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Best Crypto Prop Firms in 2026

2026-09-24T09:45:16Z

Overview of Best Crypto Prop Firms

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

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.
Real capital after a track record: HyroTrader is the only firm in this comparison with a path to real capital at all, becoming eligible after consistent performance and minimum profit of 10% profit target within a minimum of 5 trading days, for the One Step Challenge using simulated funds.
Review volume isn't 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.

Comparison Table of Crypto Prop Firms

Firm	Crypto Pairs	Leverage	Execution	Profit Split	Payout Speed & Currency
HyroTrader	700+ (Bybit)	Up to 1:100	Real exchange execution, scaling to $1m after consistent performance and minimum 10% profit in one-step challenge.	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
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 2022 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, or 500+ through CLEO, its terminal built on Binance market data, and leverage runs up to 1:100. 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%. Your evaluation fee is fully refunded with your first payout, at no extra cost. Payouts are on-demand and processed in roughly 24 hours, paid in USDT or USDC, and every payout is recorded on Solana and independently verifiable 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.

Account sizes range from $5,000 to $200,000, with a scaling path to $1,000,000 for consistently profitable traders. 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 2022, 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 $5 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.

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

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.

How to Choose

If real exchange execution and eventual access to real capital matter most, HyroTrader is the only firm in this list that offers both. If you're prioritizing sheer instrument count, Crypto Fund Trader and Bitfunded both offer deep pair lists, though both remain fully simulated indefinitely. If Kraken’s ownership-backed infrastructure and fast on-demand payouts matter more than maximum leverage, Breakout is the strongest fit. And if you're evaluating any firm by Trustpilot volume alone, FundedNext is the clearest reminder to check the actual crypto instrument list first: a large review count says nothing about how deep, or how real, the crypto offering underneath it actually is.

The pattern across this list is consistent: a firm's crypto offering is only as serious as the infrastructure behind it. Pair counts, leverage limits, and refund policies all trace back to the same underlying question: whether crypto was the product the firm was built around, or an asset class added to an existing forex stack. Before committing an evaluation fee to any firm, it's worth checking that answer directly against the firm's own site rather than its review score.

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.

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

Ready to supercharge your crypto project? Fill in the form below to connect with our API Sales team for a custom CoinGecko API plan tailored to enterprise needs.

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 700+ 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

💡 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 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 260+ 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.

Hyperliquid Leads as the Top On-chain Revenue Generator of 2026

2026-09-16T07:53:15Z

The top 15 revenue-generating crypto projects captured 56.02% of the $3.40 billion total tracked across all primarily on-chain crypto projects between January 1 and September 15, 2026. Hyperliquid leads by a wide margin, generating $429.04 million YTD, 12.62% of the entire pool and more than the next two highest earners combined.

Hyperliquid and Pump.fun together account for $751.25 million, or 22.10% of all 2026 revenue tracked. Pump.fun's $322.21 million comes almost entirely from token-creation and trading fees on its memecoin launchpad on Solana.

An interesting finding is the #3 and #5 revenue generators, Axiom Pro and GMGN, which are not on-chain or DeFi protocols per se, but trading terminals that provide easier access to on-chain trading. Axiom is commonly used to trade perpetuals and notably integrates Hyperliquid for its perps functions. GMGN, by contrast, is built around Solana memecoin trading, capturing fee revenue tied to the same speculative activity that fuels Pump.fun.

The top 15 projects span a diverse range of sectors without any noticeable dominant sector: 2 perps, 1 launchpad, 3 trading terminals, 2 stablecoin issuers, 1 RWA, 1 prediction market, 1 MEV builder, 1 collectibles platform, 1 wallet, 1 payments, 1 lending protocol, and 1 DEX.

Top 15 Crypto Revenue Generators, 2026 YTD (Jan 1–Sep 15)

Rank	Project	Type	2026 YTD Revenue	% of $3.40B Total
1	Hyperliquid	Perps	$429.04M	12.62%
2	Pump.fun	Launchpad	$322.21M	9.48%
3	Axiom Pro	Trading Terminal	$132.09M	3.89%
4	Sky	Stablecoin Issuer	$129.87M	3.82%
5	GMGN	Trading Terminal	$126.03M	3.71%
6	Polymarket	Prediction Market	$115.48M	3.40%
7	World Liberty Financial	Stablecoin Issuer	$95.37M	2.81%
8	Paxos	RWA	$87.93M	2.59%
9	edgeX	Perps	$84.37M	2.48%
10	Titan Builder	MEV	$83.47M	2.46%
11	Collector Crypt	Collectibles	$72.82M	2.14%
12	Phantom	Wallet	$60.05M	1.77%
13	Aave	Crypto Lending	$56.81M	1.67%
14	fomo	Payments	$54.66M	1.61%
15	Aerodrome	DEX	$54.31M	1.60%

The top 15 projects above account for 56.02% of the $3.40 billion total tracked across all non-stablecoin-issuer projects in 2026 YTD.

Crypto Revenues Remain Consistent Despite the Current Bear Market

Crypto's monthly revenue across all tracked projects, including Tether and Circle peaked at $1.57B in January 2025. The market has averaged $1.08B/month across the first eight full months of 2026 (January–August), an 11.68% decline but still considered impressive given that BTC declined by almost 40% in the same period.

Monthly Revenue Trend, Year-over-Year Comparison

Period	Monthly Average Revenue	Change
2024 (full year)	$0.84B	—
2025 (full year)	$1.22B	+45.51% vs. 2024
2026 (Jan–Aug)	$1.08B	-11.68% vs. 2025 full-year avg
2026 (Jan–Aug) vs. 2025 (Jan–Aug)	$1.08B vs. $1.20B	-10.14%

Methodology

Chart 1 (Top 15 Revenue Generators): Covers January 1–September 15, 2026. The $3.40 billion total and top-15 rankings exclude Tether and Circle on the basis of scale as both would dwarf every other entry and obscure differentiation among the remaining projects, not because their revenue model is illegitimate. Grayscale, which would otherwise rank #3 by revenue ($154.14M), is also excluded from the top-15 rankings as the sole TradFi asset manager in the dataset (its revenue is an AUM-based sponsor fee rather than a usage-based protocol fee); Aerodrome (rank #16 by revenue) fills the 15th slot in its place.

Chart 2 (Monthly Revenue Trend): Covers all tracked projects, including Tether and Circle, from inception (March 2018, charted from January 2020) through September 15, 2026. September 2026 is a partial month (15 of 30 days) and is excluded from all monthly-average and YoY calculations to avoid understating 2026's pace.

Category labels applied to individual projects (e.g., "trading terminal," "launchpad," "stablecoin issuer") are a manual, best-effort classification rather than a formal taxonomy, and some entries involve judgment calls: Pump.fun is treated as a launchpad rather than a DEX since token creation, not swapping, drives its fees; World Liberty Financial is treated as a stablecoin issuer (its USD1 product) despite also offering lending-adjacent products.

On-chain revenue is our primary criterion for inclusion in this list. Some entries, particularly stablecoin issuers like Paxos and World Liberty Financial, generate revenue off-chain (largely interest income on reserves) rather than through on-chain transaction fees. We have kept them in the rankings since their figures come from the same public data sources (DefiLlama) as the rest of the list, but the distinction is worth noting for readers comparing them against usage-based protocols.

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.

Korea Crypto Market: A Guide to the Rest of 2026

2026-09-15T01:38:15Z

Key Takeaways

The Bank of Korea’s CBDC has entered live-transaction testing under Project Han River Phase 2, but a won-denominated stablecoin still has no legislative basis.
The revised STO bill has passed, but permitted assets and licensing details are left to presidential decree. The market’s direction will be set when those regulations appear, not when the bill passed.
With the consultative council aligned on a tokenization roadmap for stocks, bonds, and money market funds, the priority is bringing proven, standardized securities on-chain rather than sourcing new fractional-investment assets.
Hana Bank’s stake in Dunamu (6.55%, 1.0033 trillion won, about $733 million) and Mirae Asset Consulting’s stake in Korbit (97.15%, 141.4 billion won, about $103 million) point to securing infrastructure for combined STO, RWA, and stablecoin services, not fee income alone.
Overseas tokenization pilots take six months to a year, while domestic financial institutions close their budgets in early December. Implementation should start now, not wait for the detailed rules.

1. A Fragmenting Global Crypto Market and Korea’s Position

The crypto ecosystem appears borderless on the surface, but in practice national borders are becoming sharper as each country establishes its own regulatory framework.

The EU has implemented MiCA, the United States is advancing the GENIUS Act and the CLARITY Act, and in Asia, Singapore, Hong Kong, and Japan have each settled on their own regulatory approaches. Major economies are embracing the market through clear policy, but because those policies diverge, the global market is fragmenting along regional lines.

Korea is building its own environment within this trend. Investment demand and public interest in Korea are very high, but the country’s regulatory pace lags somewhat behind that of major economies.

2. Where Korea’s Crypto Market Stands Today

In the first half of 2026, Korea’s regulatory environment raised expectations of full incorporation into the formal financial system, including passage of the STO-related bill, but a series of market-restraining statements, including discussion of taxation, added to confusion within the ecosystem.

2.1. Bank of Korea’s Project Hangang Phase 1 Results (March 29, 2026)

The Bank of Korea released the first-phase results report for its deposit-token-based CBDC live-transaction pilot on December 18, 2025, then formally announced the start of Phase 2 on March 29, 2026.

Phase 2 goes beyond simple technical verification to test real conditional fund disbursement, including electric vehicle subsidies and official expense accounts. The number of participating banks has expanded to nine, and the pilot has added peer-to-peer transfers, biometric authentication, and automatic deposit conversion. Live transactions are expected to begin as early as September, though no separate testing period has been set. The absence of a fixed end date reflects an effort to sustain the service on an ongoing basis rather than treat it as a one-time demonstration.

While the CBDC has advanced substantially through Project Hangang, a won-denominated stablecoin remains far from realization.

While Project Hangang has moved forward, Phase 2 of the Digital Asset Basic Act, which would institutionalize a won-denominated stablecoin, has been delayed by roughly a year. The delay stems from disagreement between the Bank of Korea and the Financial Services Commission. The Bank of Korea has argued that a bank consortium should hold a stake of at least 51 percent, while the Financial Services Commission has opposed that requirement on the grounds that it would stifle innovation.

Various policy alternatives were subsequently proposed, but legislative discussion came to a complete halt in the aftermath of the June local elections, and the process has remained stalled without clear progress since. The government and the Financial Services Commission announced plans in July to resume work in the second half of the year and pass legislation before year-end, but the process has been delayed again after Rep. Park Min-gyu of the Democratic Party, a member of the National Assembly’s Political Affairs Committee, signaled that the task force would be reorganized after the party’s August convention, with the bill to be introduced in September.

The Bank of Korea-led CBDC has already entered the live-transaction verification stage and is producing visible results, while a won-denominated stablecoin remains in an uncertain state without even a legislative basis. Premature optimism about this area should therefore be treated with caution, and it should be recognized as a long-term undertaking that will require considerable time before the market settles.

2.2. Passage of the STO-Related Bill in the National Assembly (January 15, 2026)

On January 15, 2026, revisions to the Act on Electronic Registration of Stocks, Bonds, etc. (the Electronic Securities Act) and the Financial Investment Services and Capital Markets Act (the Capital Markets Act) passed a plenary session of the National Assembly. This brought to an end the three-year regulatory sandbox regime that had been in place since the Financial Services Commission released its “Plan to Reorganize the Regulatory Framework for Issuance and Distribution of Security Tokens” in February 2023.

The revision rests on three pillars: recognizing the legal status of the distributed ledger, introducing the issuer account management institution system, and detailing a distribution roadmap for investment contract securities.

Legal recognition of the distributed ledger: extends the legally valid forms of securities registration, previously limited to physical certificates and electronic securities, to include blockchain-based distributed ledgers.
Introduction of the issuer account management institution system: gives issuers that meet the qualification requirements the authority to register and manage securities directly with the Korea Securities Depository, without going through a financial institution as intermediary.
A more concrete distribution roadmap for investment contract securities: establishes a legal basis for securities firms to broker trading, improving the secondary trading environment and market liquidity for fractional-investment assets that had previously been fragmented.

The revised law was promulgated on February 3, 2026, and will take full effect on February 4, 2027, following a one-year grace period. It is still too early to expect immediate market activation from the legislative basis alone, because key practical requirements, including the specific scope of permitted assets, have been delegated to presidential decree and supervisory regulations, and detailed guidelines have not yet been announced.

The public-private Token Securities Council, launched on March 4, 2026, to work out those guidelines, is discussing the detailed plan. The Financial Services Commission originally planned to publish the subordinate regulations and guidelines around July 2026, but the timeline slipped when the process remained at a closed-door consultation stage with the legal and financial sectors as of July 31. As of late August, working-level officials expect the announcement sometime between September and November.

One encouraging aspect of the council’s discussions is the inclusion of standardized securities such as stocks. At the second meeting, held on May 15, the council reached consensus on a phased roadmap that includes tokenizing existing standardized securities such as stocks, bonds, and money market funds, and building on-chain settlement infrastructure. This suggests that the market, previously confined to fractional investment, could expand.

Rather than concentrating on sourcing new assets, as existing fractional-investment operators have done, building a model to distribute on-chain the standardized securities whose demand has already been proven could create a larger market opportunity. Domestic institutions should therefore study concrete precedents closely and build diverse global partnerships early, moving quickly enough to be well positioned once the market matures in earnest.

2.3. Amended Special Financial Information Act Takes Effect (August 20, 2026)

The amended Act on Reporting and Using Specified Financial Transaction Information, commonly known as the Special Financial Information Act (Act No. 21358), was promulgated on February 19, 2026, and took effect on August 20, 2026. Not all of its provisions apply as of that date. Stricter screening for virtual asset service provider (VASP) registration took effect on August 20, while strengthened Travel Rule requirements and rules governing transactions with overseas providers and personal wallets will apply around February 2027, six months after the enforcement decree is promulgated.

Stricter VASP registration screening: introduces review of major shareholders and raises financial soundness and creditworthiness requirements, raising the barrier to entry (effective August 20)
Strengthened Travel Rule: removes the 1 million won (about $730) threshold that had triggered the information-sharing requirement and extends it to all transactions (effective around February 2027)
Stricter rules for overseas providers and personal wallets: differentiates permitted transaction scope by risk level (effective around February 2027)

The core change to VASP registration screening is an expanded definition of major shareholder. The review now closely examines the financial soundness and creditworthiness of the largest shareholder, any shareholder who has appointed a majority of the CEO and directors, and, where the shareholder is itself a corporation, that corporation’s largest shareholder and representative.

The strengthened Travel Rule targets transaction splitting used to avoid reporting. For transfers between reported VASPs, the information-sharing threshold expands from 1 million won or more to all transactions, and the obligation to obtain that information now also falls on the receiving provider.

Overseas transactions are also being brought out of the regulatory blind spot. Rather than an outright ban, the rule applies three tiers of risk-based restriction. Transfers to low-risk overseas exchanges are permitted without a same-name requirement for sender and recipient. Transfers to other overseas exchanges and personal wallets are permitted only when the sender and recipient are the same person, meaning the wallet must be held in the user’s own name. Transactions with high-risk overseas exchanges are banned entirely. For overseas exchange and personal wallet transactions of 10 million won (about $7,300) or more, reported VASPs must build and operate their own suspicious transaction monitoring system.

2.4. No Additional Deferral for Virtual Asset Taxation (August 3, 2026)

Virtual asset taxation, whose effective date was set at January 1, 2027, through a December 2024 amendment to the Income Tax Act, will proceed as scheduled under current law after the government’s August 2026 tax reform proposal excluded any additional deferral provision. Bills from the People Power Party seeking deferral or repeal remain pending, however.

In addition, a petition submitted through the National Assembly’s public petition system points to inadequate tax infrastructure, capital outflows overseas, and declining corporate tax revenue from weaker exchange earnings, but the National Assembly and the government remain divided in their response.

