposes only, and is not financial advice.

Inevitable: Why Pendle Is Positioned to Capture DeFi's Three Biggest Waves

2026-09-23T07:56:04Z

This article is brought to you by Pendle.

Yield is one of the oldest ideas in finance. The promise of a return is what convinces someone to lend, invest, or park capital in one place rather than another. Every dollar in the system is, in some sense, looking for yield.

Pendle's thesis is simple: wherever yield exists, Pendle wants to be the place it gets priced, traded, and locked in. The team describes it almost like gravity: a black hole strong enough that no yield, onchain or off, can escape its pull.

Pendle V2 takes any yield-bearing token, like a staked asset or a yield-generating stablecoin, and splits it into two parts: a Principal Token (PT), which lets you lock in a fixed yield today, and a Yield Token (YT), which lets you speculate on or leverage the floating yield. Think of it like separating a bond's guaranteed return from its variable upside, and letting people trade each piece separately.

Boros extends that same idea to a market V2 doesn't touch: perpetual futures funding rates. These are the fees traders pay each other to hold leveraged positions, and they add up to tens of billions of dollars changing hands every year across crypto's perp markets.

Together, V2 and Boros are built to absorb any yield in the system, and the team has identified three specific growth waves they believe will define this cycle: stablecoins, tokenized real-world assets (RWAs), and perps.

Wave 1: Stablecoins

Stablecoins are the most established product in crypto, and they're still growing. Supply sits at roughly $300 billion as of mid-September 2026, up 14% year over year. The forecasts from traditional finance are aggressive: Citi's base case puts stablecoin supply at $1.9 trillion by 2030, while Standard Chartered projects $2 trillion by 2028, roughly six times where the market stands today.

What makes this wave different from past cycles is who's showing up. Regulation is moving forward, and payment networks and banks are starting to build. A clear example: the Global Dollar Network, the consortium behind Paxos's USDG stablecoin, counts Kraken, Robinhood, Galaxy, and Mastercard among its members, and it has already launched a Pendle market for USDG.

The results were fast. Pendle became the largest holder of USDG on Ethereum, holding 27.9% of its supply, growing from zero to $121 million in under two months. On X Layer, the Pendle USDG market alone makes up 40% of the entire chain's total value locked (TVL).

The Pendle Effect, a term coined by analytics platform Dune, describes the surge in demand a token experiences once Pendle launches PT/YT markets for it.

At its peak, half of Ethena's TVL, around $7 billion, sat on Pendle.
On Monad, AUSD markets reached ~$230 million in TVL, with Pendle accounting for more than 78% of the stablecoin's total supply.
Stable pools on Pendle have generated $6 billion in notional volume this year alone.

The logic for issuers is straightforward: a stablecoin needs somewhere for its holders to actually earn yield, and Pendle has become the default venue for that. Even under JPMorgan's more conservative outlook, where supply doubles, Pendle's addressable market in stablecoins still doubles within 1.5 years, and grows tenfold within four.

Wave 2: Tokenized RWAs

Tokenized real-world assets (RWAs) like Treasury bills, private credit, and other traditional financial instruments represented onchain are the second wave, and arguably the one attracting the most institutional attention right now.

Excluding stablecoins, tokenized RWAs have grown from around $10 billion at the start of 2025 to nearly $39 billion today, almost a 4x increase in under two years. U.S. Treasuries, private credit, commodities, and tokenized stocks have each individually crossed the $1 billion mark. Long-term projections vary widely, from $2 trillion to over $16 trillion by 2030, but even the conservative end of that range implies roughly a 50x increase in under four years.

RWAs have effectively become Pendle's anchor theme in 2026. Of the markets launched this year, 66 are RWA-linked, spanning Treasury bills, private credit, STRC dividend products, tokenized equities, and even compute infrastructure. Some traction highlights:

$210 million of RWA-backed PTs now sit as collateral on Morpho.
STRC markets on Pendle exceeded $500 million in TVL in May, with more than $977 million in cumulative volume, the dominant source of activity in the ecosystem this year.
USDai, which tokenizes compute infrastructure, peaked at $568 million TVL on roughly $2.5 billion of total volume.
A fund from Partners Group, the $185 billion AUM private equity firm, has just launched on Pendle, signaling the start of another funnel of Pendled assets.

Despite this traction, the team's view is that RWA tokenization is still early. Recent moves from platforms like Robinhood show tokenization is just starting to find genuine product-market fit, and the line separating onchain and offchain finance is blurring quickly as a result.

Wave 3: Perps

The third wave is perpetual futures, or "perps", and specifically, the funding rates attached to them.

Perps have become the closest thing crypto has to a 24/7 market for anything, including equities and commodities. Equity-linked perp open interest now sits above $6 billion, up more than 10x in six months. Trading volume for stocks on Hyperliquid grew from $4 billion to $212 billion this year, and when SpaceX went public, price discovery for its shares actually happened on perp markets before real shares were trading. Traditional finance is paying attention too: ICE (which owns the NYSE) took a stake in OKX and listed its Brent and WTI oil benchmarks there, while Kalshi has launched the first CFTC-regulated perps in the U.S.

However, perp funding rates are volatile, and that volatility gets worse the further you move from crypto's biggest assets. In May, Hyperliquid's funding averaged 14% annualized and Binance's averaged 17.5%. Oil funding is roughly 14 times more volatile than Bitcoin's, flipping between positive and negative on 40% of trading days. Even traders who correctly predicted a price move, like oil falling from $113 to $91 in early April, still gave up significant profits to funding costs along the way.

Individual asset comparisons make the point sharply: on Binance this year, holding a BTC perp cost about $0.03 in funding per $1 of notional exposure. Holding an SK Hynix-linked perp cost $0.35. BTC's daily funding rate moved with a standard deviation of 5%; for gold and silver it was 60–65%; for SK Hynix, 163%. RWA funding volatility is a fundamentally different challenge than anything crypto traders have dealt with before; no desk can safely hold a leveraged position on a cost that swings that hard.

This is the gap Boros is built to fill. It lets traders lock in funding costs, run fixed-return carry trades, or simply take a view on where funding is headed. Boros also recently launched Arbitrage, a tool built with the prime broker CrossEx that turns cross-exchange funding arbitrage into a two-click trade: open the perp position on CrossEx, open the matching Boros position. According to Pendle, live opportunities have consistently landed around 20–40% fixed APR.

As perps scale into a genuine 24/7 global market, funding becomes something every trader eventually has to manage. Right now, there's really only one dedicated venue built for that.

Distribution and Liquidity: Pendle's Edge

PTs are widely accepted as collateral across both DeFi and CeFi platforms, and Pendle's cross-chain PT functionality means that collateral isn't stuck on a single network. Earlier this year, $170 million of PT-USDe was bridged from Ethereum to BNB Chain to be used as collateral elsewhere. For a stablecoin or RWA issuer, launching on Pendle brings distribution alongside yield.

Liquidity is where the improvements over the past year stand out. As of writing, a $50 million swap into PT-sUSDS locks in roughly 4.6% fixed APY with only 0.05% slippage, according to Pendle, an efficiency level that holds up against the deepest markets on major centralized exchanges. The same combination of deep swap capacity and fixed-rate access shows up across Pendle's stablecoin and RWA markets.

Pendle pairs its AMM liquidity with a limit order system, so trades can fill against both simultaneously for the best available price. Underneath sits an algorithmic incentive module (AIM), which automatically allocates PENDLE token rewards across markets. Pendle reports tradable liquidity up roughly 71% year-to-date (from ~350Mto~600M), a 22x improvement in the cost of acquiring liquidity, and token emissions down 92% since the start of the year.