2.5. Exchange Stake Investment Gains Momentum

Traditional financial institutions and large capital groups are acquiring stakes in virtual asset exchanges not simply to generate returns but to secure an early position in the digital finance market. With VASP (virtual asset service provider) regulation making direct market entry difficult, equity investment offers an efficient alternative that reduces regulatory risk while providing immediate access to a large user base and liquidity.

Dunamu (Upbit’s parent company): Hana Bank acquired a 6.55% stake (1.0033 trillion won, about $733 million, resolved May 15, 2026), becoming the first commercial bank to hold a large stake in the company. On August 18, BitGo Korea’s VASP registration was accepted, completing a dual-track structure combining the Upbit stake with BitGo custody services. Hanwha Investment & Securities expanded its stake to 9.84%, becoming the third-largest shareholder, while Samsung affiliates, Samsung Securities (2%), Samsung SDS (1%), and Samsung Card (1%), together acquired a combined 4% stake (612.8 billion won, about $448 million), establishing a division of roles across security tokens, infrastructure, and payments.
Korbit (acquisition completed): Mirae Asset Consulting acquired a 97.15% stake (141.4 billion won, about $103 million), completing the acquisition. Because the acquiring entity is Mirae Asset Consulting, a non-financial affiliate, the Fair Trade Commission’s approval was likewise explained as not constituting direct investment by a financial company.
Coinone (change of largest shareholder approved July 22, 2026): Korea Investment & Securities and OKX Ventures each acquired a 20% stake (roughly 80 billion won, about $58 million, each). The ownership structure was reorganized to CEO Cha Myung-hoon at 30.36%, Com2uS Holdings at 24.54%, and Korea Investment & Securities and OKX Ventures at 20% each, marking a case of a securities firm holding a direct stake.
Bithumb (unresolved): Negotiations with Kiwoom Securities effectively broke down on August 5 over valuation and management control, and talks with Kakao have also dragged on. A multi-layered governance structure and the second-largest shareholder Vidente’s effective stake of more than 32% make a sale of existing shares difficult.

Exchange stake investment continues on this basis, and the pattern suggests that investors see exchanges over the long term as the next-generation financial infrastructure where STO, RWA, and stablecoin functions converge, positioning themselves ahead of an anticipated opening of corporate accounts and a fuller entry of institutional investors.

3. What Lies Ahead for Korea’s Crypto Market

As outlined above, Korea is in a transitional period of building its institutional framework, but regulatory barriers that hold back industry growth remain widespread at the same time. Because the market’s direction will depend heavily on the corporate governance changes among major virtual asset service providers and on legislative progress concentrated in the fourth quarter, these turning points warrant close attention.

3.1. Deal-Closing Season (September to December)

The stock swap between Dunamu and Naver Financial is likely to be the first matter to conclude.

Because the Fair Trade Commission’s business combination review has been delayed, the completion date for the comprehensive stock swap has been pushed back twice, first from June to September, then to December 31. The shareholders’ meeting has been rescheduled accordingly to November 19, and Naver Financial has set a target of listing within five years of the merger, with a clause allowing an extension if that timeline proves unworkable.

For Bithumb, a concrete three-stage roadmap has been laid out: securing new investment starting in early August, filing a preliminary listing review in 2027, and completing an IPO in 2028. However, with negotiations with Kiwoom Securities effectively broken down and discussions with Kakao continuing to stall, there is a risk that the roadmap could fall behind schedule at its very first step, the investment round.

The VASP re-registration process is also concentrated toward year end. Preliminary submissions begin in late October, formal applications close on November 20, and the Financial Intelligence Unit’s substantive review follows. In addition, registration for virtual asset transfer businesses becomes mandatory when the amended Foreign Exchange Transactions Act takes effect in early December, making this an important juncture for regulatory compliance as well.

3.2. Legislative Turning Point (September Regular Session of the National Assembly)

The government’s draft of the Digital Asset Basic Act is likely to take shape during the September regular session, introduced as member-sponsored legislation. The most sensitive issue is whether to require private stablecoin issuers to secure a bank stake of at least 51 percent and whether to cap major shareholder stakes at exchanges to improve corporate governance.

At the same time, the authorities regard amending the Capital Markets Act to regulate single-stock leveraged ETFs as an urgent priority, raising concern that legislative momentum for the Digital Asset Basic Act could weaken more than expected.

Because passage of this bill is directly tied to whether won-denominated stablecoins become institutionalized, it stands as the most decisive variable likely to reshape the market going forward.

3.3. Finalizing STO Subordinate Regulations

The enforcement decree and guidelines that will set the detailed standards for the STO market have missed their original July target and remain delayed as of late August. An announcement is expected sometime in the second half of the year, but no specific date has been set.

Once the guidelines are finalized, they will clarify the scope of underlying assets eligible for issuance as security tokens, the licensing requirements for over-the-counter exchanges, and investor trading limits. The Korea Securities Depository has begun building its system with a target of 2027 implementation, and as the subordinate regulations continue to lag, concerns are growing that a gap between actual issuance and distribution could leave the market with a period of inactivity.

4. How Companies Should Approach the Korean Market

As shown in the landscape of domestic institutional relationships that Tiger Research has mapped, major institutions are continuing to expand cooperative relationships across the board to build a genuine business value chain.

Established financial institutions are leading the effort to build concrete business precedents, and Web3 projects, both domestic and international, are increasingly concentrating their resources on securing strategic partnerships with institutions rather than retail users.

This shift partly reflects the current slowdown in retail market liquidity, but it also reflects a longer-term strategic view, that real value creation within the formal financial system must come first before retail demand can be reignited.

4.1. Domestic Institutions: Making the Attempt Matters

Large-scale equity investment by traditional financial institutions continues, but the current regulatory framework limits the ability to develop a genuine business model within Korea. Institutions are left waiting for the STO subordinate regulations to be finalized or confined to limited testing through the regulatory sandbox, which makes the most effective alternative building out a business preemptively in an overseas jurisdiction where the institutional groundwork is already complete.

Waiting passively for regulatory clarity has clear limits when it comes to securing market position, and the sandbox track is confined to the narrow scope of fractional investment, making it difficult to extend to standardized securities. Domestic institutions should therefore treat building operational capability centered on an overseas base, difficult as that is right now, as their top priority.

Hong Kong manages security tokens within its existing financial regulatory framework and permits secondary distribution through licensed exchanges, offering an integrated environment for issuance and trading. Singapore offers excellent regulatory transparency but a considerably high barrier to entry, while the United States offers an issuance path through exemption provisions when using specific platforms.

Domestic financial institutions that already have overseas networks would therefore do better to focus first on the potential of their existing footholds rather than spend time exploring new jurisdictions. Rather than getting absorbed in extensive legal interpretation, a more strategic approach is to quickly test feasibility through working-level meetings with leading local platforms.

This moment in particular is a critical window.

Overseas tokenization projects typically take six months to a year or more, from initial analysis through issuance and distribution. Given Korea’s STO regulations and the February 2027 enforcement of the Electronic Securities Act, now is the right time to pursue overseas pilots that can work in tandem with the domestic market. Waiting until the domestic system is fully in place would waste more than a year, so institutions should confirm a concrete checklist and roadmap and act now.

4.2. Web3 Projects: The Same Applies, Act Now

The first gate to collaborating with Korean financial institutions is not technical capability but contracting-entity eligibility. Even for a proof of concept, information security review and vendor registration must come first, and registration is frequently denied outright when the applicant has no Korean corporate entity. Where establishing a local entity is not feasible, projects need a strategic structure that puts a credible Korean partner forward as the contracting entity.

Another key variable is the budgeting cycle specific to Korean financial institutions. Most begin drafting next year’s strategy in October and finalize their budget allocations in early December. After the budget is actually executed from January onward, available resources are quickly depleted and momentum for pursuing new projects drops sharply. Projects planning to do business with these institutions should treat the current period as the window for making a proposal, because missing it substantially lowers the odds of a project moving forward.

Retail strategy also needs a full overhaul. The current market slowdown stems from a broader global downturn, so retail marketing is unlikely to deliver the results it once did. Messaging now needs to center on track record rather than promotion. Because institutional references have already accumulated to the point that a simple memorandum of understanding no longer moves the market, securing references with substantive weight has become the more important strategy.

Many foundations are also eliminating their retail budgets entirely, but AI technology is lowering costs, so unless a project is prepared to give up retail engagement altogether, the better approach is to make retail spending more efficient rather than cut it entirely.

5. An Opportunity to Observe Market Change

These rapid shifts in Korea’s virtual asset market and its move toward institutional incorporation are expected to become clearer and take more concrete shape around Korea Blockchain Week 2026 (KBW2026), to be held in September. KBW2026 is expected to serve as more than a technical or academic exchange or a networking event, functioning instead as a venue for substantive discussion of the shift underway between established finance and the Web3 ecosystem.

At this year’s event, rather than retail-focused marketing, the dominant theme is expected to be multilateral strategic discussion among financial institutions, policy authorities, and major virtual asset service providers, aimed at building business models that comply with regulatory guidelines within the formal financial system and establishing real-world use cases.

Domestic and international companies and research institutions should therefore closely analyze the policy recommendations and inter-institutional cooperation roadmaps presented during KBW2026, and use that analysis to secure an early position in the institutionalized virtual asset market expected to fully emerge going forward.

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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.

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From Crypto Perps to Global Markets: How Onchain Trading Is Expanding Beyond Tokens

2026-09-10T07:32:46Z

This article is contributed by Injective.

Perpetual markets began as a crypto-native invention. Their next phase is turning equities, commodities, currencies, indices, and private-market references into programmable markets.

Perpetual futures solved an early crypto problem: how can traders take long or short exposure in a market that never closes without constantly rolling an expiring contract? The answer was a derivative with no expiration date, anchored to an index through funding payments.

That structure is now moving well beyond crypto. Equities, commodities, foreign exchange, indices, and pre-IPO references are becoming available through the same onchain market infrastructure that traders already use for Bitcoin and other digital assets. CoinGecko found that the market for actively traded crypto representations of traditional assets expanded from $1.41 billion to $6.59 billion over the last year and a half. Trading volume reached $1.45 trillion in the first half of 2026, while open interest in traditional-asset perpetuals rose as high as $4.67 billion.

Injective offers one of the clearest examples of this expansion, with 135 active RWA perpetual markets quoted against native USDC across equities, commodities, foreign exchange, indices, and pre-IPO references. That breadth rests on an exchange, oracle, liquidity, and risk stack built directly into the network, giving new markets access to infrastructure that would otherwise have to be assembled market by market.

Key Findings

Perpetuals provide long and short price exposure without requiring the underlying stock, commodity, or currency to be wrapped, custodied, or pre-funded on the network.
Injective offers 135 active RWA perpetual markets, including 111 equity markets, 11 foreign-exchange markets, nine commodity markets, two indices, and two pre-IPO references.
Injective's RWA perpetual markets have generated more than $5.3 billion in cumulative onchain volume since early 2025.
Monthly RWA perpetual volume reached $186.5 million in July 2026 and $209.7 million in August, the two strongest full months of the year. August volume was 3.4 times May's level.
Selected U.S. equity markets use a unified 24/5 oracle stream that combines pre-market, regular, after-hours, and overnight pricing, with updates approximately every two seconds.
Injective places orderbook management, matching, settlement, margin, liquidation, oracle pricing, and insurance at the protocol level. Applications can reach the same canonical markets without rebuilding that stack.
Native USDC and an onchain orderbook that can be shared across applications give participating venues a common settlement asset and liquidity layer.

Snapshot

Metric	Value
Active RWA perpetual markets	135, all quoted against native USDC
Active markets by class	111 equity; 11 FX; 9 commodity; 2 index; 2 pre-IPO
Cumulative RWA perpetual volume since early 2025	More than $5.3B
July 2026 RWA perpetual volume	$186.5M
August 2026 RWA perpetual volume	$209.7M
RWA perpetual volume, 2026 year to date	$845.9M

Source: Injective public mainnet data, compiled by Injective Research, as of September 1, 2026.

1. Perpetuals Are Becoming a Global-Market Product

A perpetual future tracks a reference price without expiring. Traders post collateral, take a long or short position, and settle profit and loss in the market's quote asset. Funding payments are periodic transfers between long and short traders. When the contract trades above its index, longs typically pay shorts; when it trades below, shorts may pay longs. This encourages the market price to stay close to the reference price.

For crypto assets, that design created a market that could operate continuously without the quarterly expirations familiar from traditional futures. For global assets, the same design brings price exposure onchain without first recreating the underlying asset as a transferable token.

An equity perpetual is designed for trading and hedging rather than shareholder ownership. Tokenized securities address issuance and ownership; perpetuals address price exposure, leverage, liquidity, and risk transfer. Each product serves a distinct financial purpose.

The addressable market is wider than equities. The same engine can support indices, metals, foreign exchange, oil, or an implied private-company valuation when an appropriate price source and risk framework exist.

2. Why Global Assets Fit the Perpetual Model

The first advantage is speed of market formation. Tokenizing an underlying security can involve custody, legal claims, transfer restrictions, corporate actions, and jurisdiction-specific distribution. Perpetuals take a different route by creating a purpose-built market for price discovery, hedging, and risk transfer without requiring the underlying security itself to be issued onchain.

The second advantage is two-sided access. The same product can express a bullish or bearish view. A portfolio with technology-stock exposure, for example, can use an index or single-name perpetual to offset part of that risk without moving the portfolio onchain.

The third advantage is capital efficiency. Perpetuals are margined products, so traders post a fraction of the position's notional value rather than paying the full value upfront. Leverage magnifies losses as well as gains, but it allows a smaller amount of collateral to support a larger exposure. Stablecoin settlement gives otherwise unrelated markets a common unit of account.

The fourth advantage is programmability. Applications can route orders, monitor margin, automate strategies, or combine exposures. Injective's iAssets framework describes these markets as programmable primitives built for position-based exposure and cross-market composability.

3. Injective Is Turning Market Breadth Into Measurable Activity

Onchain data as of September 1 shows 135 active RWA perpetual markets on Injective: 111 equity markets, 11 foreign-exchange markets, nine commodity markets, two indices, and two pre-IPO references. All were quoted against native USDC, the shared settlement asset for this market roster.

The trading history now provides evidence alongside the market count. Injective's RWA perpetual markets have generated more than $5.3 billion in cumulative onchain volume since early 2025 and $845.9 million in 2026 year to date. Monthly activity accelerated into the third quarter. Volume rose from $61.4 million in May to $95.6 million in June, $186.5 million in July, and $209.7 million in August. August was the strongest full month of 2026 and reached 3.4 times May's volume.

Figure 1. Monthly Injective RWA perpetual volume, January through August 2026. Source: Injective public mainnet data, compiled by Injective Research, as of September 1, 2026.

The July and August increase is particularly relevant because it followed the expansion of the market roster. More listings do not guarantee more trading, but this sequence shows breadth and usage moving in the same direction. Injective is progressing from an early collection of equity experiments toward a multi-asset venue with repeat activity across a much larger set of global references.

4. Why Onchain RWA Perpetuals Are Difficult

RWA perpetuals combine the demands of traditional market data with the demands of a leveraged, continuously operating onchain venue. A credible product has to solve several problems at once.

Markets follow different clocks. U.S. equities move through pre-market, regular trading, after-hours, and overnight sessions. Commodities follow futures calendars and contract rollovers. Foreign-exchange markets operate on a different weekly schedule. The blockchain continues producing blocks through every session boundary.

External prices drive onchain risk. The index price influences funding, margin, and liquidation. Feed gaps or abrupt session switches can therefore affect much more than a chart. They can change the risk state of every open position.

Liquidity can fragment quickly. A broad market roster becomes less useful if every application creates a separate pool or if liquidity providers must integrate with a different matching system for each frontend. RWA markets also need dependable quoting during extended hours, when the underlying market may be thinner.