On the AUSD market, floating TVL sits at $130 million while the AMM liquidity pool backing it is just $2.5 million. With limit orders and AIM, a $20 million trade against that pool moves yield by just 0.22%, a level of capital efficiency that used to require billions in TVL.

The Bigger Picture

Each of these three waves (stablecoins, RWAs, and perps) is following its own separate growth curve. But they share the same underlying need: somewhere for yield to be priced, fixed, or hedged.

A stablecoin that wants to scale needs somewhere its holders can actually earn yield.
A tokenized fund arriving onchain with a floating rate needs somewhere that rate can be stripped out and fixed.
A perp on any asset, onchain or off, carries a funding rate, and a funding rate can only be hedged where funding is actively traded.

As each of these markets grows toward the scale analysts are projecting, they're converging on the same infrastructure gap. Pendle's bet is that it's already built to fill it.

Explore fixed yield on stablecoin and RWA markets: app.pendle.finance
Trade or hedge funding rates: boros.pendle.finance

This article draws on Pendle's original "Inevitable" thesis piece, available here. TVL, volume, and market-share figures in this piece are as reported by Pendle.

How Gauntlet Manages Risk and Optimizes Yield for $1.5B+ in Onchain Vaults

2026-09-23T04:24:05Z

Gauntlet is the leading quantitative risk manager in crypto. It builds optimization strategies and platforms for protocols, applications, and chains, while its economic risk models protect billions in decentralized finance. The same research and risk expertise now powers Gauntlet's onchain vaults, both those curated on protocols such as Morpho and those running on Aera, Gauntlet's first-party vault infrastructure, which deliver risk-adjusted yield to vault suppliers.

Today, more than $1.5B is allocated across these strategies, serving more than 50,000 users directly, and many more via partners. To price risk and value collateral, Gauntlet uses the CoinGecko API as a pricing layer for its quantitative risk models and the Gauntlet App, providing reliable market data for risk analysis and asset valuation.

Key Metrics at a Glance

Gauntlet's economic risk models cover billions in DeFi, while its onchain vault strategies have $1.5B in allocated assets across more than 50,000 users.
CoinGecko API powers live vault supply figures, individual vault allocations, and portfolio valuations in the Gauntlet App and is a core component of the Gauntlet API/SDK.

The Challenge: Pricing Risk Across Blue-Chip and Emerging Collateral

As Gauntlet evaluates new collateral options for its onchain vaults, it needs dependable data to assess asset value, liquidity, and risk. That challenge becomes more complex across DeFi's broad range of assets, from established blue-chip tokens to newer crypto-native assets. A vault might hold established, deeply liquid tokens one day and a newer crypto-native asset being evaluated as collateral the next. Both require dependable market data to inform risk and valuation decisions.

Gauntlet needed a single provider able to cover both ends of that spectrum, without stitching together multiple sources, with the speed and reliability to run inside live production systems. Beyond a headline price, Gauntlet also needed visibility into the specific liquidity pairs and trading venues behind each asset.

This needs now extend to newly emerging onchain assets such as stablecoins, RWAs, and other tokenized instruments.

Why Gauntlet Chose CoinGecko API

CoinGecko's market data spans prominent blue-chip tokens and longer-tail crypto-native assets, aggregated across centralized and decentralized exchanges rather than relying on a single venue. Through the CoinGecko API, Gauntlet accesses this data programmatically for its live risk models and the Gauntlet App.

What Gauntlet Says About CoinGecko API

"CoinGecko is a foundational data provider for Gauntlet. Its pricing and market data support timely risk decisions, from evaluating new collateral to monitoring deviations between market and oracle prices, while its historical data helps us backtest and refine strategies. It also powers numerous metrics across the Gauntlet App and serves as a core component of our API/SDK."

— Rei Chiang, Chief Technology Officer at Gauntlet

How Gauntlet Leverages CoinGecko API

CoinGecko data supports Gauntlet's quantitative risk models for asset selection and risk monitoring, while providing the market data displayed to vault suppliers in the Gauntlet App.

Vault and Portfolio Valuation Across the Gauntlet App

Each vault's total supply is displayed in USD alongside its net APY, contributing to the overall Total Value Locked across Gauntlet's vaults. CoinGecko's /simple/token_price/{id} endpoint provides token prices by contract address, batching many tokens into a single request per chain. This allows Gauntlet to efficiently retrieve the data needed to value multiple assets across the Gauntlet App.

Vaults: Total Value Locked and per-vault supply in USD

At the position level, a vault's Allocations tab breaks that same valuation down by protocol and asset, showing exactly how much capital is allocated to each. On the Portfolio page, connected wallets show the live USD value of idle assets held across multiple chains. This gives users visibility into assets that may be available to allocate to a Gauntlet vault. For assets shown in the Portfolio view, Gauntlet uses CoinGecko's /simple/price endpoint to retrieve current prices for portfolio valuation.

Allocations: Capital allocated across underlying protocols and assets

Idle Assets: Live USD value of assets held outside a vault

Historical Data for PnL Tracking and Strategy Backtesting

Gauntlet uses CoinGecko's /coins/{id}/market_chart/range endpoint for historical price, market cap, and volume data between specified start and end dates. This data supports historical views of users' position performance, showing how wallet values have changed over time, as well as Gauntlet's strategy backtesting.

Position History: Wallet value over time

For tokens identified by contract address, Gauntlet uses /coins/{id}/contract/{contract_address}/market_chart to retrieve historical market data. For a specific past date, it uses /coins/{id}/history to retrieve the corresponding historical price.

Liquidity Analysis and Price Validation for Risk Models

Before treating an asset as vault collateral, Gauntlet uses CoinGecko's /coins/{id}/tickers endpoint to assess where its liquidity sits across trading pairs and venues, including centralized and decentralized markets. This gives the team visibility into whether liquidity is distributed across multiple markets or concentrated in a single venue or pool.

CoinGecko's market price also serves as an independent reference in Gauntlet's live risk systems. When it diverges from an asset's onchain oracle price, the difference can signal a potential risk event and prompt further monitoring.

Business and User Outcomes

With real-time pricing, historical data, and liquidity data available programmatically, Gauntlet's team can assess new assets for vault collateral using the same market data across its risk systems.

The pricing feed also supports Gauntlet's continuous risk monitoring. Its oracle-deviation check compares an asset's market price against an oracle price, so accurate market data is essential for identifying potential discrepancies.

For vault suppliers, consistent pricing matters across the Gauntlet App. Values such as vault TVL, allocation amounts, and portfolio balances are based on the same aggregated market pricing rather than a single exchange's view.

What's Next on Gauntlet's Roadmap

Gauntlet is expanding its onchain vaults and the infrastructure that supports them. Its roadmap includes growing stablecoin adoption and the expansion of onchain real-world assets, alongside emerging categories such as prediction markets, tokenized equities, and perpetual futures.

These markets introduce new asset types, trading venues, and market structures that require broader market-data coverage. As Gauntlet expands into these markets, CoinGecko's coverage across established and emerging assets, centralized and decentralized markets, and venue-level liquidity data can support the pricing and risk analysis behind them. This also extends to tokenized equities through real-world asset data covering stocks, ETFs, and commodities, available through the same API.

Get In Touch

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This article was written in collaboration with Gauntlet team.

Best APIs for Pre-IPO & Private Market Data in 2026

2026-09-23T03:53:12Z

TL;DR

CoinGecko API is the best pre-IPO data API for real-time, onchain market data, including live pricing for tokenized exposure to companies such as OpenAI and SpaceX, aggregated into a single market view per company.
Specialized providers cover different needs, with Crunchbase for funding and company research, Caplight for secondary-market pricing and cap-table data, Nasdaq Private Market for blended valuations, Better Markets for stock-style private-company pricing, and PitchBook for deal, investor, and fund data.

Private-market data is becoming easier to access and more diverse. Providers are expanding their coverage of private companies, tokenization is bringing some private-market exposure onchain, and prediction markets are creating new ways to read IPO sentiment in real time.

The market still differs from public markets, where consolidated pricing and standardized reporting make companies easier to track. For pre-IPO businesses, valuations can depend on the latest funding round or secondary-market transaction, while information about ownership, company developments, and financials remains spread across different sources.

This article compares the major data sources for pre-IPO and private-market data in 2026 and covers two additional data types: tokenized onchain pre-IPO data and prediction-market sentiment.

What Is Pre-IPO Data?

Pre-IPO data is structured information about a company before it lists on a public exchange. It can include funding rounds and valuations, ownership and cap-table structure, secondary-market pricing, which shows what existing shares are trading for privately, as well as company news and financials.

No single provider covers all of these data points. Each API specializes in a different part of the private-market data landscape, so the right choice depends on what you need to measure.

Pre-IPO & Private Market Data APIs at a Glance

CoinGecko’s API is best suited for teams that need live onchain pricing for tokenized pre-IPO companies, with a free starting tier. Other providers focus on funding data, cap tables, secondary-market pricing, and enterprise deal data. Depending on the use case, teams may need to combine multiple sources to get the coverage they need.

Provider	Data Types	Data Freshness / Methodology	Pricing	Best For
CoinGecko API	Tokenized pre-IPO and public-market assets, with price, market cap, volume, historical data, trading pairs, and venues	Live, continuously updated as trades happen, with data aggregated across issuers, chains, and venues	Free Demo plan From $29/month for historical data and ticker data	Real-time, onchain market data for tokenized pre-IPO and public companies
Crunchbase	Funding rounds, company profiles, AI-based predictions for funding, IPO, acquisition, and closure likelihood	Event-driven, updated as new funding rounds and company changes are reported	Sales-led	Funding rounds and company research at scale
Caplight	Secondary-market pricing, implied valuations from live bid/ask data, cap-table data, and investor data	Valuation recalculates as new bid/ask activity comes in on the secondary market	Sales-led	Secondary-market pricing and cap-table data
Nasdaq Private Market	Blended valuations from funding rounds, secondary trades, and formal valuation marks	Blended price recalculates as new secondary trades, funding rounds, or valuation marks are reported	Sales-led	A single company valuation based on multiple data sources
Better Markets	Real-time OHLCV pricing, funding history, financials, research reports, and private-company news	Bid/ask quotes stream continuously	$499/month (single plan)	Private-company prices presented like public stock prices
PitchBook	Companies, deals, investors, funds, service providers, and limited partners	Deal and funding news update multiple times daily, while company profiles and fund benchmarks update from days to a quarter, with statistical modeling for recent figures	Sales-led	Deal, investor, and fund data for existing customers

Best APIs for Pre-IPO & Private Market Data

CoinGecko API: Best for Tokenized Pre-IPO Market Data

CoinGecko is the most widely used crypto and tokenized market data API, trusted by leading digital asset companies including Coinbase, Kraken, and Etherscan. Its RWA (Real-World Asset) endpoints track tokenized versions of both public and pre-IPO companies. The coverage includes 900+ tokenized assets across issuers and blockchains, with fragmented listings aggregated into a unified market view for each asset.

Every asset listed goes through a published three-step classification methodology: identify the real-world asset a token represents, verify that it is backed and redeemable, and confirm that token holders can redeem the token for the underlying asset. Tokens that only track an asset’s price synthetically or exist only on testnets do not qualify.

Pros:

Live pre-IPO pricing: Real-time price, market cap, and 24-hour volume for tokenized exposure to OpenAI, SpaceX, Anthropic, Anduril, xAI, Kalshi, Polymarket, and more.
One aggregated market view per company: CoinGecko combines tokens from 30+ issuing platforms into a single asset with a unified price, market cap, and volume figure, while keeping individual tokens queryable separately for users who need a per-token breakdown.
Historical charts and venue-level detail: Historical price data for trend analysis, with trading-venue and volume breakdowns for each asset.
Cost-efficient access to market data: The free plan covers the full directory of tracked assets, current price, market cap, and 24-hour volume, lowering the cost and friction of getting started. Its entry-level paid plan starts at $29/month, the lowest-cost option among the providers compared here, and includes historical price charts and per-exchange ticker data for more detailed market analysis.

Cons:

No company-level data: It shows trading activity for tokenized exposure to a company, rather than the company’s funding history, cap table, or financials.
Coverage depends on tokenization: A company is only covered if a tokenization platform has issued a tokenized asset for it.

Best for: Traders, developers, and analysts who need a real-time, market-based view of pre-IPO company valuations, alongside tokenized-asset and broader crypto market data through the CoinGecko API.

Crunchbase: Best for Funding-Round and Company Research at Scale

Crunchbase provides startup and funding data, with coverage across funding rounds, company details, and leadership. It also offers machine learning-based predictions on a company’s likelihood of raising funding, being acquired, going public, or shutting down.

Pros:

Funding history: Funding rounds across private companies, with details such as funding amounts, dates, and investors.
Predictive signals: Machine learning-based estimates for funding, IPO, acquisition, and company closure outcomes.
Company and leadership data: Firmographic and leadership information alongside funding details.

Cons:

Limited secondary-market data: Crunchbase records reported secondary-share sales as a funding-round type and tracks investors active in the secondary market. This indicates that a transaction occurred, but does not provide continuously updated secondary-market pricing or cap-table data.
No published pricing: Platform access starts from $49/month, but API and data licensing require a custom quote, making costs harder to assess upfront.

Best for: Teams that need broad, ongoing funding-round and company research across many private companies, with access available through an enterprise contract.

Caplight: Best for Secondary-Market Pricing and Cap-Table Data

Caplight focuses on private-market pricing, providing insight into what private shares are actually trading for. Its MarketPrice feature derives implied valuations from live bid and ask data in the secondary market, while also providing cap-table insights and an investor database.

Pros:

Implied secondary-market valuations: Valuations derived from live trading activity rather than a company’s last funding round.
Cap-table insights: Cap-table and ownership insights not typically available in funding-focused databases.

Cons:

No published pricing: Caplight does not publish API pricing or detailed technical documentation publicly, making it harder to evaluate costs and API capabilities upfront.

Best for: Analysts and investors who need current pricing for a private company’s shares on the secondary market, using market pricing instead of its latest reported funding round or a tokenized proxy.

Nasdaq Private Market: Best for Single Blended Valuation

Nasdaq Private Market’s NPM Price combines primary funding rounds, secondary transactions, and accounting-based marks, such as 409A valuations and mutual-fund marks, into one algorithmically evaluated price per company.

Pros:

One evaluated price per company: Combines multiple valuation inputs into a single price across more than 1,200 tracked unicorns.
Multiple valuation inputs: Incorporates funding rounds, secondary transactions, 409A valuations, and mutual-fund marks to provide a broader view of private-company valuations.

Cons:

Enterprise-only API access: Nasdaq allows users to browse NPM Price and company data through its website, but full API access requires contacting its sales team for pricing.

Best for: Analysts, investors, and finance professionals who need a single, defensible valuation for each company without having to build one from multiple raw data sources.

Better Markets: Best for Stock-Style Pricing for Named Private Companies

Better Markets provides market-data API features for more than 100 named private companies, including real-time bid/ask, OHLCV price data, funding history, financials, research reports, and news.