Leverage requires coordinated safeguards. Margin rules, liquidations, insurance, settlement collateral, position parameters, and oracle behavior must work together. Building each component inside an application increases engineering complexity and makes consistency harder to maintain across markets.

Injective's architectural advantage is that these functions already operate as shared network infrastructure. A market can plug into a canonical oracle, onchain orderbook, matching engine, margin system, liquidation process, insurance module, and native settlement asset. The application layer can then focus on distribution, portfolio design, and user experience.

5. Injective Extends Equity Price Discovery Across the Trading Week

Selected U.S. equity markets on Injective use SEDA to combine four Pyth session feeds into one continuous 24/5 oracle stream. The system selects the appropriate feed for pre-market, regular trading, after-hours, or overnight activity, applies continuity checks, and publishes a unified price approximately every two seconds.

This stream becomes the canonical index price for the market. Trading interfaces, margin calculations, mark prices, and liquidation logic can reference the same value rather than managing separate session feeds independently. Injective's documentation identifies cleaner transitions, more consistent mark pricing, and better risk modeling as direct benefits of the design.

The result is an equity market that can follow price discovery across the full weekday cycle. Traders and liquidity providers do not have to wait for the regular U.S. session to see the index respond, and developers do not have to stitch four data products together inside every application.

The oracle pauses over the weekend in line with the underlying equity market structure, while iAsset trading can remain available. That creates gap risk into the next pricing session, but the behavior is explicit and shared across the venue. Injective has turned session management from an application-specific integration problem into a network-level service.

6. What Traders Need From an Onchain Global Venue

Global perpetual markets need more than broad asset coverage. Orders must be processed quickly, settlement must be predictable, and transaction costs must remain low enough for traders to adjust risk frequently.

Injective addresses those requirements through its native exchange module. Orderbook management, trade execution, matching, derivative position updates, and settlement occur onchain through protocol logic, with direct connections to the oracle and insurance modules.

Orders are matched through a frequent batch auction at the end of each block. New orders in the same batch receive a uniform clearing price, making the system MEV-resistant by limiting opportunities to exploit transaction ordering. This gives traders a fairer and more transparent matching process while retaining the familiar performance of an orderbook market.

Injective's broader performance profile matters to traders as much as its modular design. Official network specifications published in April 2026 list 650-millisecond blocks, instant finality, sustained throughput of 25,000 transactions per second, and a standard transaction fee of about $0.0003. Alongside real-time market-data streaming, those characteristics support rapid order updates, automated liquidity strategies, and other latency-sensitive activity while keeping execution and settlement onchain.

Native USDC reinforces that common foundation. Circle-issued USDC is available across Injective's EVM and Cosmos environments through the MultiVM Token Standard (MTS), without wrapping between them. It can be used as derivatives collateral and as a settlement currency, giving the 135-market RWA roster one consistent quote asset across application environments.

7. Liquidity and Risk Determine Whether Market Breadth Can Scale

Listing global assets is only the first step. A useful venue needs competitive bids and asks, usable depth, and safeguards capable of handling leverage and external price shocks.

Injective's onchain orderbook can be shared across applications. A trading frontend, automated strategy, EVM application, or WASM application can choose to access the same canonical market instead of bootstrapping a separate liquidity pool. When applications use this shared infrastructure, new distribution can reach existing orders rather than dividing liquidity into another venue.

That model is especially useful for RWA markets, where liquidity can be thinner outside the primary session. Traders see one consolidated source of bids and asks, while liquidity providers can quote once and reach users across multiple participating applications.

Risk controls sit alongside execution. Every derivative market defines initial and maintenance margin requirements. Positions that breach maintenance requirements can be reduced through liquidation, and liquidations are processed before regular order matching within the block. Market-specific insurance funds can be underwritten permissionlessly; positive-equity liquidations add to the fund, while the fund can cover missing equity when a position passes bankruptcy.

Together, these systems show what a global perpetual venue needs as its market roster expands. Injective's native financial architecture offers one implementation in which oracle pricing, orderbook liquidity, margin, liquidation, insurance, and settlement can operate as connected services.

Figure 2. Injective packages the core RWA perpetual stack into shared network infrastructure. Source: Injective Docs.

8. What Global Onchain Perpetuals Make Possible

Once equities, commodities, currencies, indices, and crypto assets share an onchain trading environment, traders can manage cross-asset exposure without moving between disconnected venues. A crypto portfolio can hedge with an equity index, a commodity position can be paired with a currency view, and each exposure can settle through the same stablecoin-based system.

Programmability extends those possibilities. Applications can package several markets into portfolio interfaces, automate hedges, monitor margin across strategies, or build products around relationships between asset classes. The underlying stocks, commodities, or currencies do not have to be transferred onchain for these strategies to exist.

Injective illustrates how that model can be distributed across different application environments. Its shared infrastructure is available from both EVM and WASM on one unified chain. Solidity and Rust developers can build different experiences around the same exchange, oracle, liquidity, and settlement layer, while MTS keeps balances unified across environments.

This is the broader significance of Injective's 135-market roster. It shows how onchain perpetuals can develop from isolated crypto instruments into a reusable market layer for global price exposure.

What to Watch Next

The first signal is whether the July and August acceleration continues across several quarters. The recent data already shows usage moving higher; sustained growth would confirm that the expanded roster is attracting recurring trading rather than a short burst of activity.

The second signal is liquidity quality by market. Spread, depth, uptime, and execution consistency matter most during thinner extended-hours sessions. Injective's shared orderbook gives the network a structural way to concentrate liquidity across applications, while market-level data will show how evenly quality develops across the roster.

The third signal is distribution. Growth should appear across trading frontends, EVM and WASM applications, and automated strategies, then register in active users, fees, and protocol revenue.

The final signal is product expansion. The strongest additions will deepen existing categories or introduce useful new exposures while making full use of the same oracle, liquidity, settlement, and risk infrastructure.

Reading the Market

Perpetual futures began as a crypto-specific solution. They are becoming a general market primitive because tradable exposure can be separated from the need to move every underlying asset onchain.

Injective shows why architecture matters in that transition. Its RWA markets draw on a chain-level exchange, unified oracle pricing, a shared orderbook, native USDC settlement, margin and liquidation logic, insurance funds, and multi-environment developer access. Those components let the network add global markets without rebuilding the venue each time.

The onchain record is beginning to reflect that foundation. Injective now supports 135 active RWA perpetual markets, has processed more than $5.3 billion in cumulative RWA volume, and recorded its two strongest full months of 2026 in July and August. The combination of market breadth, accelerating activity, and purpose-built financial infrastructure positions Injective as an emerging market layer for global onchain finance.

RWA Data API Guide: How to Find, Compare & Analyze Real-World Assets

2026-09-09T08:04:58Z

TL;DR

CoinGecko API's RWA list and RWA market data endpoints let you screen live RWAs, including stocks, commodities, ETFs, and pre-IPO assets tokenized by multiple issuers, such as OpenAI and SpaceX.
Use the RWA by ID endpoint to verify the underlying asset, then compare prices and liquidity across centralized and decentralized exchanges with the RWA tickers endpoint.
Build a repeatable, scriptable RWA watchlist with RWA markets data and use the exchange rates endpoint to track premiums and discounts for tokenized commodities.

Tokenized real-world assets (RWAs) are moving beyond a niche use case in crypto and digital finance. Onchain tokenized stocks crossed $1 billion in aggregate value in March 2026 and reached roughly $2.3 billion by July 2026. Nasdaq secured SEC approval to list tokenized securities, while DTCC conducted production trades with BlackRock, J.P. Morgan, and Goldman Sachs. Robinhood also launched its own blockchain for issuing tokenized shares.

A "tokenized" label alone does not tell you who backs an asset, whether it is redeemable, or whether multiple platforms represent the same underlying asset through different contracts. The issuer, contract, and supporting documentation provide the details needed to understand what each token represents.

In this guide, we'll use CoinGecko's RWA API endpoints with the same API and key used for crypto price and market data across 44M+ assets. You'll learn how to find tokenized real-world assets including stocks, commodities, and ETFs, check for assets offered by multiple issuers, verify what they represent, and compare prices and liquidity across CEX and DEX venues.

Prerequisites & Setup

You'll need a CoinGecko API key. If you don't have a key yet, sign up for a free Demo API key to get started. The free Demo plan covers finding RWAs, screening pre-IPO stocks, and verifying what a token represents. To compare liquidity across exchanges and analyze historical RWA data, you'll need a paid API plan.

You'll also need Python 3.9+ and the requests library.

1
2

requests==2.32.3
python-dotenv==1.0.1

import os
from dotenv import load_dotenv

load_dotenv()

API_KEY = os.getenv("COINGECKO_API_KEY")

# Use the Demo base URL if you have a free Demo key.
# Switch to the Pro base URL once you upgrade to a paid plan.
BASE_URL = "https://api.coingecko.com/api/v3"
# BASE_URL = "https://pro-api.coingecko.com/api/v3"

HEADERS = {
    "accept": "application/json",
    "x-cg-demo-api-key": API_KEY,
    # Swap the header above for "x-cg-pro-api-key" if you switch to the Pro base URL.
}

How to Discover Tokenized Real-World Assets in Real-Time

CoinGecko's RWA list endpoint gives you a complete view of its tracked RWAs in a single call, with no pagination required. It returns the ID, symbol, name, and asset type for each tokenized stock, commodity, and ETF, providing the identifiers needed for the next steps.

import requests
from config import BASE_URL, HEADERS

def get_rwa_list(asset_type=None):
    url = f"{BASE_URL}/rwas/list"
    params = {}
    if asset_type:
        # asset_type accepts "stock", "commodity", or "etf"
        params["asset_type"] = asset_type
    response = requests.get(url, headers=HEADERS, params=params)
    response.raise_for_status()
    return response.json()

def get_rwa_markets(ids=None, asset_type=None, price_change_percentage="24h,7d"):
    url = f"{BASE_URL}/rwas/markets"
    params = {"price_change_percentage": price_change_percentage}
    if ids:
        params["ids"] = ",".join(ids) if isinstance(ids, list) else ids
    if asset_type:
        params["asset_type"] = asset_type
    response = requests.get(url, headers=HEADERS, params=params)
    response.raise_for_status()
    return response.json()

if __name__ == "__main__":
    rwas = get_rwa_list()
    print(f"Total RWAs tracked: {len(rwas)}")

    # Screen a mix of tokenized stocks, a leveraged ETF, and a tokenized commodity
    sample = get_rwa_markets(ids=["amazon", "adobe", "2x-bitcoin-strategy-etf", "gold"])
    for m in sample:
        data = m["tokenized_market_data"]
        print(m["id"], m["asset_type"], data["current_price"], data["market_cap"])

Here's what the response looks like:

Total RWAs tracked: 647
gold commodity 4372.67 5191355414
amazon stock 258.39 17034367
adobe stock 292.15 984006
2x-bitcoin-strategy-etf etf 17.32 5182.87

For price, market cap, and trading volume, CoinGecko's RWA market data endpoint provides up to 250 results per page. Use the ids, names, symbols, or issuer filters to narrow the results. You can also browse the same RWA data without code on CoinGecko's Real World Assets page.

How to Find and Track Pre-IPO Stock Prices in Real-Time

CoinGecko lets you find tokenized pre-IPO stocks through the Coin Markets endpoint by filtering for the Tokenized Pre-IPO Stocks category. Each tokenized pre-IPO share is returned as an individual coin, regardless of which platform issued it. To compare tokens representing the same company, use the RWA by ID endpoint, which groups them into a single aggregated view where available.

Pre-IPO assets can also be identified through the RWA endpoints without using the category filter. Call RWA List endpoint, then filter the results for names containing "(Pre-IPO)". As of writing, this returns Anduril, Anthropic, Kalshi, OpenAI, Polymarket, SpaceX, and xAI. Each result includes an RWA ID that you can use with the RWA Data by ID endpoint.

import requests
from config import BASE_URL, HEADERS

def get_pre_ipo_stocks():
    url = f"{BASE_URL}/coins/markets"
    params = {
        "vs_currency": "usd",
        "category": "tokenized-pre-ipo-stocks",
        "order": "market_cap_desc",
        "per_page": 20,
        "page": 1,
    }
    response = requests.get(url, headers=HEADERS, params=params)
    response.raise_for_status()
    return response.json()

def get_rwa_by_id(rwa_id):
    url = f"{BASE_URL}/rwas/{rwa_id}"
    params = {"tokens": "true", "tokenized_market_data": "true"}
    response = requests.get(url, headers=HEADERS, params=params)
    response.raise_for_status()
    return response.json()

if __name__ == "__main__":
    coins = get_pre_ipo_stocks()
    print(f"Tokenized pre-IPO stocks live: {len(coins)}")
    for c in coins:
        print(c["id"], c["symbol"], c["name"], c["market_cap"])

    openai = get_rwa_by_id("openai-pre-ipo")
    print(f"\n{openai['name']} aggregate price: {openai['tokenized_market_data']['current_price']}")
    for t in openai["tokens"]:
        print(" -", t["name"], "issued by", t["issuer_details"]["name"])

Running this script produces output like the following:

Tokenized pre-IPO stocks live: 13
openai-republic-pre-ipo preopai OpenAI (Republic Pre-IPO) 22058404
spacex-republic-pre-ipo prespcx SpaceX (Republic Pre-IPO) 13527865
anthropic-prestocks-2 anthropic Anthropic PreStocks 6692073
spacex-prestocks-2 spacex SpaceX PreStocks 4523886
openai-prestocks-2 openai OpenAI PreStocks 1915965
anduril-prestocks-2 anduril Anduril PreStocks 1678669
kalshi-prestocks kalshi Kalshi PreStocks 1189298
polymarket-prestocks polymarket Polymarket PreStocks 665296
tessera-spacex-tokenized-share tspacex SpaceX (Tessera Pre-IPO) 665058
tessera-kalshi-tokenized-share tkalshi Kalshi (Tessera Pre-IPO) 652143
openai-tessera-pre-ipo topenai OpenAI (Tessera Pre-IPO) 579310
xai-prestocks-2 xai xAI PreStocks 155923
openai-gate-pre-ipo openai OpenAI (Gate Pre-IPO) 0.0

OpenAI (Pre-IPO) aggregate price: 1214.36
 - OpenAI (Republic Pre-IPO) issued by Republic
 - OpenAI PreStocks issued by PreStocks
 - OpenAI (Tessera Pre-IPO) issued by Tessera Tokenized Pre-IPO Assets
 - OpenAI (Gate Pre-IPO) issued by Gate

OpenAI appears multiple times in the first block, once per issuing platform. Each entry represents a different token issued on a different platform, with its own coin ID, symbol, and market cap. Looking at all the tokens gives you a complete view of the market for that asset.

The second block shows CoinGecko's aggregated RWA view. OpenAI is tracked as a single RWA with asset_type set to stock, combining its issuer tokens into one price and market cap. This provides a single view of the market for tokenized OpenAI shares.

How to Find Other Assets Tokenized by an Issuer

A "tokenized" label does not guarantee that an asset is genuinely backed. Some tokens provide only tokenization infrastructure, exist only on a testnet, claim partnerships without holding the underlying asset, or synthetically track an asset's price without holding it. Every RWA listed on CoinGecko has passed CoinGecko's published three-step classification methodology:

Identify the real-world asset it represents.
Verify that the asset is backed and redeemable.
Confirm that token holders can redeem the token for the asset rather than only gain or lose value as its price changes.