Pros:

Stock-style market data: Provides OHLCV pricing in a format familiar to users of public-market data APIs.
Multiple data types: Combines pricing, financials, research reports, and news in one product.

Cons:

High starting price: The Pro plan costs $499/month, which may be a significant cost for users who only need limited private-market data.
Limited company coverage: Covers about 100 named private companies, limiting its use for users researching a broader range of private companies.

Best for: Analysts and investors who want stock-style pricing for private-company shares through a traditional, off-chain marketplace rather than blockchain-based markets offering tokenized exposure to the same companies.

PitchBook: Best for Deal, Investor, and Fund Data

PitchBook’s API provides programmatic access to private-market data across companies, deals, people, investors, funds, service providers, and limited partners. It covers deal-level, company, and investor data, making it useful for teams that need private-market information in their own applications and workflows.

Pros:

Broad entity coverage: Covers companies, deals, people, investors, funds, service providers, and limited partners, including deal-level and limited-partner data.
Documented update methodology: Specifies how frequently different datasets are updated and how it estimates data between verified updates.

Cons:

No published pricing: PitchBook does not publish API pricing or detailed technical documentation publicly. Its free demo and API access require contacting sales, making it harder to evaluate costs and access requirements upfront.
Requires an existing subscription: API access is an enterprise add-on rather than a standalone API product, limiting accessibility for users who only need API data.

Best for: Existing PitchBook customers who want to access deal, investor, and fund data programmatically instead of through the platform’s interface.

How Is Tokenization Changing Pre-IPO Data?

CoinGecko’s RWA data brings onchain pricing into pre-IPO market research, tracking tokenized exposure to private companies across multiple issuing platforms and aggregating these tokens into a single priced asset for each company. This provides a live view of private-company valuations alongside traditional data such as funding rounds and valuation marks.

Platforms such as PreStocks, Tessera, Republic and Gate tokenize exposure to private companies before they go public, creating assets that can trade continuously on a blockchain rather than through occasional private transactions.

Tokenized pre-IPO activity is also expanding beyond US startups. In 2026, traders used an onchain perpetual contract tied to the expected share price of ChangXin Memory Technologies (CXMT), a Chinese memory-chip maker, to trade its implied valuation ahead of its Shanghai listing. The contract at one point implied a valuation of roughly $500 billion, months before CXMT’s shares began trading publicly. This shows how onchain markets can provide a live view of private-company valuations before they reach public markets.

Can Prediction Markets Signal Pre-IPO Sentiment?

Prediction markets such as Polymarket and Kalshi can provide a real-time view of expectations around whether and when a company may go public. Some markets also allow participants to trade on potential IPO valuation outcomes, providing an additional market-implied signal of how participants are pricing a company's eventual public-market debut. Both platforms offer public APIs and host markets covering IPO-related outcomes and timing.

This data reflects market sentiment rather than verified financial information. It can add context to what the market expects, but it should not replace funding, valuation, or secondary-market pricing data.

Conclusion

CoinGecko API brings live, onchain pricing for tokenized exposure to private companies such as OpenAI and Anthropic into pre-IPO research. This complements funding-round, cap-table, secondary-market, and valuation data by showing how tokenized exposure to a private company is valued in the market.

The other providers covered serve different areas of the pre-IPO data market. Crunchbase and PitchBook cover funding and company data, Caplight and Better Markets offer off-chain secondary pricing, Nasdaq Private Market provides blended valuation data, and Polymarket and Kalshi provide prediction-market sentiment around potential IPO outcomes.

To explore tokenized pre-IPO data further, the RWA data API guide walks through the endpoints for pulling live pre-IPO prices into your code. For automated applications, the guide to crypto APIs for trading bots and AI agents covers those use cases.

Ready to start building? Sign up for a free CoinGecko API key and explore the RWA endpoints. To access historical chart data, trading-venue details, and other advanced market-data endpoints across crypto and tokenized assets, upgrade to a paid API plan starting at $29/month, with higher rate limits and more API credits.

Why Liquidity Depth Matters More Than Trading Volume

2026-09-18T06:28:52Z

Depth figures are compiled from each venue's primary USDT pair over a 14-day window from 25 August to 7 September 2026. Seven venues are tracked across spot and perpetual markets: Gate, Binance, OKX, Bybit, KuCoin, HTX and Hyperliquid.

This article is brought to you by Gate. Depth is dynamic, and these conclusions apply to this window only.

Why Is Order Book Depth Important?

When comparing crypto exchanges, most traders instinctively reach for the same number: 24-hour trading volume. It feels like the right proxy, because a busy exchange must be a good one. But volume tells you how much has already been traded, not how well your trade will actually execute. Two exchanges can show identical volume figures while delivering very different experiences the moment you place an order.

The metric that actually shapes your execution quality is order book depth, and the difference between exchanges can be substantial depending on the asset you're trading.

What Is Order Book Depth?

Every centralized exchange runs on an order book: a live list of open buy orders (bids) and sell orders (asks), organized by price. When you place a market order, the exchange fills it by matching against the best available orders on the other side.

Order book depth refers to the total volume of orders sitting within a certain price range of the current market price. Depending on the size of the orders, two depth thresholds may be commonly used to assess liquidity:

Top-of-Book (L1) Depth: the single best bid and single best ask — the most granular measure of quoted liquidity. It reflects the price and size available at the very top of the order book, and is most relevant for understanding how competitive an exchange's quoted prices are and how cleanly the smallest orders will execute. Figures are calculated as averages of snapshots taken at regular intervals over the observation period.
1% depth: cumulative bid size within 1% below the mid price and cumulative ask size within 1% above it, again averaged across the two sides. In calm markets this tier is rarely touched. It matters at the extremes — when a large order is worked in a single clip, or when a one-sided move wicks through the book.

How Exchanges Compare on Spot Depth

Using order book data collected by Gate over 25 August to 7 September 2026, we can compare how seven venues stack up at both the top-of-book (L1) and 1% tiers. Spot coverage is BTC, ETH, XRP, SOL and DOGE, each on the venue's primary USDT pair.

The Big Picture

The two charts below show depth share across the 30 highest-volume spot pairs, at L1 and at 1%. They tell two different stories.

Figure 1 — Spot top 30 pairs, top-of-book (L1) depth share, single-day snapshot, 7 September 2026

At L1, OKX leads on 16 of the 30 pairs, Gate on 7, Binance on 6 and Bybit on 1. OKX's advantage sits in mid-caps . Gate's seven wins cluster at the top of the volume table: BTC (27.3%), ETH (37.5%), XRP (39.2%), BNB (40.4%), DOGE (35.6%), NEAR(42.19%), and USD1(38.07%).

Figure 2 — Spot top 30 pairs, 1% depth share, single-day snapshot, 7 September 2026

At 1%, the ranking inverts. Gate leads on 15 of 30, Binance on 10, Bybit on 4 and OKX on just 1. And more telling than the wins is the spread: Gate places first or second on 28 of the 30 pairs, the widest coverage of any venue here, while Binance's ten wins are almost entirely the largest names.

Three venues, three market-making strategies. OKX buys the touch in mid-caps. Binance buys depth-of-book on the majors. Gate covers both: the best quoted price on the highest-volume pairs, and the broadest 1% coverage across the rest of the top 30. None is better in the abstract; what matters is whether it suits the order you are about to place.

Bitcoin (BTC)

Figure 3 — Spot BTC, 1% depth in USD, 25 Aug – 7 Sep 2026

At the tighter 1% depth band. Binance led on all 14 days with a median of $20.01M against Gate at $12.74M (0.64x), OKX at $11.60M and Bybit at $11.21M. For anyone working several million dollars of BTC in one order, that difference is real.

But that is the tier almost no retail order ever reaches. At the level where the great majority of BTC trades are actually filled, the ranking flips.

Figure 4 — Spot BTC, top-of-book (L1) depth in USD, 25 Aug – 7 Sep 2026

Gate led L1 on 12 of the 14 days with a median of $236.8K, 1.36x second-placed Binance at $174.0K and slightly further ahead of OKX at $171.2K, with the rest of the field well back.

If you are trading BTC in size, check Binance's cushion; if you are trading BTC the way most people do, in clips well under six figures, Gate quoted the best price on the majority of days in this window.

Ethereum (ETH)

Figure 5 — Spot ETH, 1% depth in USD, 25 Aug – 7 Sep 2026

At 1% the lead returns to Binance at $8.07M, with 11 of 14 days in front. Gate places third at $6.75M, or 0.84x Binance.The four venues behind Binance sit within roughly 35% of each other, which is unusually tight for a pair this size.

Figure 6 — Spot ETH, top-of-book (L1) depth in USD, 25 Aug – 7 Sep 2026

At L1 this is Gate's most consistent spot result: first on all 14 days, median $117.2K against OKX at $78.1K and Binance at $71.7K — a 1.50x margin never surrendered at any point in the window.

The Other Spot

XRP and DOGE repeat the pattern set by BTC and ETH. At the touch Gate led both — XRP on 12 of 14 days with a median of $19.3K, 1.54x Binance at $12.5K, and DOGE on 12 of 14 days at $9,721, again 1.54x Binance at $6,306.

Through the book the two diverge. On XRP, Binance finished narrowly ahead, $1.97M to Gate's $1.82M, a gap of only 8%. On DOGE, Gate led at 1% on all 14 days with a median of $1.55M against a tightly bunched Bybit ($1.24M), Binance ($1.14M) and OKX ($1.13M) — the only spot pair in the set led by the same venue at both tiers, and the only one where Binance failed to place in the top two. SOL runs the other way: OKX led at the touch, 1.75x Gate, and Binance through the book, making it the one spot major where Gate tops neither tier.

Across the spot top 30 as a whole, Gate's broadest strength sits at the 1% tier in mid-caps: LINK (36.4% depth share), ARB (34.2%), UNI (33.7%), AVAX (33.4%) and NEAR (32.4%). Combined with its seven L1 wins at the top of the volume table, that is the spot profile in one line — competitive at the touch where the flow is, and the widest coverage through the book everywhere else.

Does the Pattern Hold in Perps Markets?

USDT-margined perpetuals are where depth arguably matters most. Leverage amplifies slippage, and a thin perpetual book means worse liquidation prices and larger realised losses in fast markets. Perpetual flow also turns over far faster than spot, and it is worked in smaller, more frequent clips — which makes the size resting at the best bid and offer, rather than the cushion further out, the tier that decides most fills. This section is therefore measured at Top-of-Book (L1) Depth throughout.

Alongside BTC, ETH and SOL, this section covers three tokenized RWA instruments — XAU (gold), CL (crude oil) and SKHYNIX (SK Hynix). These have mature reference markets off-chain, their market-making logic differs substantially from pure crypto, and the results bear that out.

The Big Picture

Figure 7 — Perpetuals top 30 pairs, top-of-book (L1) depth share, single-day snapshot, 7 September 2026

At L1, Gate leads on 15 of the 30 pairs, Binance on 8, Hyperliquid on 4, Bybit on 2 and HTX on 1, placing first or second on 22 of 30. Its largest shares are SKHYNIX (67.1%), DASH (62.0%), SOXL (51.5%), TAO (47.9%) and DOGE (44.8%) — tokenized equities, leveraged ETFs and selected mid-caps are where its quoted size is heaviest.

Crypto Perps：BTC, ETH, SOL

Figure 8 — BTC perpetuals, top-of-book (L1) depth in USD, 25 Aug – 7 Sep 2026

Crypto majors are the most contested contracts in any perpetual book, and the hardest place to hold a lead.

Start with BTC, Gate led on 12 of the 14 days with a median of $761.0K, ahead of Binance at $552.4K and Hyperliquid at $530.5K, then OKX at $352.0K, Bybit at $205.9K, HTX at $199.6K and KuCoin at $39.7K — a margin of roughly 1.38x over second place. Gate led all but two days, briefly ceding the top spot to Hyperliquid on 25 August.

Figure 9 — ETH perpetuals, top-of-book (L1) depth in USD, 25 Aug – 7 Sep 2026

And on ETH, Gate finished first on all 14 days without exception, with a median of $555.5K — 1.58x second-placed Hyperliquid at $351.1K — followed by Binance at $259.7K and OKX at $258.1K in a near dead heat, then HTX at $187.0K, Bybit at $68.2K and KuCoin at $15.1K. Hyperliquid is the only venue to track it at all closely, peaking at $520.5K late in the period.

That leaves SOL, the third of the crypto majors — and the one where the gap stops being incremental.

Figure 10 — SOL perpetuals, top-of-book (L1) depth in USD, 25 Aug – 7 Sep 2026

At the touch the pattern repeats: Gate led on 13 of 14 days with a median of $161.3K against Hyperliquid at $114.2K, a 1.41x margin, then Binance at $95.0K, OKX at $72.5K, Bybit at $32.7K, HTX at $4.8K and KuCoin at $2.1K. The single exception came on 26 August, when Hyperliquid finished at $101.4K against Gate's $100.4K — under 1% apart, the two lines effectively overlapping on the chart. Hyperliquid is also markedly more volatile: the $140.1K it posted on 1 September had halved to $67.3K by the following day.

TradFi Perps：XAU, CL, SKHYNIX

If the crypto majors show whether a lead is consistent, tokenized TradFi shows whether it is differentiated.

Figure 11 — XAU (gold) perpetuals, top-of-book (L1) depth in USD, 25 Aug – 7 Sep 2026

Gold is the natural starting point: the oldest and most heavily hedged reference market of the three, and the one where a crypto venue has the least room to outquote an incumbent. At the touch the contest is close to even. Binance took 8 days and Gate 6, with medians of $242.3K and $237.2K respectively — a difference of about 2%, too close to call over a 14-day series. Bybit follows at $160.2K and OKX at $140.2K, with HTX at $1.8K negligible by comparison.

Gold, then, is level at the touch and decisive through the book. Crude takes that divergence and pushes it to the point where the two tiers give opposite answers.

Figure 12 — CL (crude oil) perpetuals, top-of-book (L1) depth in USD, 25 Aug – 7 Sep 2026

Crude is the one contract in this study where Gate does not lead at the touch, and the gap is not a narrow one. Binance led on all 14 days with a median of $116.6K, with OKX at $30.9K and Gate at $30.3K essentially tied for second, then Bybit at $11.7K, Hyperliquid at $11.2K and KuCoin at just $124.

Of the three, crude sits closest to a continuously hedged external market, and it rewards exactly the approach Binance takes there: capital concentrated at the best level and quoted aggressively, which is what fast, repetitive commodity flow consumes. Quoted size follows the flow a venue is built to serve, and on this contract that flow is not Gate's. It is worth stating plainly, because it is the same logic that explains the two results either side of it — and the third is where it works most strongly in Gate's favour.

Gold and crude are commodities with decades of external price discovery behind them. Tokenized single-name equities are a newer market, with far fewer participants — and that is where the distances stop being comparable at all.