Tokens are excluded if they:

Only supply tokenization infrastructure, with no real asset behind them
Exist only on a test network
Claim a partnership without their own asset backing
Synthetically track an asset's price without holding the real asset

We'll use OpenAI as an example. Its RWA record shows the tokens representing the company. From there, follow a token to its issuer through the RWA issuer data endpoint to see the other assets that issuer has tokenized.

import requests
from config import BASE_URL, HEADERS

def get_rwa_by_id(rwa_id):
    url = f"{BASE_URL}/rwas/{rwa_id}"
    # tokens and tokenized_market_data default to false.
    # Leave either one out and you will only get bare metadata back.
    params = {"tokens": "true", "tokenized_market_data": "true"}
    response = requests.get(url, headers=HEADERS, params=params)
    response.raise_for_status()
    return response.json()

def get_issuer(issuer_id):
    url = f"{BASE_URL}/rwas/issuers/{issuer_id}"
    response = requests.get(url, headers=HEADERS)
    response.raise_for_status()
    return response.json()

if __name__ == "__main__":
    rwa = get_rwa_by_id("openai-pre-ipo")
    print(f"{rwa['name']} is tracked as {len(rwa['tokens'])} separate tokens:")
    for token in rwa["tokens"]:
        # Not every token lists a platform yet, so only add the clause when one exists
        platform = next(iter(token["platforms"]), None)
        platform_note = f" on {platform}" if platform else ""
        print(f" - {token['name']} ({token['symbol'].upper()}){platform_note}, issued by {token['issuer_details']['name']}")

    issuer = get_issuer("republic-tokenized-pre-ipo-assets")
    print(f"\n{issuer['name']} has tokenized {len(issuer['tokens'])} assets worth ${issuer['market_cap']:,.0f} total")
    for t in issuer["tokens"]:
        print(" -", t["name"])

Here's what the response looks like:

OpenAI (Pre-IPO) is tracked as 4 separate tokens:
 - OpenAI (Republic Pre-IPO) (PREOPAI) on solana, issued by Republic
 - OpenAI PreStocks (OPENAI) on solana, issued by PreStocks
 - OpenAI (Tessera Pre-IPO) (TOPENAI) on solana, issued by Tessera Tokenized Pre-IPO Assets
 - OpenAI (Gate Pre-IPO) (OPENAI), issued by Gate

Republic has tokenized 2 assets worth $42,507,662 total
 - OpenAI (Republic Pre-IPO)
 - SpaceX (Republic Pre-IPO)

How to Compare RWA Token Liquidity Across CEXs and DEXs

CoinGecko's RWA tickers endpoint gives you a detailed view of an RWA's liquidity across exchanges. It returns centralized and decentralized exchange listings with price, volume, and bid-ask spread for each venue. An optional order-book depth check shows how much it takes to move the venue's price.

Note: The endpoint requires the paid API plan.

import requests
from config import BASE_URL, HEADERS

def get_rwa_tickers(rwa_id, order="volume_desc", depth=False):
    url = f"{BASE_URL}/rwas/{rwa_id}/tickers"
    params = {"order": order, "depth": str(depth).lower()}
    response = requests.get(url, headers=HEADERS, params=params)
    response.raise_for_status()
    return response.json()

if __name__ == "__main__":
    tickers = get_rwa_tickers("openai-pre-ipo", depth=True)
    for t in tickers["tickers"][:5]:
        spread = t["bid_ask_spread_percentage"]
        print(f"{t['market']['name']}: {t['converted_last']['usd']} USD, spread {spread}%, volume {t['converted_volume']['usd']}")

The script returns the following output:

Meteora: 1625.91 USD, spread 0.605413%, volume 3452228
Meteora: 1628.68 USD, spread 0.625411%, volume 1748664
Bitget: 962.45 USD, spread 0.027003%, volume 1270445
Gate: 959.84 USD, spread 0.259875%, volume 389365
Meteora: 885.32 USD, spread 0.603285%, volume 281689

💡 Pro Tip: Use exchange_ids to focus on specific exchanges. For example, exchange_ids=gate,bitget lets you compare the two CEX listings shown above. For DEX pairs, add dex_pair_format=symbol to show readable tickers like SOL/USDC instead of raw contract addresses.

How to Compare Tokenized Real-World Assets for Premiums or Discounts

CoinGecko API can show whether a tokenized commodity trades above or below its spot price. For gold and silver, the exchange rates endpoint tracks their spot prices in BTC, providing the reference price needed to measure the premium or discount.

This method works for tokenized commodities, which have spot price data available through the exchange rates endpoints. For tokenized equities, you'll need a reference price of the underlying stock from a third-party provider, such as the Finnhub API, to compare against the tokenized asset data from CoinGecko API.

import requests
from config import BASE_URL, HEADERS

def get_implied_spot_price(commodity_code):
    # commodity_code is "xau" for gold or "xag" for silver
    url = f"{BASE_URL}/exchange_rates"
    response = requests.get(url, headers=HEADERS)
    response.raise_for_status()
    rates = response.json()["rates"]
    # Both rates are quoted against BTC, so dividing USD by the commodity
    # rate gives you the implied USD spot price for one troy ounce
    return rates["usd"]["value"] / rates[commodity_code]["value"]

def get_tokenized_price(rwa_id):
    url = f"{BASE_URL}/rwas/{rwa_id}"
    params = {"tokenized_market_data": "true"}
    response = requests.get(url, headers=HEADERS, params=params)
    response.raise_for_status()
    return response.json()["tokenized_market_data"]["current_price"]

if __name__ == "__main__":
    for rwa_id, code in [("gold", "xau"), ("silver", "xag")]:
        tokenized = get_tokenized_price(rwa_id)
        spot = get_implied_spot_price(code)
        premium = (tokenized - spot) / spot * 100
        label = "premium" if premium >= 0 else "discount"
        print(f"{rwa_id}: tokenized ${tokenized:,.2f} vs implied spot ${spot:,.2f}, a {abs(premium):.2f}% {label}")

Running this script produces output like the following:

gold: tokenized $4401.50 vs implied spot $4401.98, a 0.01% discount
silver: tokenized $66.39 vs implied spot $66.65, a 0.39% discount

How to Get Historical RWA Market Data

CoinGecko's RWA historical chart data endpoint provides historical price, market cap, and volume for an RWA as time-series arrays. History varies by asset type: stocks and ETFs go back to July 2025, and commodities to September 2019.

Note: The endpoint requires the paid API plan. Basic covers up to two years of history; Analyst and above unlocks the full available range.

import requests
from config import BASE_URL, HEADERS

def get_market_chart(rwa_id, days=30):
    url = f"{BASE_URL}/rwas/{rwa_id}/market_chart"
    params = {"days": days}
    response = requests.get(url, headers=HEADERS, params=params)
    response.raise_for_status()
    return response.json()

if __name__ == "__main__":
    chart = get_market_chart("openai-pre-ipo", days=30)
    print(f"\n{len(chart['tokenized_prices'])} price points over the last 30 days")
    print("First point:", chart["tokenized_prices"][0])
    print("Last point:", chart["tokenized_prices"][-1])

Here's what the response looks like:

How to Build an RWA Watchlist

CoinGecko's RWA markets endpoint lets you turn a list of vetted asset IDs into an RWA watchlist. Query those IDs on a schedule to monitor selected assets.

import requests
from config import BASE_URL, HEADERS

WATCHLIST = ["openai-pre-ipo", "spacex-pre-ipo", "gold", "silver"]

def get_watchlist_snapshot(ids):
    url = f"{BASE_URL}/rwas/markets"
    params = {
        "ids": ",".join(ids),
        "price_change_percentage": "24h",
    }
    response = requests.get(url, headers=HEADERS, params=params)
    response.raise_for_status()
    return response.json()

if __name__ == "__main__":
    snapshot = get_watchlist_snapshot(WATCHLIST)
    # The markets endpoint can only sort by market cap, volume, or id,
    # so sorting by biggest mover has to happen client-side after the fetch
    snapshot.sort(key=lambda x: x["tokenized_market_data"]["price_change_percentage_24h_in_currency"] or 0, reverse=True)
    print(f"{'Asset':<20}{'Price':>12}{'24h %':>10}{'Market Cap':>18}")
    for rwa in snapshot:
        data = rwa["tokenized_market_data"]
        change = data["price_change_percentage_24h_in_currency"] or 0
        print(f"{rwa['id']:<20}{data['current_price']:>12,.2f}{change:>+9.2f}%{data['market_cap']:>18,.0f}")

Here's what the response looks like:

Asset                      Price     24h %        Market Cap
spacex-pre-ipo            136.46  +11.91%         20,538,126
openai-pre-ipo          1,441.55   +1.83%         31,283,335
silver                     66.39   +0.75%        260,526,463
gold                    4,401.50   +0.19%      5,271,132,459

Run this script on a schedule with cron or a GitHub Action to maintain a live watchlist without building a dashboard. Once you have the data flowing, the crypto portfolio dashboard in Python guide shows how to use it to build a portfolio dashboard.

Conclusion

CoinGecko's RWA API gives you the core data needed to find vetted RWAs, identify assets tokenized by multiple issuers, and compare liquidity across exchanges. These are the building blocks for an RWA tracker, screener, or research tool.

The liquidity comparison in this guide uses snapshot ticker data. If you need real-time streaming prices for tokenized stocks, CoinGecko also supports WebSocket streaming of tokenized real-world assets. For those new to RWAs, the primer on real-world asset protocols is a good place to start.

Ready to start building? Sign up for a free Demo API plan to start working with RWA data. When you need exchange-level liquidity or deeper historical data, a paid API plan or above gives you access to the RWA tickers and market chart endpoints, with more API credits, higher rate limits, and a commercial license included.

Top 5 Kaiko API Alternatives for Crypto Data (2026)

2026-09-09T07:01:59Z

TL;DR

CoinGecko API is the best overall Kaiko alternative for most teams, offering broader CEX, DEX, and onchain coverage alongside an aggregated RWA API for tokenized stocks, ETFs, and commodities.
Kaiko remains the stronger choice for teams that specifically need regulated benchmark rates, tick-level trade data, or deep order-book history back to 2010.
CoinDesk and CoinAPI offer institutional market data and tick-level execution, while Glassnode and Bitquery focus on specialized onchain analytics and monitoring.

Kaiko is a crypto market data provider focused on institutional market and exchange data. It is SOC 2 Type II certified and an EU BMR-registered benchmark administrator. Its key strength is granular market data, including tick-level trades and L1/L2 order-book data, with history dating back to 2010 for some markets.

Its offering is more specialized around market and exchange data, which can be a limitation if you need broader coverage across assets, exchanges, and onchain data. Pricing is also not publicly listed and requires a custom quote, while there is no published SLA or public uptime commitment to reference during procurement.

This guide compares five Kaiko alternatives: CoinGecko, CoinDesk, CoinAPI, Glassnode, and Bitquery.

Full disclosure: CoinGecko API is one of the alternatives in this guide. We built the CoinGecko API and understand the crypto data landscape well. We also recognize where other providers excel and the use cases they best serve. The comparison covers pricing, market data coverage, historical data, and developer experience to help you find the right fit.

How We Evaluated These API Alternatives

We evaluated each provider across 10 dimensions that matter when choosing a crypto data API:

Data coverage: Number of coins, tokens, chains, and exchanges
Endpoint breadth: Range of data products, including market data, order books, derivatives, and indices
Free tier details: Whether one exists and what it includes
Paid tier entry price: Starting price and whether pricing is publicly available
Data latency and delivery methods: How real-time the data is and whether delivery methods such as REST, WebSocket, Webhook, flat-file, or cloud data-sync fit your integration
CEX data: Depth and breadth of centralized exchange coverage
Onchain and DEX data: Depth and breadth of decentralized exchange and onchain coverage
Developer experience: Documentation quality, SDK availability, and ease of integration
Compliance and regulatory credentials: Certifications, registrations, and other relevant attestations, including SOC 2, and EU BMR
Strengths and limitations: Where each provider stands out and where it may fall short

Quick Comparison of Kaiko API Alternatives

Provider	Entry Pricing	Assets	Chains	CEX & DEX Data	RWA Data	Data Delivery	Compliance & Enterprise Support	Best For
CoinGecko	From $29/mo	44M+ assets	250+	Yes	Yes — Stocks, ETFs & commodities	REST, WebSocket, Webhook	SOC 2 Type II Auditable Price Methodology Trust Score & GT Score Verifiable data supporting MiCA, CARF & CLARITY 24/7 Slack support + dedicated CSM	Institutional funds, exchanges, fintechs & compliance teams needing broad, auditable market data across crypto and tokenized RWAs
CoinDesk	Sales-led (no free tier)	7,000+ assets	10+	Yes	No — Research reports only	REST, WebSocket, Flat-file, Cloud	SOC 2 Type II ISO 27001 EU BMR benchmarks 24/7 Slack support + dedicated CSM	Asset managers & index providers needing regulated benchmarks and TradFi distribution
CoinAPI	From $79/mo	19,000+ assets	50+	Yes	Partial — Tokenized-stock trades only	REST, WebSocket, FIX	SOC 2-aligned (unattested) Slack support + dedicated Customer Success	Market makers & algo trading firms needing tick-level CEX history and FIX connectivity
Glassnode	From ~$999/mo	1,700+ assets	10+	Yes	Partial — Tokenized-stock tokens listed as regular assets	REST, Snowflake	No published certifications or support details Point-in-time data AML-style wallet clustering via Cense	Institutional & macro researchers needing advanced entity-adjusted metrics
Bitquery	From $49/mo	1M+ tokens	40+	DEX only	Partial — Onchain transfer / compliance monitoring	GraphQL, WebSocket, Kafka, gRPC	No published certifications or support details Sanctions screening & wallet risk scoring Fund-flow tracing via Coinpath	MEV bots & teams needing raw onchain and mempool data

The Best Kaiko API Alternatives

CoinGecko: The Best All-in-One, Cost-Effective Alternative

CoinGecko API is the most trusted and widely used crypto data API, and the largest independent crypto data aggregator by asset coverage. It is trusted by major platforms including MetaMask, Coinbase, Etherscan, Deblock, and Statista, making it a strong alternative to Kaiko for teams that need broad coverage across crypto markets and tokenized real-world assets.

Selected plans also support crypto and stablecoin payments across 6 networks and 90+ assets, giving crypto-native teams more flexibility in how they pay.

Strengths

Broadest coverage: 18,000+ coins, 44M+ onchain tokens, 250+ networks, and 1,900+ exchanges across CEXs and DEXs.
RWA API for tokenized assets: Live coverage of tokenized stocks, ETFs, and commodities through the same API for crypto and onchain data. It’s the only aggregated RWA product among the alternatives here.
Flat credit model: Every REST call costs 1 credit, regardless of pagination, batching, or multi-currency conversion.
Commercial license from the entry tier: Commercial use starts at $29/month, with WebSocket and Webhook access included.
Independent price methodology: A published 5-step aggregation methodology designed to provide independently verifiable market data for compliance and reporting workflows.
Enterprise-grade service: SOC 2 Type II, 99.9% uptime SLA, dedicated CSM, and support for custom data and API requirements.
Flexible data access: SDKs, MCP server, Agent Skill, CLI, Spreadsheet add-ins (Google Sheets & Microsoft Excel) for both technical and non-technical users.

Weaknesses

No raw tick-level data: Aggregates and normalizes CEX data rather than providing per-exchange tick feeds or L2/L3 order-book replay.
Freshness varies by plan: Demo starts at 60-second data freshness, while real-time data starts at the Analyst plan ($129/month).

Pricing

Free (Demo): 10K credits/month, 1 year of historical data
Lowest paid ($29/month): 100K credits/month, 2 years of historical data, commercial license, WebSocket and Webhook access.
Highest paid ($2,398/month): Up to 15M credits/month, 10 years of historical data.
Enterprise: Custom pricing

CoinDesk: Regulated Benchmark Specialist

CoinDesk Data (formerly CryptoCompare and CCData) is an alternative for institutional users seeking exchange-level market data, regulated benchmark rates, and deep historical coverage.

Strengths

Institutional-grade tick data: Nanosecond timestamps and Level 2 order-book snapshots.
Regulated benchmarks & certified compliance: FCA-regulated and EU BMR-compliant reference rates and indices, plus SOC 2 Type II and ISO 27001 certification.
Market & benchmark data: Derivatives, order-book, onchain, and regulated benchmark products.