Figure 13 — SKHYNIX perpetuals, top-of-book (L1) depth in USD, 25 Aug – 7 Sep 2026

On SK Hynix, Gate led at the touch on all 14 days with a median of $54.0K — 2.87x second-placed Bybit at $18.8K, the largest L1 margin recorded in this study — with Binance third at $15.0K, then OKX at $6.2K, HTX at $2.7K and KuCoin at $145. Gate's quoted size also grew steadily over the two weeks, from around $31K at the outset to $96.2K by 6 September, while the rest of the field stayed flat: this is a book being built out, not one holding station.

What This Means for Different Types of Traders

The practical takeaway before looking at individual assets: which exchange has the deepest book depends heavily on both the asset and the order size you're trading. Checking depth (not just volume) for your specific pair before you trade gives you the clearest available picture of how your order is likely to execute.

If you trade small size intraday, your fill is determined almost entirely by L1. On spot BTC, ETH, XRP and DOGE the best quoted prices generally came from Gate; SOL is the exception, where OKX led, as it did across mid-caps more broadly. In perpetual majors Gate led the L1 tier on BTC, ETH and SOL alike, and in tokenized equities it led by the widest margin in the study.

If you trade large size — six figures and above per order — L1 is no longer the relevant measure; the 1% band is. On spot BTC, ETH, SOL and XRP, Binance carries the deepest book, and on BTC in particular the lead is substantial. Outside those four, the picture changes: on DOGE and across most of the rest of the spot top 30, Gate has the widest coverage, placing first or second on 28 of the 30 pairs.

In perpetuals Gate leads every instrument examined here at the touch, with the widest margin on tokenised equities, where it quotes 2.87x the size of the next venue.

If you trade RWA or tokenized equity perpetuals, this is the most differentiated category in the study. On instruments with mature off-exchange reference markets — crude and gold — Binance quotes the tighter top of book. But as soon as order size increases, or when a US equity gaps between sessions, the 1% differential reaches your fill faster, and Gate quotes the deepest top of book on two of the three, by a margin of 2.87x on tokenized equities.

One point applies to everyone. Depth moves, and more than most traders expect: across 14 days and 21 daily series we recorded more than 60 day-on-day changes of 2x or greater, involving all seven venues.

How to Use Depth Data When Choosing an Exchange

Check by instrument, not by venue. The central finding of this study is that no venue leads everywhere. A platform ranking first on ETH and third on SOL is entirely normal.

Match the tier to your order size. For small clips, look at the size resting at the best bid and offer. For anything larger, look at cumulative size within 1% of mid on the side you will be taking — the offers if you are buying, the bids if you are selling.

Check the convention before comparing numbers. Does the figure include RPI liquidity? Is it the same quote currency? Does the venue's API return enough levels to cover the band being quoted? Figures built on different conventions can invert a conclusion entirely.

Read the trend, not the point. Single-day spikes are common in both spot and perpetual markets. Consistency over several days is far more informative than any one day's peak.

Most major venues display the order book and the bid/ask balance directly alongside the price chart. A few seconds spent there costs considerably less than working out your slippage afterwards.

The Bottom Line

Volume is a reasonable starting point, but it cannot tell you what happens when you actually place an order. Order book depth can, and it is measurable and trackable over time.

The clearest finding of this round is that no venue leads everywhere, and that the ones that lead somewhere lead for structural reasons rather than incidental ones. Binance holds the deepest books through the 1% band on the largest spot pairs, where the flow is heaviest and the capital committed is greatest. OKX concentrates its resources at the top of book in mid-caps, and takes more L1 wins across the spot top 30 than anyone. Bybit, HTX, KuCoin and Hyperliquid each hold localized positions worth knowing about, without the coverage of the leading three. These are not rankings so much as three different answers to the question of where market-making capital does the most good.

Gate's answer is the broadest of the set. Its strength sits at the touch — the best quoted price on four of the five spot majors, on every crypto perpetual major covered here, and on the tokenized equity contract by the widest margin recorded anywhere in this study — and in depth-of-book outside the largest spot pairs, where it places first or second on 28 of the 30.

It is not uniformly ahead, and the article has shown where it is not: crude is quoted more tightly by Binance, and by some distance. But that exception traces the same line as the strengths. Quoted size follows the flow a venue is built to serve, and the flow Gate is built to serve is increasingly the newer one — tokenized equities, commodity perpetuals and the RWA books forming around them, the fastest-growing category in this market and the one where its lead is widest.

As the market matures and traders become more sophisticated, execution quality is displacing platform size as the more meaningful basis for choosing where to trade. Depth data is the most direct way available to quantify it.

Data note: order book depth data in this article was collected and compiled by Gate's depth monitoring system, covering 25 August to 7 September 2026.

This article is for informational purposes only and does not constitute financial or investment advice.

How to Get Arc Chain Token Prices and Market Data With an API

2026-09-16T19:42:39Z

TL;DR

CoinGecko API covers Arc Chain token lookup, price data, and pool data:

Token lookup: Use Coin Data by Token Address or Token Data by Token Address to identify tokens by contract address.
Price data: Use Coin Price by Token Addresses for current price and market cap, and Coin Historical Chart Data and Coin OHLC Chart for historical prices, with an onchain fallback (Token Price by Token Addresses) for tokens not yet reviewed.
Pool data: Use Top Pools by Token Address and Pool Megafilter to find and filter pools by market and liquidity criteria.

Circle, the company behind USDC, launched Arc, a Layer-1 blockchain built for stablecoin finance. Developers now need a reliable way to access Arc token prices, market caps, and liquidity data programmatically.

This guide shows you how to use the CoinGecko and GeckoTerminal APIs to retrieve price and market data for any token deployed on Arc, whether it is a stablecoin, DeFi token, or future native network asset.

Note: CoinGecko has unified its API with the GeckoTerminal API, so standard market data and onchain DEX data are now accessible through a single CoinGecko API key. You don't need a separate account or API key.

Prerequisites

You'll need a CoinGecko API key. If you don't have one, follow the guide to get a free Demo API key. The Demo plan provides everything you need to follow this guide and run the examples.

Your API key type must match the base URL and authentication header used in your requests. All examples in this guide use the Demo configuration. For paid plans, use the Paid configuration instead.

Key type	Base URL	Header
Demo	https://api.coingecko.com/api/v3	x-cg-demo-api-key
Paid	https://pro-api.coingecko.com/api/v3	x-cg-pro-api-key

To run the full script included at the end of this guide, you'll need Python 3.8+. Install the official SDK and requests:

pip install coingecko-sdk requests

How to Identify a Token on Arc Chain by Contract Address

CoinGecko API and GeckoTerminal API provide two ways to look up a token on Arc Chain by contract address. Both calls use Circle Wrapped BTC (cirBTC) as the example token.

Coin Data by Token Address

/coins/{asset_platform_id}/contract/{contract_address} returns full metadata once a token has been reviewed and listed.

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/coins/arc/contract/0x171a4217b86a807a64eb94757db6849fb4bdbaa0' \

  --header 'x-cg-demo-api-key: <api-key>'

Here’s what the response looks like:

{
  "id": "circle-wrapped-btc",
  "symbol": "cirbtc",
  "name": "Circle Wrapped BTC",
  "asset_platform_id": "ethereum",
  "platforms": {
    "arc": "0x171a4217b86a807a64eb94757db6849fb4bdbaa0",   
    "ethereum": "0x72dfb2e44f59c5ad2bafe84314e5b99a7cd5075e"
  }

Token Data by Token Address

/onchain/networks/{network}/tokens/{address} automatically indexes tokens once they have an active liquidity pool.

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/onchain/networks/arc/tokens/0x171a4217b86a807a64eb94757db6849fb4bdbaa0' \

  --header 'x-cg-demo-api-key: <api-key>'

Here’s what the response looks like:

{
  "data": {
    "id": "arc_0x171a4217b86a807a64eb94757db6849fb4bdbaa0",
    "type": "token",
    "attributes": {
      "address": "0x171a4217b86a807a64eb94757db6849fb4bdbaa0",
      "name": "Circle Wrapped BTC",
      "symbol": "cirbtc",
      "decimals": 8,
      "coingecko_coin_id": "circle-wrapped-btc",
      "price_usd": "75748.9838130729",
      "fdv_usd": "9156840.63875057",
      "market_cap_usd": null
    }
  }
}

How to Get a Coin's ID and Metadata on Arc Chain

The token's id comes from the Coin Data by Token Address response in the previous section. In this example, the id is circle-wrapped-btc. This id is used with other endpoints that require a coin ID. The contract address should not be used in place of the id, and the id should be resolved from the contract address rather than hardcoded.

Coin Data by ID

/coins/{id} returns the token's metadata, including the platforms field, which lists the chains where the token is deployed. USDC, which is used to pay gas fees on Arc is deployed on 30+ chains:

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/coins/usd-coin?localization=false&market_data=false&tickers=false' \

  --header 'x-cg-demo-api-key: <api-key>'

The API returns the following:

{
  "id": "usd-coin",
  "symbol": "usdc",
  "name": "USDC",
  "platforms": {
    "ethereum": "0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48",
    "base": "0x833589fcd6edb6e08f4c7c32d4f71b54bda02913",
    "solana": "EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v",
    "arc": "0x3600000000000000000000000000000000000000"
  }
}

Token Info by Token Address

/onchain/networks/{network}/tokens/{address}/info provides an independent way to verify whether a token has been reviewed and listed on CoinGecko using its contract address.

It also includes the image object (logo thumbnails), description, websites, social links, categories, and holder distribution, providing the metadata needed to build a fuller token profile beyond price and market data.

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/onchain/networks/arc/tokens/0x171a4217b86a807a64eb94757db6849fb4bdbaa0/info' \

  --header 'x-cg-demo-api-key: <api-key>'

The API returns the following:

{
  "data": {
    "attributes": {
      "name": "Circle Wrapped BTC",
      "symbol": "cirbtc",
      "coingecko_coin_id": "circle-wrapped-btc",
      "gt_score": 71.58,
      "gt_verified": true
    }
  }
}

How to Fetch Real-Time Price and Market Cap for Tokens on Arc Chain

For tokens already listed on CoinGecko, use /simple/token_price/{id} to retrieve current price and market cap. For tokens that aren't listed yet, use /onchain/simple/networks/{network}/token_price/{addresses} to access onchain price and market data

Coin Price by Token Addresses

/simple/token_price/{id} where {id} is the asset platform ID.

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/simple/token_price/arc?contract_addresses=0x171a4217b86a807a64eb94757db6849fb4bdbaa0&vs_currencies=usd&include_market_cap=true&include_24hr_vol=true&include_24hr_change=true' \

  --header 'x-cg-demo-api-key: <api-key>'

Here’s what the response looks like:

{
  "0x171a4217b86a807a64eb94757db6849fb4bdbaa0": {
    "usd": 75772,
    "usd_market_cap": 0,
    "usd_24h_vol": 6210950.34,
    "usd_24h_change": null
  }
}

Token Price by Token Addresses

/onchain/simple/networks/{network}/token_price/{addresses} for tokens with active onchain markets.

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/onchain/simple/networks/arc/token_price/0x171a4217b86a807a64eb94757db6849fb4bdbaa0?include_market_cap=true' \

  --header 'x-cg-demo-api-key: <api-key>'

Here’s what the response looks like:

{
  "data": {
    "attributes": {
      "token_prices": {
        "0x171a4217b86a807a64eb94757db6849fb4bdbaa0": "75748.9838130729"
      },
      "market_cap_usd": {
        "0x171a4217b86a807a64eb94757db6849fb4bdbaa0": "0.0"
      }
    }
  }
}

How to Retrieve Historical Price Data for Arc Chain Tokens

CoinGecko API provides two endpoints for historical token data, depending on whether you need time-series data or OHLC data.

For line charts, dashboards, or alerts: Coin Historical Chart Data by Token Address ( /coins/{asset_platform_id}/contract/{contract_address}/market_chart) returns simple [timestamp, value] pairs for price, market cap, and volume.

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/coins/arc/contract/0x171a4217b86a807a64eb94757db6849fb4bdbaa0/market_chart?vs_currency=usd&days=7' \

  --header 'x-cg-demo-api-key: <api-key>'

The API returns the following:

{
  "prices": [
    [1789524000000, 75639.72013073205],
    [1789527600000, 75744.87899694742],
    [1789531200000, 75680.90709845201]
  ]
}

Even though days=7 was requested, the response only contains 16 hourly points spanning roughly 14 hours (from 02:00 UTC to 16:15 UTC on September 16, 2026) — because that's all the trading history that exists. This is exactly the shorter-history behavior newly launched Arc tokens will show until more trading history accumulates.

This endpoint supports an interval parameter on paid plans, such as interval=daily for daily granularity. As of September 2026, Enterprise subscribers can use interval=1m for true 1-minute historical data, with up to 1 day of data per request and coverage from 1 June 2026 onward.

Each timestamp is in milliseconds. Convert it to a readable date and time before plotting or printing it. Here’s the prices array in code and as a chart:

from datetime import datetime, timezone



timestamp_ms, price = 1789524000000, 75639.72013073205

readable_date = datetime.fromtimestamp(timestamp_ms / 1000, tz=timezone.utc)

print(f"{readable_date}: ${price}")

For candlestick charts or technical-analysis indicators: Coin OHLC Chart by ID (/coins/{id}/ohlc) returns [timestamp, open, high, low, close]per interval. The candle interval is determined by the requested date range: 30-minute candles for 1–2 days, 4-hour candles for 3–30 days, and 4-day candles for 31+ days.

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/coins/circle-wrapped-btc/ohlc?vs_currency=usd&days=7' \

  --header 'x-cg-demo-api-key: <api-key>'

The API returns the following:

[
  [1789531200000, 75640.0, 75883.0, 75632.0, 75684.0],
  [1789545600000, 75681.0, 75906.0, 75587.0, 75632.0],
  [1789560000000, 75620.0, 76054.0, 75283.0, 76053.0],
  [1789574400000, 76053.0, 76087.0, 75413.0, 75791.0]
]

Each candle represents the open, high, low, and close (OHLC) for that interval, rather than a single price point:

If you need an exact date range with a fixed interval instead of auto-selected granularity, use Coin OHLC Chart within Time Range by ID (/coins/{id}/ohlc/range). It requires the Analyst plan or above.

For newly launched tokens on Arc Chain, historical data will build up as trading activity begins. If only a few hours or days of data are available, the response will reflect that shorter history. With auto-selected granularity, the API automatically adjusts the candle interval to match the requested date range, giving you finer-grained data when the available history is still limited.

💡 Token not listed on CoinGecko yet? The endpoints above use a CoinGecko id for listed tokens. For unlisted tokens, Pool OHLCV Chart by Pool Address and Token OHLCV Chart by Token Address let you retrieve candlestick data using a pool or token address.

How to Find Liquidity Pools for Tokens on Arc Chain

Top Pools by Token Address (/onchain/networks/{network}/tokens/{token_address}/pools) returns the pools where a token trades, ranked by liquidity. Price data typically comes from these liquidity pools on decentralized exchanges.