Weaknesses

No public pricing: CoinDesk does not offer a free API plan, and pricing requires a sales conversation.
Narrower chain coverage: 10+ chains, limiting coverage across newer and emerging networks.
Less self-serve delivery: REST and WebSocket are available, but cloud and custom delivery are geared toward enterprise data workflows.

Pricing

All tiers require a sales conversation.

CoinAPI: Tick-Level & FIX Connectivity

CoinAPI is focused on trading infrastructure for developers who need institutional-grade CEX data, with deep tick-level history, normalized order books, and FIX connectivity for execution.

Strengths

Deep tick-level CEX history: Normalized order books, trade feeds, and OHLCV across 405+ exchanges.
FIX connectivity: Built for execution and HFT infrastructure, but only available on the Pro plan at $599/month.
Additional trading infrastructure: Flat Files for bulk historical exports, including Exchange Rates, Index, Metrics, and EMS Trading APIs.

Weaknesses

Limited DEX data: Covers fewer than 10 DEX venues, with no unified cross-chain index.
No SOC 2 or ISO 27001 certification: Controls are aligned with these standards, but not independently certified.

Pricing

Free (Pay As You Go): $25 in free credits, followed by metered usage
Lowest paid ($79/month): 1,000 REST credits/day, 32 GiB/day of trade, quote, and order-book data
Highest paid ($599/month): 100,000 REST credits/day, up to 576 GiB/day of trade, quote, and order-book data, with FIX connectivity included
Enterprise: Custom pricing

Glassnode: Onchain Research

Glassnode is an onchain analytics provider focused on entity-adjusted metrics for institutional and macro researchers. Its platform combines onchain data with market and macro indicators, with deeper analytical metrics for teams researching onchain activity and market behavior.

Strengths

Wallet and entity analysis: Groups wallet activity to identify internal transfers, exchange flows, and known entities.
Point-in-time historical data: Preserves data as it was recorded, helping prevent backtests from being affected by later corrections.
Compliance analytics via Cense: Wallet clustering and risk analytics for compliance and monitoring.
Snowflake access: Connects data directly to analysts’ data warehouses.

Weaknesses

No free API tier: Full API access starts at ~$999/month, while lower-priced plans only include limited API access.
Limited exchange and market data: Focuses on onchain metrics and macro research, rather than broad CEX and DEX coverage, order books, and tick-level data.

Pricing

Free: Dashboard access only, with no API access
Lowest paid ($49/month): Limited access with 40+ market and 270+ onchain metrics, daily resolution, capped at 50 calls/day
Highest paid (999/month): 180+ market and 570+ onchain metrics, resolutions down to 10 minutes, 15+ years of history
Enterprise: Custom pricing

Bitquery: Onchain Forensics & Mempool Data

Bitquery focuses on onchain data, with APIs for token flows, wallet activity, and mempool data. It is suited to teams working on onchain forensics, transaction monitoring, and surveillance.

Strengths

Broad onchain and mempool coverage: One GraphQL API covers token transfers, DEX trades, smart-contract events, calls, traces, and transactions before confirmation, with RWA data for tokenized-asset transfers.
Onchain compliance tools: Sanctions screening, risk scoring, and Coinpath for tracing money flows across wallets.

Weaknesses

No CEX data: Focuses on onchain and DEX data only.
Limited access on lower tiers: The $49/month tier is non-commercial and excludes streaming. Commercial DEX streaming starts at $99/month.
Less predictable costs: Usage is measured in compute units based on query complexity and data volume, so the same integration can consume different amounts of credits depending on how a query is structured.

Pricing

Free trial: 7 days, capped evaluation sandbox with WebSocket streaming
Lowest paid ($49/month): Personal plan, non-commercial, no streaming, 100k API points/month
Highest paid ($299/month): Full onchain and mempool streams, with up to 1,000 concurrent streams
Enterprise: Custom pricing

Which Kaiko API Alternative Should You Choose?

Every crypto application has different data requirements, and the right API depends on what you are building. Here is how to match your use case to the most suitable provider.

CoinGecko: Broad market data for most use cases

Crypto and fintech app development: Broad coverage across 17,000+ coins, 44M+ tokens, and 250+ networks, combined with a documented pricing methodology and commercial licensing from $29/month.
Tokenized stock, ETF, and RWA market tracking: The RWA API brings tokenized stocks, ETFs, and commodities across issuers, chains, and venues into one view, making it useful for teams that need aggregated RWA coverage alongside crypto data.
Exchange and counterparty risk assessment: CoinGecko’s proprietary Exchange Trust Score provides a 1–10 exchange risk signal based on factors including liquidity and regulatory status.
Compliance, tax, and regulatory reporting: A documented aggregation methodology and 10+ years of historical data support fair-market-value reconstruction and reporting workflows.
Crypto treasury tracking: Dedicated Crypto Treasuries data covering public company and government digital-asset holdings by entity, with historical charts and transaction history to track accumulation and distribution over time.
Crypto exchange listings: Per-asset metadata, including name, symbol, logo images, contract addresses, and categories, enables exchanges to populate complete asset listing pages for new listings.
DeFi dashboard and DEX analytics development: Onchain data covers pools across 250+ networks, with the Pools Megafilter and honeypot detection for deeper DEX and token analysis.
AI model training: 10+ years of historical data, with a commercial AI-training licensing add-on available.

CoinAPI: Tick-level execution and quant workflows

HFT and execution engines: Deep tick-level CEX history, order-book data, and FIX connectivity for execution workflows.
AI model training on tick-level microstructure: 14+ years of raw, per-exchange tick history for models that require order-flow and microstructure data.

CoinDesk: Regulated benchmarks and institutional market data

Regulated benchmark rates for derivatives and ETF/fund NAV settlement: FCA-regulated and EU BMR-compliant reference rates and indices for teams that need regulated pricing for settlement and issuance.
Tick-level order-book history and market surveillance: Nanosecond-timestamped tick data and Level 2 order-book snapshots for teams that need deep per-exchange history, with Kaiko offering deeper order-book history back to 2010.

Conclusion

For most teams evaluating Kaiko, CoinGecko is the strongest overall alternative. It brings CEX and DEX market data, onchain coverage, historical data, and real-time access together in one API, with self-serve pricing starting at $29/month. REST, WebSocket, and Webhook access are available from the paid entry plan, while RWA endpoints add coverage for tokenized stocks, ETFs, and commodities. For teams building products, researching markets, or supporting compliance workflows, that breadth makes it a practical foundation for crypto and onchain data.

Kaiko remains a strong choice for teams that specifically need deep tick-level trade data, per-exchange order books, or regulated benchmark products. CoinDesk and CoinAPI cover institutional market data and tick-level trading workflows, Glassnode focuses on onchain and entity analytics, while Bitquery focuses on onchain transaction analysis, transaction monitoring, and surveillance.

Ultimately, the best provider depends on the data you need and how you plan to use it. For teams looking for broad coverage, flexible delivery, transparent pricing, and crypto and RWA data in one place, CoinGecko is a strong place to start. If you’re considering an alternative to Kaiko, try the free CoinGecko API Demo plan to explore crypto market and onchain data, test the API, and see if it fits your use case before moving to a paid plan.

KRW 307 Trillion Traded Offshore: Korean Stock Trading Crosses Borders

2026-09-08T06:46:33Z

Crypto exchanges are expanding into traditional assets through perpetual futures. Korean stock-linked perpetual futures have already reached KRW 307 trillion in trading volume within months. This report by Tiger Research looks at the rise of offshore liquidity and what Korea needs to participate in this market.

Key Takeaways

Crypto exchanges are rapidly expanding into stocks, commodities, and other traditional assets through perpetual futures.
Korean stock-linked perpetual futures reached KRW 307 trillion in trading volume within months, increasing the importance of offshore markets.
Korea needs corporate access to domestic crypto exchanges, a formal derivatives framework, and KRW stablecoin infrastructure.

1. Crypto Exchanges Are Expanding into Traditional Markets

Crypto exchanges are expanding beyond digital assets and into traditional markets. Bitcoin and Ethereum once dominated trading on these platforms. Today, exchanges are rapidly adding products linked to stocks, commodities, and other traditional assets.

Hyperliquid, a leading decentralized exchange, has seen a growing share of trading in traditional asset-linked products in 2026. More users are also trading these products. Infrastructure originally built for crypto is now emerging as a new venue for traditional financial markets.

Perpetual futures are driving this shift. These derivatives let investors gain exposure to price movements without owning the underlying asset. Unlike traditional futures, they have no expiration date and do not require physical delivery.

This structure allows exchanges to launch products linked to stocks and commodities with relative ease. It also gives crypto exchanges a practical way to expand beyond digital assets and into traditional markets.

2. Korea Is No Exception: Korean Stock Trading Moves Offshore

Korea is already at the center of this shift. Offshore crypto exchanges actively trade perpetual futures linked to major Korean stocks such as Samsung Electronics and SK hynix. These products trade at night and on weekends. They also offer high leverage. As a result, they give both Korean and global investors a new way to gain exposure to Korean stocks. An offshore market is rapidly emerging where investors can trade Korean stock price movements regardless of domestic market hours.

The market is growing rapidly. From February through August 2026, cumulative trading volume in perpetual futures linked to Korean stocks reached about KRW 307 trillion. In August alone, trading volume reached KRW 166 trillion. This was nearly four times the KRW 42 trillion traded on Korea’s five largest crypto exchanges over the same period. In just a few months, offshore perpetual futures linked to Korean stocks have grown to a scale that exceeds Korea’s major domestic crypto market.

For some products, perpetual futures trading already far exceeds trading in the underlying ETF. In August 2026, perpetual futures linked to KORU, a U.S.-listed 3x leveraged Korea ETF, recorded about USD 24.1 billion in trading volume. KORU ETF itself recorded USD 8.9 billion. The perpetual futures volume was about 2.7 times that of the ETF. More trading took place in the derivative than in the ETF itself. If derivatives trading exceeds the underlying market, offshore venues could play a larger role in price discovery.

More importantly, offshore derivatives markets can also affect the spot market. Market makers that provide liquidity for perpetual futures hedge their exposure by buying and selling related stocks or ETFs. Higher derivatives volume can increase these hedging trades. Sharp price moves can also increase them. These flows can then affect prices in the spot market.

This structure can create a “tail-wags-the-dog” effect, where derivatives drive spot prices rather than simply follow them. The impact may remain limited for large-cap stocks such as SK hynix because spot trading volume is still much larger. However, the gap between derivatives and spot trading volumes is narrowing quickly. This trend warrants close attention.

3. Liquidity Shifts Offshore as Global Markets Evolve

Source: Trade.xyz

Offshore trading in Korean stocks is not unique to Korea. Perpetual futures are rapidly expanding across stocks and indices in markets such as Korea, Japan, and China. Their reach now extends beyond listed securities. Offshore venues already offer perpetual futures linked to private companies such as Anthropic. They also offer products linked to Chinese memory chipmaker CXMT ahead of its stock market debut. Assets that were once difficult to trade through traditional securities markets are now entering the perpetual futures market. This is rapidly blurring the traditional boundaries of what investors can trade.

The participants in this market are changing too. Among Hyperliquid accounts with more than USD 10 million in assets, the share that trades traditional assets such as stocks and commodities has risen rapidly. The Wall Street Journal (WSJ) has also reported that professional Wall Street traders use perpetual futures after regular market hours and on weekends. A market that once centered on crypto investors now attracts professional traders and investors that manage large pools of capital.

Liquidity in the perpetual futures market also deserves attention. Based on the latest 15-day average, a USD 1 million trade in SK hynix perpetual futures results in only single-digit basis-point slippage. Slippage remains relatively low even outside regular market hours. This means the market has enough depth to absorb large orders even when the Korean stock market is closed. Perpetual futures are moving beyond simply extending traditional market hours. They are becoming markets with liquidity of their own.

The capital used for trading is changing as well. Some global exchanges now accept tokenized U.S. Treasury assets as collateral. These include BlackRock’s BUIDL and Hashnote’s USYC. Over the past year, cumulative transfers of USYC to exchanges reached about USD 2.75 billion. Not all of this amount served as derivatives margin. Still, institutions can hold familiar U.S. Treasury-backed assets and use them as trading collateral when needed. Traditional financial assets now serve as collateral in these new markets. This creates a new channel for capital to move between traditional finance and the new trading market.

Source: Tiger Research

What we are seeing is more than crypto markets expanding into traditional assets. An offshore market that offers exposure to Korean stock prices is growing rapidly without going through the Korean won, domestic brokerages, or Korean exchanges. Tokenized U.S. Treasuries serve as collateral in this market. Professional traders and investors that manage large pools of capital also participate. The shift now extends beyond the assets being traded. The market participants and the capital they use are changing as well.

Korean stock-linked perpetual futures recorded KRW 307 trillion in trading volume in just a few months. That figure shows how quickly this shift is unfolding. But KRW 307 trillion does not represent the size of a mature market. It reflects the current scale of a market that is still taking shape. If more assets become tradable and institutional capital enters at scale, offshore liquidity could grow further. This could reshape market structures that have long been divided by national borders and trading hours. It could also change how capital moves across markets.

4. Offshore Markets Grow: What Role Can Korea’s Financial Industry Play?

Korea can restrict Korean investors from trading these products, but it cannot easily stop offshore markets from growing. Some global exchanges, including Binance, restrict perpetual futures trading for users identified as Korean through KYC. But Korean stock-linked markets can continue to grow through overseas investors and global capital. In practice, Korean regulation limits the participation of Korean investors and financial institutions more than the offshore market itself. Even if Korea restricts local demand, trading and liquidity can still develop overseas.

Korea therefore needs to look beyond simply blocking this trend. It should also turn the growth of these new markets into an opportunity for its financial industry. Korea already has a starting point: its crypto exchanges. They cannot launch stock-linked perpetual futures right away. But they have experience operating 24-hour digital asset markets and already have a large user base. These strengths could support expansion into new markets. Global crypto exchanges are rapidly expanding into traditional assets. Korea should also review the rules and market structure needed to support this shift.

Trading infrastructure alone is not enough. Korea also needs corporate access to the market, a regulatory framework for derivatives, and KRW-based payment and settlement infrastructure. Corporate accounts would bring in professional capital for market making, hedging, and arbitrage. They would also add liquidity. A formal framework for derivatives such as perpetual futures would support products linked to a wider range of assets. KRW-based payment and settlement tools, such as a KRW stablecoin, could improve access for overseas investors and ease capital flows. These are not separate regulatory issues. They are all necessary for the market to function.

Korea should build a framework that allows these elements to work together rather than address them one by one. This would allow Korean crypto exchanges to move beyond crypto trading and connect a wider range of assets with global liquidity. Trading linked to Korean assets is already growing rapidly offshore. The challenge is not simply to stop that growth. What matters more is how large a role Korea’s financial industry can play in this market.

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Memecoin Launchpad Wars: Is Pumpfun's Reign As Market Leader Over?

2026-09-08T06:33:01Z

Pumpfun’s market leader status is being challenged once more, with new entrants Ponsfamily and Stonkfun overtaking Pumpfun in daily launchpad revenue. Pons, which was launched only two months ago on July 14, 2026 overtook Pumpfun in daily protocol revenue on September 2, 2026 with $1.1M in revenue. More impressively, Stonkfun, which was only launched last month on August 3, overtook Pumpfun in daily protocol revenue on September 6, 2026 with $1.5M in revenue.

The Last Time Pumpfun was Challenged

The last time Pumpfun faced a serious market competitor was in July 2025 when LetsBONK.fun, launched by the BONK community, overtook Pumpfun in Solana launchpad activity. At that time, BONKfun had a 78% market share while Pumpfun’s collapsed from 80% down to 13%. BONKfun’s market dominance was due to its unique positioning at the time of token buybacks and community support. The rivalry ultimately ended when Pumpfun introduced its own buyback program, dedicating a huge portion of its protocol revenue to buyback its PUMP token, a move which they have continued till this day.

What’s Different This Time: The Stonks Movement

The memecoin market is shifting toward stocks-themed memecoins and both of Pumpfun’s fastest growing rivals are at the center of this new movement. The stonks market trend is the recent phenomenon of memecoin traders creating stock-themed memecoins or memecoins paired with tokenized stocks as the main liquidity pool.

PONS is the leading launchpad on Robinhood Chain, Robinhood’s own L2 network built specifically for RWA, which went live on July 1, 2026. Stonkfun by contrast is based in Solana with the unique selling point of being able to launch memecoins with any token pairings (most often stocks).

The market remains unclear as the memecoin sector heats up, visit our Stonks page to see what the top Stonk memecoins are!

Current Standings

Rank (by latest-day revenue)	Launchpad	Sep 7 Revenue	30-Day Total Revenue	30-Day Revenue Share
1	Pons	$1,471,401	$15,616,951	28.21%
2	Stonkfun	$1,198,984	$4,198,246	7.58%
3	Pumpfun	$934,270	$35,535,426	64.20%

Ranked here by latest-day revenue. By 30-day cumulative revenue the order flips entirely: Pumpfun leads with 64.20% of the combined total, followed by Pons (28.21%) and Stonkfun (7.58%).

Methodology

Daily protocol revenue for pumpfun and pons is sourced from DefiLlama. Stonkfun revenue is sourced from Adam_tehc’s dune dashboard on Stonkfun. All figures cover August 9 to September 7, 2026 (30 days).

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.

What Is Solflare? A Guide to the Solana Wallet and Solflare Perps

2026-09-07T06:42:28Z

Solflare: Solana Wallet and Solflare Perps

Solana wallets are no longer just places to hold SOL. As the network has expanded across trading, staking, DeFi, collectibles, and consumer apps, wallets have become the main interface through which many users experience the ecosystem. Solflare is built around that broader role. The Solana-native, self-custody wallet combines everyday asset management with swaps, staking, market discovery, NFT support, dApp access, cross-chain deposits, DeFi portfolio tracking, and perpetual futures. Users approve activity from their own wallet rather than handing control of their assets to a centralized platform.

Solflare is a self-custody wallet built specifically for Solana and available on mobile, web, and as a browser extension.
According to Solflare, users can send, receive, buy, swap, and monitor assets; stake SOL; manage NFTs; connect to dApps; and view DeFi positions from one interface.
Self-custody gives users control of their keys, but it does not remove market, smart contract, liquidation, or operational risk.
Solflare Perps is the wallet interface to Phoenix Trade, a Solana-native perpetual futures orderbook. It supports long and short positions using USDC collateral.

This article is brought to you by Solflare.

What Is Solflare?

Solflare is a self-custody crypto wallet designed for the Solana blockchain. It launched in 2021 and is available on iOS, Android, and web, as well as as an extension for major browsers. According to Solflare, the wallet serves more than 4 million users and manages over $14 billion in assets.

Self-custody means Solflare does not hold users’ private keys or control their funds. Private keys are encrypted and stored locally, and users approve transactions themselves. Solflare cannot move or freeze assets on a user’s behalf.

That control also creates responsibility. Solflare cannot restore access if a user loses their recovery phrase and has no other recovery method. Users should store recovery information securely, verify the sites they visit, and review every transaction before signing.

Funding, Sending, and Swapping Assets

Solflare supports SOL, Solana tokens, and NFTs. Users can send and receive assets, buy supported crypto through integrated payment providers, or fund the wallet from other networks using cross-chain deposit addresses. These permanent addresses let users select a source chain and receive supported assets on Solana without opening a separate bridge interface for each deposit.

For spot trades, Solflare routes swaps across Solana liquidity sources to find an available route. Token pages bring execution and research into a single flow, featuring price charts, market data, watchlists, alerts, and token-risk information. Users can also set limit orders or automate recurring purchases with dollar-cost averaging tools.

If an eligible swap cannot proceed because the wallet is out of SOL, the required network cost can be covered from the swap itself. This allows the user to complete the swap without first sourcing SOL elsewhere. Routes, payment providers, and cross-chain transfers may still involve third-party fees, limits, delays, or smart contract risk.

Staking and Tracking DeFi Positions

Solflare supports native SOL staking, allowing users to select a validator and delegate SOL while retaining ownership of their assets. Rewards vary with network conditions and validator performance. Standard unstaking follows Solana’s epoch process, while an instant unstake route is available for a disclosed fee.

The wallet also provides a broader view of assets deployed across Solana. According to Solflare, DeFi Positions aggregates supported positions across more than 90 protocols, including lending markets, liquidity pools, farms, and liquid staking. Users can review estimated values and rewards, then open the original protocol to manage a position. It is a portfolio view rather than a replacement for the underlying applications.

NFTs, dApps, Discovery, and Magic

Solflare displays Solana NFTs alongside other assets and supports individual or bulk transfers. Users can connect to exchanges, marketplaces, games, and DeFi apps through the extension or mobile wallet while retaining control over transaction approval. Discovery features surface market information, ecosystem content, and new collections without requiring users to leave the wallet first.

Solflare Magic extends that interface through an optional AI assistant. According to Solflare, the current beta can help users research markets, analyze wallet activity, create charts and alerts, and prepare reviewable spot-trading instructions. Users must approve transactions before execution, and beta functionality may change over time.

What Are Solflare Perps?

Solflare Perps brings perpetual futures into the same wallet interface, powered by Phoenix Trade on Solana. A perpetual futures contract, or perp, provides price exposure to an asset without ownership and has no fixed expiry date. Traders can go long if they expect the market to rise, go short if they expect it to fall, or use a short position to hedge spot exposure.

Phoenix Trade supplies the underlying perpetual markets and account infrastructure. Phoenix uses an on-chain orderbook, where buy and sell orders are matched through the venue rather than priced only through a single automated liquidity pool. Solflare provides the wallet-native trading interface, order previews, position controls, and portfolio context.

Positions use USDC collateral and isolated margin. Each isolated position has its own assigned collateral, helping to contain the effects of a liquidation to that position rather than to the user’s other wallet assets. However, the collateral committed to a position can still be lost.

The Solflare and Phoenix interfaces use the same underlying trader account. Positions opened through Phoenix can appear in Solflare, and supported positions can be managed from Solflare mobile. Users can add or remove collateral, reduce or close positions, and view position and account-level profit-and-loss history.

Market availability depends on Phoenix’s liquidity and uptime requirements and may include crypto, stock, ETF, and commodity reference markets. A perp linked to a stock, ETF, or commodity does not convey ownership or rights in the underlying asset.

Because perps do not expire, funding payments help keep their prices aligned with the underlying markets. Depending on market conditions, longs may pay shorts or shorts may pay longs. Funding can therefore increase or decrease a position’s return. Trading fees, funding, and other applicable costs are shown in the product experience before approval.

Perpetual futures are high-risk leveraged products. Leverage magnifies both gains and losses, while rapid price movements can trigger liquidation. Traders should also consider orderbook liquidity, slippage, funding, smart contract risk, and network conditions. Availability varies by jurisdiction.

How Solflare Approaches Wallet Security

Solflare states that its wallet combines local key storage with transaction simulation, warnings for suspicious activity, token-risk signals, scam-site blocklists, and biometric locks on compatible devices. It also supports hardware wallets and tools for organizing multiple wallets, seed phrases, and Ledger accounts.

These features can help users identify risks, but no wallet can catch every malicious contract or social engineering attempt. Users should verify domains and token addresses, treat unsolicited assets and support messages cautiously, and never share a recovery phrase or private key.

Closing Thoughts

Solflare’s approach is to make the wallet a working interface for Solana rather than a passive asset viewer. The same self-custody account can support transfers, swaps, staking, NFT management, dApp access, DeFi tracking, cross-chain funding, and market research.

Solflare Perps applies the same idea to leveraged trading. Solflare supplies the familiar wallet experience, while Phoenix Trade provides the Solana-native orderbook and perpetual market infrastructure underneath. Bringing these functions together can reduce friction, but it does not reduce the financial risk of leverage or replace the need to understand each transaction.

For users whose activity is centered on Solana, Solflare brings these functions into one self-custody interface. Whether those functions are appropriate depends on the user’s goals, experience, and risk tolerance.

This article is for informational purposes only and does not constitute financial advice. Crypto assets, DeFi protocols, cross-chain transfers, staking, and perpetual futures involve risk. Features and availability may change or be restricted in some jurisdictions. Always conduct your own research and review current product terms before using any service.

Top 10 Crypto Cards for 2026 (Updated)

2026-09-04T00:30:59Z

What Are Crypto Cards?

Crypto cards include credit, debit, and prepaid cards, which allow holders to spend their digital assets in their everyday life. These cards are typically issued by cryptocurrency exchanges and financial institutions, enabling users to make purchases and even withdraw fiat currency using their digital assets.

What they are: Crypto cards are a type of payment card that allows holders to spend their digital assets — just like fiat money — in their everyday life.
Three main types: There are three main types of crypto cards, and they include debit, credit, and prepaid cards.
Ease of use: These cards make it easy to spend cryptocurrency like traditional money, whether online or in physical stores, without needing to manually convert to fiat first.
In this article: In this article, we've curated a list of the top crypto cards in the market, highlighting features, costs, and fee structure.

While cryptocurrency has a growing presence in the global finance industry over the past decade, these digital assets are yet to be widely adopted and accepted by governments and businesses worldwide.

As a result, it's not that easy for people to use cryptocurrencies in the real world, which potentially discourages widespread adoption of digital assets. To tackle these challenges, we are seeing the introduction of different solutions to enable users to spend their cryptocurrencies in the real world, including crypto cards.

Types of Crypto Cards

Crypto cards basically eliminate the need to convert cryptocurrency into fiat currency before spending, bridging the gap between digital assets and traditional finance. Now, these cards come in different types; credit, debit, and prepaid. Each type offers unique characteristics, catering to different needs and preferences.

Crypto debit cards, for instance, work by linking directly to a digital asset wallet. When you make a purchase, the card automatically converts the required amount of crypto into fiat currency at the point of sale. This type of card is convenient for everyday spending and can be used both online and in physical stores. Additionally, users can withdraw cash from ATMs that support the card.

Meanwhile, crypto credit cards operate similarly to traditional credit cards except that they offer rewards in cryptocurrency. Users can make purchases and pay off the balance later, earning crypto rewards in the process. These cards often come with benefits, such as cashback, making them an attractive option for those looking to maximize their crypto holdings.

Finally, crypto prepaid cards are another type of crypto cards. It allows users to load specific amounts of cryptocurrency, which are then converted to fiat currency for various purposes. These cards are particularly useful for budgeting, as users can only spend the preloaded amount, thereby helping them manage their finances more efficiently.

How Do Crypto Cards Work?

Crypto cards operate similarly to traditional debit or credit cards. To begin using a crypto card, one must first choose a card service provider and sign up for an account on their platform. This process may involve verifying their identity by providing personal information and necessary documents. This step is especially crucial for complying with Know-Your-Customer (KYC) regulations.

Once the account is created and verified, users can then link their cryptocurrency wallet to the crypto card account. Although some cards come with built-in wallets, users can transfer cryptocurrency from their external wallet to the card's wallet.

When making purchases physically, users can swipe, insert, or tap their card at the payment terminal. Then, the required amount of cryptocurrency is converted to fiat currency in real-time, ensuring the latest exchange rate. For online shopping, you enter your card details at checkout, and the conversion happens. If you need to withdraw cash, you can use the crypto card at compatible ATMs, with the cryptocurrency converted at the time of withdrawal.

Most notably, crypto cards often come with standard security features such as a PIN, chip, and two-factor authentication (2FA) to ensure the safety of transactions. Additionally, providers monitor transactions for suspicious activity and allow users to freeze their cards immediately, if they are lost or compromised.

Below is a comprehensive list of the top crypto cards, covering both custodial and non-custodial options. Here, we'll highlight their various features, offerings, and benefits to users.

Nexo Card: Dual-Functionality Crypto Card

This section is brought to you by Nexo.

A top crypto card to make the cut is from Nexo, a cryptocurrency lending platform. The Nexo custodial card is especially popular amongst cryptocurrency users for its dual-mode functionality, offering both credit and debit options.

Features

The Nexo card connects to users’ available balance on the platform. It operates in two modes; credit and debit, which users can switch between at any time.

Credit mode: Allows users to put up their crypto as collateral, allowing them to make purchases without selling their assets. This mode helps users retain the upside potential of their assets while accessing funds at borrowing rates starting from 2.9%. Users will also enjoy up to 2% crypto cashback on purchases (up to $200), while earning interest on assets not used as collateral.
Debit mode: Enables users to spend cryptocurrencies and stablecoins (EUR, GBP, and USD) directly. Card holders can earn daily compound interest of up to 14% on their balance. Users can also prioritize which assets to spend first, ensuring maximum efficiency.

The Nexo card supports various cryptocurrencies, including BTC, ETH, and stablecoins like USDT. It is currently available to residents of the European Economic Area (EEA) and the UK.

Cost and Fees

Activation of the virtual Nexo card is free upon deposit of at least $50 to the Nexo account. Meanwhile, the physical cards are shipped at no cost with a portfolio balance of at least $500 and a Gold Loyalty tier. Users are tiered based on the ratio of NEXO tokens against the rest of their portfolio, where tiers only apply if the user's account balance is above $5,000 in digital assets.

In credit mode, borrowing rates start at 2.9% and can go up to 18.9% per annum, allowing users to access funds without selling their crypto. The debit mode does not charge any monthly, annual, or inactivity fees.

When using the Nexo card, users can earn up to 2% cashback in NEXO tokens or 0.5% in BTC for purchases made in credit mode (based on their loyalty tier). In the debit mode, users earn daily compound interest based on their loyalty tier, reaching up to 14% in NEXO tokens or 12% in-kind. The Nexo card also provides up to €2,000 / £1,800 free AIM withdrawals per month, after which a 2% fee (minimum of 1.99 EUR/GBP) applies.

Coca: Non-Custodial VISA Card With Real-World Rewards

This section is brought to you by Coca.

COCA is a stablecoin-native challenger bank with a Visa card built for real-world spending — with rewards paid in stablecoins.

The card works with Google Pay and Apple Pay and connects to a non-custodial wallet secured by MPC and biometric recovery, so users always maintain control of their assets.

COCA offers cashback, yield on balances, cashback on subscriptions, and hotel discounts, all while allowing users to spend crypto anywhere Visa is accepted — over 80 million merchants.

Users from 54 supported countries — including the EEA, UK, Switzerland, Monaco, Australia, Hong Kong, Singapore, Brazil, Mexico, and Argentina — can order a COCA card with KYC. The COCA app itself is available globally and can be used without KYC by anyone in the world.

COCA is backed by Stellar, Funfair and Wirex and it was named #1 Product of the Day on Product Hunt and won the "Next Financial Revolution" award at CONF3RENCE 2024.

Features

Buy, sell, send, and receive supported cryptocurrencies directly in-app.
Spend stablecoins anywhere Visa is accepted — online or in-store.
Earn 1%–8% cashback in USDC or EURC through the COCA Loyalty Program.
Get 50% cashback on subscriptions like Netflix, Spotify, Amazon Prime, and ChatGPT.
Enjoy up to 50% off hotels via COCA Travel, plus cashback on bookings.
Earn 6% APY on your stablecoin card balance — no lockups, funds stay liquid.
Full self-custody setup: COCA doesn't hold your keys.
Supports USDC, USDT, EURC, and EURS across major EVM and Layer 2 networks.

Costs and Fees

COCA offers users:

0% FX fees
No annual or monthly fees
Free virtual card issuance
No ATM withdrawal fees up to $200 monthly
Zero-fee swaps across 15+ blockchains with smart routing.