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/onchain/networks/arc/tokens/0x171a4217b86a807a64eb94757db6849fb4bdbaa0/pools' \

  --header 'x-cg-demo-api-key: <api-key>'

The endpoint returns:

{
  "data": [
    {
      "attributes": {
        "name": "cirbtc / USDC 0.01%",
        "address": "0x82916bee18fcef517b26c72d7cb5f13694e1db41",
        "reserve_in_usd": "10941775.8789",
        "fdv_usd": "9178493.07404261"
      }
    }
  ]
}

If you need to filter pools across a network by liquidity, volume, age, or other criteria, Pool Megafilter (/onchain/pools/megafilter) lets you filter across thousands of pools in a single request. It requires the Analyst plan or above.

This can be useful when evaluating newly launched tokens, where liquidity may be limited and prices can vary between pools. The checks parameter supports additional screening, including no_honeypot, which excludes pools flagged by GoPlus and De.Fi Scanner, and good_gt_score, which requires a GT Score of at least 75.

The GT Score ranges from 0 to 100 and combines market activity and liquidity with security and supply signals, including honeypot status, buy and sell taxes, unverified contracts, mint or freeze authority, and supply concentration. The score is calculated at the pool level, so the same token can have different scores across pools.

These capabilities help developers quickly identify pools that meet specific liquidity, market activity, and security criteria, making Megafilter useful for monitoring newly launched tokens across multiple networks.

What to Do If a Token on Arc Chain Isn't Indexed Yet

If a token isn’t listed on CoinGecko, the API response is different from a standard token lookup. Here’s a real example using a currently unlisted token on Arc to show the actual response.

A contract-address lookup using CoinGecko's API returns a 404 when the token isn't listed:

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/coins/arc/contract/0xa39c8e2ceb2a0f9d6e9d059f5e470edfda691c15' \

  --header 'x-cg-demo-api-key: <api-key>'

The endpoint returns:

{
  "error": "coin not found"
}

The same token already exists on GeckoTerminal because its onchain indexing doesn't require a review. Tokens are indexed automatically once a pool exists:

curl --request GET \

  --url 'https://api.coingecko.com/api/v3/onchain/networks/arc/tokens/0xa39c8e2ceb2a0f9d6e9d059f5e470edfda691c15/info' \

  --header 'x-cg-demo-api-key: <api-key>'

The endpoint returns:

{
  "data": {
    "attributes": {
      "name": "Arc Inu",
      "symbol": "AI",
      "image_url": null,
      "websites": [],
      "description": null,
      "coingecko_coin_id": null,
      "gt_score": 39.8,
      "gt_verified": false,
      "is_honeypot": "unknown"
    }
  }
}

The gt_score and gt_verified fields provide additional context about a token without affecting whether it is indexed. Tokens remain queryable for price and pool data regardless of their gt_score or gt_verified value. GeckoTerminal automatically indexes tokens and syncs basic information from onchain and third-party sources when they launch, making it useful for accessing market data for newly launched tokens before they are listed on CoinGecko.

A gt_verified: true value means CoinGecko has verified the submitted token information, including its website, social links, and contract address. This confirms the information provided by the project but does not represent an endorsement or guarantee the project's safety. See GT Verified Badge for details.

For Arc Inu, image_url, websites, and description return null because no token information has been submitted or synced yet. Other unverified tokens may already have automatically synced information in these fields. The is_honeypot provides an additional security signal and may return "unknown" when there is no definitive result. To exclude pools flagged as honeypots, use Megafilter endpoint's checks=no_honeypot parameter.

How to Build a Reusable Token Lookup Script

The official CoinGecko Python SDK combines the steps above into a single workflow. Pass in a contract address and network to retrieve token identification and metadata. You can also retrieve price, historical data, and pool information for tokens on Arc Chain.

import os
from coingecko_sdk import Coingecko

client = Coingecko(
    demo_api_key=os.environ["COINGECKO_DEMO_API_KEY"],
    environment="demo",
)

def lookup_token(asset_platform_id: str, network_id: str, contract_address: str) -> None:
    """Look up a token by contract address across CoinGecko and GeckoTerminal."""

    # Step 1: try CoinGecko's curated database first
    try:
        coin = client.coins.contract.get(contract_address, id=asset_platform_id)
        coingecko_id = coin.id
        print(f"Listed on CoinGecko as '{coingecko_id}' ({coin.name})")
    except Exception:
        coingecko_id = None
        print("Not yet listed on CoinGecko's curated database.")

    # Step 2: always check GeckoTerminal, which indexes independently and faster
    onchain_info = client.onchain.networks.tokens.info.get(
        contract_address, network=network_id
    )
    token_attrs = onchain_info.data.attributes
    print(f"Onchain as '{token_attrs.symbol}': GT Score {token_attrs.gt_score:.1f}, "
          f"honeypot status: {token_attrs.is_honeypot}")

    # Step 3: current price and market cap
    if coingecko_id:
        price = client.simple.token_price.get_id(
            asset_platform_id,
            contract_addresses=contract_address,
            vs_currencies="usd",
            include_market_cap=True,
        )
        print("Price (CoinGecko):", price)
    else:
        onchain_price = client.onchain.simple.networks.token_price.get_addresses(
            contract_address, network=network_id, include_market_cap=True,
            mcap_fdv_fallback=True,
        )
        print("Price (GeckoTerminal, FDV fallback):", onchain_price.data.attributes.token_prices)

    # Step 4: historical data, only if listed on CoinGecko
    if coingecko_id:
        history = client.coins.contract.market_chart.get(
            contract_address, id=asset_platform_id, vs_currency="usd", days="7",
        )
        print(f"{len(history.prices)} historical price points over the last 7 days")

    # Step 5: pools and liquidity
    pools = client.onchain.networks.tokens.pools.get(
        contract_address, network=network_id, include="base_token,quote_token",
    )
    for pool in pools.data[:3]:
        print(f"Pool: {pool.attributes.name}: ${float(pool.attributes.reserve_in_usd):,.0f} liquidity")

if __name__ == "__main__":
    # Circle Wrapped BTC (cirBTC) on Arc Chain — Circle's institutional
    # wrapped-BTC asset, live on Arc since launch.
    lookup_token(
        asset_platform_id="arc",
        network_id="arc",
        contract_address="0x171a4217b86a807a64eb94757db6849fb4bdbaa0",
    )

token_lookup.py hosted with ❤ by GitHub view raw

Running this script produces output like the following:

Listed on CoinGecko as 'circle-wrapped-btc' (Circle Wrapped BTC)
Onchain as 'cirbtc': GT Score 71.6, honeypot status: unknown
Price (CoinGecko): {'0x171a4217b86a807a64eb94757db6849fb4bdbaa0': TokenPriceGetIDResponseItem(last_updated_at=None, usd=75784.0, usd_24h_change=None, usd_24h_vol=None, usd_market_cap=0.0)}
16 historical price points over the last 7 days
Pool: cirbtc / USDC 0.01%: $10,942,823 liquidity
Pool: PIZZA / cirbtc: $18,318 liquidity
Pool: cirbtc / USDC: $29,393 liquidity

Conclusion

CoinGecko API gives you the tools to identify tokens on Arc Chain, retrieve their metadata, and access current and historical market data. When a token isn't listed on CoinGecko yet, the onchain endpoints can still return its price, market cap, and historical data directly from onchain sources. Pool data provides additional context for evaluating the reliability of prices for newly launched tokens.

You can also track newly created pools across Arc Chain and 360+ other networks in real time, check token holder concentration as an additional signal when evaluating new tokens, or check out our API troubleshooting guide to handle common errors and edge cases.

Ready to start building? Sign up for a free Demo API plan and start building with CoinGecko. As your application grows, upgrade to a paid API plan for higher rate limits, more call credits, access to more data delivery methods like Webhooks and WebSocket, and exclusive endpoints such as Pool Megafilter for advanced pool discovery and filtering.