Bitget Wallet Card: Spend Crypto Like Cash With 0-Fee Allowance

This section is brought to you by Bitget Wallet.

Bitget Wallet is one of the world’s largest self-custodial Web3 wallets with over 100 million users globally. Built to make crypto simple, secure, and practical for everyday finance, Bitget Wallet lets users trade, earn, and pay using crypto, offering a full payment stack, including a crypto debit card, QR payments, bank transfers, and an integrated in-app shop.

The Bitget Wallet Card is a virtual and physical crypto debit card issued via regional partners on the Mastercard and Visa networks, letting users top up with USDT, USDC, and other major cryptocurrencies, and spend at millions of merchants worldwide.

Features

Global Spending: Pay with USDT or USDC at millions of merchants that support Mastercard or Visa, both online and in-store.
Wide Availability: The card is issued across over 50 markets, including Europe, Latin America, Asia Pacific and Africa.
Fast Activation: Applications are completed directly in the Bitget Wallet app, including KYC, with a virtual card issued immediately upon activation and funding.
Wallet Integration: Seamlessly connect the card to major payment platforms like Apple Pay, Google Pay, Alipay, WeChat Pay, Line Pay, and use it on platforms like Amazon and TikTok.
Asset Cashback: Through the Assetback program, cardholders earn up to 3% asset cashback on eligible purchases within a $200 to $600 monthly spending limit.
Multi-chain Top-up: Fund the card with USDT, USDC, ETH, BGB, SOL and more from the Bitget Wallet across supported networks, including Ethereum, Tron, Solana, Base, and Arbitrum.
High Limits: Daily spending limits are typically up to $12,000, with an annual cap around $150,000, suitable for regular spending and travel (exact limits vary by issuing bank).
Customization: Users can personalize their virtual card with multiple exclusive Bitget Wallet card designs.

Cost and Fees

No Recurring Fees: Bitget Wallet Card charges zero annual, monthly, or Bitget-Wallet-imposed top-up/conversion fees.
Cashback Assets: Within the monthly spending cap, cardholders choose one asset to receive as cashback up to 3% — Bitcoin, gold (XAUT), tokenized US stocks and ETFs including NVIDIA, Tesla, Google, and the S&P 500, or stablecoins. No staking or token-locking is required to participate.
Fees: Standard card fees set by the issuing partner apply, generally around 1%-2.2% per transaction.
Network/ATM Fees: Funding the card incurs only normal blockchain network (gas) fees. ATM withdrawal fees are set by the regional issuing partner and local banks.

Brighty: EU-Regulated Crypto & Fiat Banking With FX Fees as Low as 0.3%

This section is brought to you by Brighty.

Brighty is a Lithuanian-based neodigital banking app that seamlessly integrates traditional fiat currencies with cryptocurrency management in a single platform. Founded in 2021 and headquartered in Vilnius, Lithuania, Brighty is fully regulated and licensed within the EU, and is available to residents of all EU and EEA countries.

The platform offers both virtual and physical VISA debit cards, as well as a virtual Mastercard, that allow users to spend either crypto or fiat currencies. Users can open multiple account types including IBAN accounts (EUR, USD, GBP), stablecoin wallets (USDC, EURT), and cryptocurrency wallets (BTC, ETH, ADA, and more). Brighty automatically converts crypto to fiat in the background when making purchases, eliminating the need for manual conversions. Brighty charges FX (foreign exchange) fees starting from, with competitive crypto-to-fiat conversion rates starting from 0.3%.

Brighty automatically converts crypto to fiat during purchases. With the Pro plan, you can exchange up to 5,000 EUR for free, and anything above that is charged at 0.4%. With the Plus plan, 2,000 EUR is free, and the remaining amount is charged at 0.5%. On the free plan, the fee is 0.6%. For business clients, a flat 0.3% rate applies.

Brighty stores client assets securely with $250M insurance coverage, featuring bank-grade crypto vaults with Fireblocks custody.

Features

Multi-currency IBAN accounts (EUR, USD, GBP, AED) and support for 14+ cryptocurrencies including BTC, ETH, ADA, XTZ
Stablecoin accounts (USDC, EURT, EURA)
SEPA, SWIFT, and Faster Payments support for transfers
Free instant transfers between Brighty users and no blockchain fees for swaps within Brighty
Virtual and physical VISA cards with Apple Pay and Google Pay integration
Earn 5% on your crypto card balance and up to 20% from vaults and AI investments (based on historical data)

Cost and Fees

Brighty offers four subscription tiers:

Feature	One (Free)	Plus	Pro
Monthly Cost	€0	~€6-8	~€18
Annual Cost	€0	~€72-96	~€216
Virtual Card	✓	✓	✓
Physical Card	✗	✓	✓
Earning Vault APY	Lower tier*	Mid tier*	Up to 10.41%
Card Earning APY (on USDC balance)	Lower tier*	Mid tier*	Up to 5%
IBAN	Transfers to self	Transfers to third parties	Transfers to third parties
ATM Withdrawal (only for physical card)	N/A	EEA (€3.50) Non EEA ( €3.50 + 3.5%)	EEA (€3.00) Non EEA ( €3.00 + 3%)

*Exact APY percentages for One and Plus tiers are not publicly disclosed. Rates are tiered with Pro receiving maximum advertised rates.

Transfer Fees:

Receiving money (crypto or fiat): Free and unlimited
Sending fiat: Low fees (lowest on Plus and Pro plans)
Crypto transfers: Standard blockchain network fees apply
In-app transfers between Brighty users: Free

For more information around fees, please see: https://help.brighty.app/en/articles/8263403-fees-and-limit

Rizon: Non-Custodial Visa Card for Everyday Stablecoin Spending

This section is brought to you by Rizon.

Rizon is a stablecoin-first financial platform built for people who hold and spend USD and stablecoins across borders.

Rizon’s Visa Platinum Card lets users spend stablecoins directly, without needing to offramp through an exchange first, while the broader app bundles global receiving accounts, international transfers, and rewards into one place.

The card is non-custodial, where private keys stay with the user rather than Rizon, and comes in virtual and physical tiers.

Features

Virtual and physical Visa cards: Get a virtual card instantly for online spend and mobile wallets (Apple Pay, Google Pay), or a physical Visa Platinum card for in-store and ATM use - accepted anywhere Visa is, across 100M+ merchants and 122+ countries.
Cashback that scales with your plan: Cardholders earn cashback on everyday spend, up to 2.5% on the Emerald plan.
RizPoints on every purchase: Every dollar spent earns points redeemable for gift cards and other rewards, with better earn rates on higher tiers.
Global receiving accounts: Virtual USD and EUR accounts (plus BRL, MXN, and other currencies) on Rizon let users receive salaries, freelance payments, or business income from platforms like Airbnb, YouTube, Fiverr, and others, the same way a local bank account would.
Send money to 40+ currencies: Transfer directly to local bank accounts internationally.
Wide local funding options: Local on-ramps, P2P options, and mobile wallet deposits, depending on region.
Built-in wealth tools: Beyond spending, Rizon lets users buy US stocks with 24/7 market access or trade crypto, commodities, and major stocks with leverage — all from the same app. Earning and asset-backed borrowing are coming soon to round out the experience.
App languages: English, Spanish, Portuguese (Brazil), Bengali, and Indonesian.

Cost and Fees

Opening a Rizon account is free, and pricing is shown upfront before every transaction. Card and transaction costs depend on which of three plans a user picks:

Feature	Standard (Free)	Gold ($3.99/mo)	Emerald ($6.99/mo)
Cashback	0%	1%	2.5%
RizPoints	1 per $10 spent	1 per $5 spent	1 per $1 spent
FX fee	1.70% + $0.10	1.275%	1.02%
Trading fee	1.7%	1.275%	0.85%
Virtual card	$10	Free	Free
Physical card	$49.99	$24.99	Free
ATM withdrawal fee	$1 + 0.65%	$1 + 0.65%	$0.10
ATM withdrawal limit	$250/transaction	$250/transaction	$250/transaction

Deposits and Rizon-to-Rizon transfers are free on every plan.

Coinbase Card: Debit Card With Crypto Rewards

The Coinbase Card is a debit card designed by one of the world’s largest crypto exchanges, allowing users to draw on their Coinbase account crypto balances to make payments in crypto. The crypto card stands out for its ability to turn everyday purchases into crypto rewards.

Source: Coinbase

Features

The Coinbase Card is a Visa debit card that offers several features, including;

Support for cryptocurrencies including Bitcoin (BTC), Ether (ETH), and USDC.
Earn cashback rewards in the form of cryptocurrencies.
Card is valid anywhere Visa debit cards are accepted.
Zero spending and annual fees.
Robust security features, like two-factor authentication, card freezing, and PIN change.
Available in Europe, the UK, and the US (excluding Hawaii). The rewards program and some features are US-only.

Cost and Fees

The Coinbase Card does not charge annual fees or spending fees, making it a cost-effective option for users. However, network transaction fees (e.g. gas fees) still apply for transferring cryptocurrency off the platform and are always disclosed at the time of the transaction.

Also, fees for buying, selling, or converting cryptocurrencies on Coinbase depend on factors like payment method and order size. While spending with the Coinbase card has no transaction fees, ATM operators may charge fees for withdrawals.

Now, this card offers flexible funding options, allowing users to link their bank accounts or deposit part of their paycheck into Coinbase with zero fees. The setup process is straightforward, with no credit check or requirement to stake assets to become eligible.

Coinbase One Card: Upcoming

The Coinbase One Card is coming in Fall 2025, and is currently in a waitlist phase. This will be a credit card (unlike the above Coinbase Card which is a debit card), issued by First Electronic Bank. The Coinbase One Card will be only available for Coinbase One members, which has a membership cost of $4.99/month or $49.99/year. There is no annual fee, nor foreign transaction fees.

Coinbase One Card users will enjoy the following rewards:

Base rewards: 2% back in Bitcoin on every purchase
Tiered rewards: Up to 4% back in Bitcoin based on assets held with Coinbase
Reward tiers: 2%, 2.5%, 3%, or 4% depending on your Coinbase asset holdings
Reward currency: All rewards paid in Bitcoin (BTC)

There are additional cardholder benefits as well , including travel insurance and AMEX experiences.

Coinbase One Card vs. Coinbase Card

Feature	Coinbase Card (Current)	Coinbase One Card (New)
Card Type	Debit Card	Credit Card
Funding Source	Your Coinbase wallet	Credit line
Rewards	Up to 4% in various cryptos	Up to 4% in Bitcoin only
Membership Required	No	Yes (Coinbase One)
Annual Fee	None	None
Availability	Currently available in supported regions	Fall 2025 launch for supported regions

Bybit Card: Earn Interest on Idle Assets

The Bybit card is a crypto debit card offered by Bybit, a prominent centralized cryptocurrency derivatives trading platform. This custodial crypto card stands out for its plethora of benefits, which comes with zero staking requirements.

Source: Bybit

Features

The Bybit card is a Mastercard debit card that offers convenient transaction and card management for users through a dashboard on Bybit web and app. This card features;

Support for multiple cryptocurrencies, including BTC, ETH, XRP, USDT, and USDC.
Loyalty rewards with points redeemable for vouchers and cryptocurrencies, and up to 10% cashback.
Auto-Savings function that allows Bybit Card users to earn interest on assets in Flexible Savings, which can be unstaked and spent at any time.
Integration with Google and Apple Pay.
Only available for users in Australia and European Economic Area (EEA) countries.

Cost and Fees

Bybit’s crypto card has no annual or hidden fees. However, the foreign exchange fee is 0.5% on top of Mastercard's rate. Meanwhile, the crypto conversion fee is 0.9% in addition to spot fees. It is worth noting that while users can get the virtual Bybit card for free, the physical card costs 5 EUR/GBP/USDT.

ATM withdrawals are free for the first 100 EUR/GBP each month, with a 2% fee thereafter. Spending limits are set at 5,000 EUR/GBP daily, 50,000 EUR/GBP monthly, and 250,000 EUR/GBP annually.

ether.fi Cash: Non-Custodial Cashback Credit Card

A new card to watch in the non-custodial card is ether.fi’s credit card – Cash. Users can load their account with fiat money from their traditional bank account, or any non-custodial wallet. At time of writing, users can enjoy 3% cashback on all purchases across all card levels.

Features

ether.fi’s Cash acts as a spending account that lets users borrow against and spend their ether.fi balance in the physical world. Unlike other decentralized cards, ether.fi's Cash is a credit card.

Crypto as collateral: Users can borrow against your crypto for credit card purchases, and can soon pay for their card balance with native yields.
Spend crypto in the physical world: Accepted anywhere VISA is accepted, with no need to off-ramp or incur transfer fees to use crypto in the real world.
Non-custodial: Your crypto assets belong to you, and neither ether.fi nor any third-party can access your keys.
Gasless transactions: You don’t have to pay for gas on any transactions using your Cash account.

There are different tiers for card holders based on their loyalty tier:

Core: Ideal for users who want to use the card for everyday transactions. Users get 1 free physical card and 3 virtual cards. It has no annual fees, and a spending limit of $30K a day.
Luxe: Users who need more cards and require a higher spending limit might find Luxe a better fit for them, as users get 2 free physical cards and 10 virtual cards. It has no annual fees, and a spending limit of $50K a day.
Pinnacle: Ideal for users in the crypto space, as it comes with 1 free conference per year. It also comes with 5 free physical cards, and 50 virtual cards. It has no annual fees, and a spending limit of $100K a day.
VIP: This is by invitation only, and offers unlimited virtual cards.

Cost and Fees

Regardless of your tier, however, there is a fixed 2% fee and a limit of 3 withdrawals a day for ATM withdrawals.

There is also a FX rate of 1% across all tiers, which applies if you are using the card for non-US dollar transactions. There are plans to include native EURO support soon.

MetaMask: Bringing Worldwide Accessibility to the MetaMask Wallet With Mastercard

The MetaMask Card will let users spend their crypto in everyday transactions wherever Mastercard is accepted. Users can designate tokens for their MetaMask wallets and set spending limits, while maintaining complete access to their funds until they complete a transaction. When a transaction takes place, the MetaMask Card will convert available tokens into fiat currency.

The MetaMask Card runs on Linea, a zkEVM Layer 2 that offers lower gas fees and faster transaction processing, enabling instant payments.

Features

Supported tokens: Six tokens worldwide – USDC, USDT, wETH, EURe, GBPe, and aUSDC. For US users, USDC and aUSDC are the only supported tokens.
Mobile payment integration with Apple Pay or Google Pay.
Available in Argentina, Brazil, Colombia, Mexico, Europe (excluding Czechia, Estonia, Latvia and Lithuania), and the UK. On the US side, the early access has ended at time of writing, although there is a waitlist for an upcoming launch.

There are two options for card holders to choose from:

Virtual card: This is only a virtual card and is free to use, with users earning 1% crypto cashback in USDC for all eligible transactions. It has a limit of $10,000 per transaction, and $15,000 per day.
Metal card: A premium physical metal card that offers exclusive benefits like 3% back on the first $10,000 spent yearly (1% thereafter), higher spending and ATM withdrawal limits, and exclusive access and perks. It has a limit of $20,000 per transaction, and $30,000 per day.

Cost and Fees

For the virtual card, there are no annual or maintenance fees. For the premium Metal card, there is a $199 annual subscription fee.

There are no fees for stablecoins in the cardholder’s local currency, although foreign currency stablecoins incur a 0.5% fee for transactions. DeFi tokens incur no fees up to $1,200 per month, then 0.5%, while other cryptocurrencies like wETH incur a 0.875% fee.

There are also network gas fees, ATM withdrawal fees (2%), and cross-border fees of 1% for Virtual cards (free for Metal).

KAST: Multi-Chain Cards with Enhanced SOL Staking Rewards

The KAST Card enables users to spend stablecoins and crypto at over 100 million merchants and ATMs globally without requiring a traditional bank account. Users can create their card in minutes through a 2-3 minute KYC process and start spending instantly. The card automatically converts crypto to fiat at the point of purchase, eliminating the need for pre-conversion or preloading funds.

The KAST Card runs on multiple blockchain networks and offers multi-chain support for flexibility, while providing virtual USD bank accounts that function like traditional banking.

Features

Supported tokens: USDC, USDT, and USDe with multi-chain compatibility across various blockchain networks.
Mobile payment integration with Apple Pay and Google Pay.
Global availability in over 150 countries (excluding India and China due to regulatory restrictions).
Unlimited spending limits: No daily transaction limits, with ATM withdrawal allowance up to $20,000 per day.
SOL staking integration: Earn up to 21% APY through KAST validator with 0% commission + 100% MEV kickback.
KAST Points Program: Earn points on every transaction for potential future airdrops and rewards.

KAST offers two distinct card categories:

Regular KAST Cards:

Standard (K Card): Free option with 4% rewards on all spending in 2025 and earn KAST points on staked SOL.
Premium (X Card): $1,000/year with 8% rewards, 2x KAST points on staked SOL, and premium metal card.
Limited (Founders Edition): $5,000 one-time payment with 8% rewards, VIP concierge access, 2x KAST points on staked SOL, and no recurring fees.

Solana Cards (with enhanced SOL staking benefits):

You must stake SOL with the KAST validator in your Solana wallet and connect your Solana wallet to the Solana Card.

Solana Card (Standard): Free with 4% rewards on all card spend, earn KAST points on staked SOL, and receive 3.5-7% APY.
Solana Illuma (Premium): $1,000/year with 8% rewards on all card spend, 2x KAST points on staked SOL, and receive 7-14% APY.
Solana Gold: $10,000/year with 12% on all card spend, VIP concierge access, earn 3x KAST points on staked SOL, and receive 14-21% APY. There is also Solana Solid Gold, which is by invite only. Most of the benefits are the same as Solana Gold.

Bitcoin Cards

Bitcoin Silver Card: Free with 4% rewards on card spend and earn KAST points on staked SOL.
Bitcoin Black Card: $1,000/year with 8% rewards on all card spend and 2x KAST points on staked SOL.

Cost and Fees

Annual fees range from free for regular Standard cards ($2 in certain countries) to $10,000 for Solana Gold.

Transaction fees include ~0% crypto-to-fiat conversion costs (among the lowest in the industry) and a 2% foreign transaction fee for international purchases.

ATM fees are notably higher: 5% for local withdrawals and 10% for international ATM usage, with no free withdrawal allowances offered. Network gas fees are minimal and variable depending on the blockchain used.

Comparing The Top Crypto Cards

Crypto Card	Type	Annual Fees	ATM Withdrawal Fees
Nexo	Credit and Debit	None	Limited free withdrawals based on loyalty tier. Subsequent withdrawals are subject to 2% fees
Coca	Debit	None	None globally up to $200 monthly
Bitget Wallet Card	Debit	None	ATM withdrawal fees are set by the regional issuing partner and local banks.
Brighty	Debit	€0 - €216	EEA (€3.00 - €3.50, dependent on plan) Non EEA (€3.00 - €3.50 + 3 - 3.5%, dependent on plan)
Rizon	Debit	$0 for Standard, $3.99/mo for Gold, $6.99/mo for Emerald)	$1 + 0.65% for Standard and Gold, $0.10 for Emerald. All plans have a $250/transaction withdrawal limit.
Coinbase	Debit	None	None. ATM operator fees may apply
Bybit	Debit	None	Free for first 100 EUR/GBP each month, 2% fee thereafter
ether.fi Cash	Credit	0.01 - 1 ETH	Fixed 2% fee, $10K limit, and 3 withdrawals a day
MetaMask	Debit	None (Virtual), $199 (Metal)	2% ATM withdrawal fees
KAST Regular Cards	Debit	Free - $10,000 (depending on tier)	$3 + 2% local, $3 + 2% (+2% FX) international

More Crypto Cards to Check Out

Oobit

Most crypto cards require a deposit before spending. Oobit eliminates that. Backed by Tether,it's a crypto card that lets you spend directly from your self-custody wallet; MetaMask, Trust Wallet, Phantom, and more with no top-ups or intermediate accounts.

Oobit's DePay protocol executes a just-in-time token transfer the moment you tap to pay. Funds stay in your wallet until purchase, then settle in local currency via Visa rails. KYC takes minutes. Virtual card ready the same day.

Features

Supported tokens: BTC, ETH, USDT, USDC, SOL, OOB, and more
True self-custody: Funds leave your wallet only at payment
Global coverage: 150M+ Visa merchants across 100+ countries
Cashback: Up to 10% in OOB on eligible transactions

Cost and Fees

Free to activate card. No monthly fees. Payment costs up to 1% (minimum $0.25). A small international transaction fee may apply. External wallet withdrawals carry no Oobit fee, only the blockchain network fee.

Final Thoughts

Crypto cards offer an easy and seamless way to manage and spend digital assets, similarly with regular payment cards in traditional finance. These cards provide users with convenience, enhanced security, and unique benefits, including cashback rewards, staking options, and subscription packages. That said, choosing a suitable crypto card can be a complex decision-making process involving a few relevant considerations, such as taxes, custody, flexibility, regulations, and more.

Always do your own research before choosing any crypto cards or staking any digital assets. This article is only meant for informational purposes and should not be taken as financial advice.

Proof of Reserves: How to Check an Exchange’s Reserves Health

2026-09-02T10:44:51Z

Proof of Reserves (PoR) gives crypto exchange users evidence of the assets an exchange holds and the customer liabilities those assets are intended to cover.

On CoinGecko, just 79 of 166 exchanges have verified reserves. This means that users of more than half of these exchanges do not have evidence that the exchange has sufficient reserves to cover its liabilities in the event of mass withdrawals.

In this article, we explain what PoR verification is, why exchanges use it, and how to verify whether an exchange has sufficient reserves to cover customer liabilities, including how to check your personal balance using a Merkle tree.

What Is Proof of Reserves?

Proof of Reserves (PoR) is a method of verifying an exchange's assets and comparing them with its customer liabilities. An independent assessor checks the assets reported by the exchange, verifies control of the relevant wallets, and reviews the liabilities included in the assessment.

The purpose is to provide evidence that the exchange holds enough assets to cover the customer liabilities included in the scope of the assessment.

Since 2019, CoinGecko has developed and introduced Trust Score to users as a more reliable and multi-dimensional measure of an exchange's quality. The Trust Score methodology goes beyond reported volume to consider a comprehensive set of components, including liquidity, cybersecurity, and more, to arrive at an overall score for an exchange.

How Proof of Reserves Works

PoR combines two types of evidence: proof of assets and proof of liabilities.

For liabilities, an exchange can use a Merkle tree. Customer balances are converted into cryptographic hashes and combined into a tree. The final hash, called the Merkle root, acts as a fingerprint of the reported balances at the time of the assessment.

A customer can receive a Merkle proof containing the hashes needed to verify that their balance is included in that tree. This allows the customer to verify inclusion without exposing every customer's balance.

For assets, the assessor verifies that the exchange controls the reported blockchain addresses. This can involve cryptographic signatures or transactions requested by the assessor. The assessor then compares the verified assets with the customer liabilities included in the assessment.

The result is a point-in-time comparison between assets and liabilities. It does not establish the exchange's financial position in every respect.

A useful PoR should let you answer two questions:

What assets does the exchange control?
Do those assets cover its customer liabilities?

For example:

Reserves: $500 million
Customer liabilities: $450 million
Reserve coverage: 111%

This means an exchange has enough assets to cover all existing customer liabilities.

How to Verify CEX Reserves

We demonstrate the process using the KuCoin Proof of Reserves verification report, published on August 10, 2026.

1. What Assets Are Included in PoR?

Every PoR has a defined scope, so you should check which assets and networks were included.

The KuCoin assessment covered BTC, ETH, USDT, and USDC across 38 networks, including Bitcoin, Ethereum, Tron, Solana, BSC, Arbitrum, Base, and TON.

Why are only four assets reviewed? A PoR assessment is performed against a defined scope. The exchange and assessor determine which assets and networks are included in the verification. The four assets covered by the KuCoin assessment represent only part of the assets traded on the exchange. The result therefore does not verify every asset or the exchange's complete financial position.

2. Does the Exchange Control the Wallets?

Another important part of reserve verification is ensuring that the wallets in scope are controlled by the exchange.

Look for evidence of control - this can include cryptographic signatures, on-chain transactions requested by the assessor, or another method that demonstrates the exchange can access the reported funds.

For the KuCoin assessment, the exchange provided public keys and wallet addresses for the assets in scope. KuCoin then initiated small outgoing transactions from the reported addresses using amounts specified by Hacken. Hacken then monitored the relevant blockchains and confirmed that the transactions originated from the expected addresses.

You may also encounter other ownership verification methodologies. One common method is signature verification, where the exchange signs a predefined message using the private key associated with the reported wallet address. The assessor then verifies the signature against the corresponding public key, providing evidence that the exchange controls the private key without requiring it to transfer any funds or reveal private key.

3. What Customer Liabilities Are Included?

A PoR should state which customer liabilities it measures. Some assessments cover spot balances only. Others may include margin positions, lending balances, or staked assets. The liability scope directly affects the coverage calculation:

Reserve coverage = verified reserves ÷ verified customer liabilities

An exchange that publishes wallet balances without corresponding customer liabilities is not giving users enough information to calculate coverage and determine whether it can cover those liabilities.

For the KuCoin assessment, Hacken received a liabilities report covering client balances greater than 0.00000000 for the four in-scope assets. For the reserves report, KuCoin provided aggregated liability data rather than individual account details.

This protects customer privacy while limiting the assessor's ability to connect an individual balance to a specific account.

4. What Is the Reserve Coverage?

There are two main approaches to Proof of Reserves: 1:1 reserve backing and overall customer-liability coverage.

With 1:1 reserve backing, each asset held by customers is matched by an equal or greater amount of the same asset in the exchange's reserves. For example, if customers collectively hold 1,000 BTC, the exchange should hold at least 1,000 BTC in verified reserves. This approach provides direct coverage for each asset and is generally considered the stronger model from a risk-management perspective. Some regulatory frameworks also emphasize or require asset-level backing.

The more common approach is to assess whether the exchange's total reserves cover its total customer liabilities. Under this model, the exchange can use a smaller set of liquid reserve assets to cover liabilities across the platform. This can be more practical and can reduce reliance on less liquid assets or volatile altcoins.

However, the composition of those reserves matters. If an exchange uses its own native token as a significant reserve asset, the apparent coverage can deteriorate rapidly if the token loses value. The collapse of FTX illustrated this risk: FTX's balance sheet relied heavily on FTT, its native token, creating a feedback loop between the exchange's solvency and the value of its own asset.

Reserve coverage therefore needs to be assessed not only by its percentage, but also by the method used and the assets providing the coverage.

For an asset-level PoR, an exchange could be fully backed in BTC but undercollateralized in USDT. For an overall-liability PoR, the exchange may instead use BTC, ETH, USDT, and USDC to cover customer liabilities across the platform.

The quality and liquidity of the reserve assets also influence the strength of the coverage. BTC, ETH, USDT, and USDC have deep markets and can generally be transferred or sold more easily than an exchange's own token or an asset with limited liquidity.

In our example, KuCoin's report shows collateral above 100% for each asset:

5. When Was the Information Verified?

A PoR is a snapshot, which describes the reserve position at a specific point in time.

Therefore it's important to check the verification date, not just the publication date, given the two dates may differ. How often the exchange publishes a new assessment should also be checked.

The KuCoin report was published on August 10, 2026, while the technical verification took place on July 31, 2026.

This is the main limitation of any point-in-time PoR. An exchange can move assets after the snapshot. More frequent assessments reduce the gap but do not eliminate it.

In plain terms, PoR reports become stale. How quickly this happens depends on how often the exchange publishes new verification reports:

Daily snapshots become stale within 24 hours.
Monthly attestations become stale within a few weeks. This is a common cadence for centralized crypto exchanges.
Quarterly audits become stale within three months, leaving a longer period in which an exchange's financial position can change.

Limits of Proof of Reserves

PoR is useful, but it does not answer every question about an exchange. It generally does not establish:

Whether reserves are encumbered. Assets can be pledged as collateral, locked in other protocols, or subject to legal claims.
What happens between snapshots. Assets can move after the assessment.
The quality of the reserves. Two exchanges can report the same coverage ratio while holding very different assets.
Operational and security risk. PoR does not show whether an exchange's infrastructure is secure, how it manages access controls, or how it responds to incidents.

This is where broader exchange risk assessment becomes important. CORE3 complements CoinGecko's Trust Score and Proof of Reserves by assessing the dimensions that PoR does not cover, including exchange security, solvency, and transparency. This provides users with a deeper view of an exchange's risk profile than reserve verification alone.

For this reason, "Proof of Reserves: yes/no" is a limited measure. The quality and scope of the evidence matter.

For Exchanges: Publish Evidence That Users Can Verify

Exchanges can make their PoR more useful by publishing the information needed to assess it independently.

At a minimum, this should include:

assets and networks covered
reserve wallet addresses
the method used to verify wallet control
customer liabilities included in the assessment
reserve coverage for each asset
reserve composition
assessment and verification dates
assessment frequency
whether customers can verify their own inclusion
the independent assessor and the scope of its work

A reserve figure on its own gives users little to verify. Detailed, recurring, and independently verifiable disclosures provide much stronger evidence.

Looking Beyond Proof of Reserves

Proof of Reserves is useful, but it covers only one part of exchange risk. It can show whether specific assets covered customer liabilities at a point in time. But it’s not scoped to assess broader security: if the exchange's infrastructure is secure, whether its reserves are exposed to other risks, or how transparent and resilient its operations are.

CoinGecko's Trust Score provides a broader view by considering factors such as liquidity, cybersecurity, regulation, and incident history. Its cybersecurity component is supplemented with CORE3 data of exchanges’ penetration test, bug bounty, and Reserves verification audit.

Apart from Trust Score, on its platform, CORE3 provides deeper insight into exchange risk across three dimensions: Security, Solvency, and Transparency. For Solvency, it goes beyond a simple PoR yes/no check by assessing the quality and scope of reserve evidence, including reserve composition, verification methodology, and disclosure transparency. Security assessment covers the technical and operational risks that PoR does not address, while Transparency assesses the quality and availability of information needed to independently assess an exchange.

Together, these signals provide a more complete picture of exchange risk. Proof of Reserves can provide evidence that an exchange has sufficient assets to cover the liabilities included in an assessment. CORE3 supplements this evidence with security, solvency, and transparency data to help users assess the broader Probability of Loss.

For exchanges, publishing verifiable reserve information is one way to demonstrate financial transparency. Making this information available for independent assessment gives users and institutions more evidence to evaluate the exchange.

Explore exchange risk assessments on CORE3 and compare exchanges on CoinGecko.

This article is written in collaboration with CORE3.

CoinGecko's Cybersecurity Score Now Runs on CORE3: What Changed for 166 Exchanges

2026-09-02T09:42:48Z

CoinGecko, the world’s largest independent cryptocurrency data aggregator, and CORE3, Hacken's risk infrastructure layer for digital assets, today announced that the cybersecurity component of CoinGecko’s Trust Score for centralized exchanges has migrated from CER.live to CORE3.

CoinGecko’s exchange cybersecurity score was powered by CER.live’s framework for six years. The migration to CORE3 brings a forward-looking assessment of emerging risks of cryptocurrency exchanges before they become losses.

The migration covers 166 centralized exchanges. Individual exchange cybersecurity scores are expected to change by no more than two percentage points, ensuring continuity for CoinGecko users. On CoinGecko, users will continue to see an exchange’s cybersecurity rating alongside key assessment indicators, including whether it has undergone penetration testing, maintains a bug bounty program, and has completed a Proof of Reserves audit.

Users seeking a broader assessment can access CORE3’s full risk breakdown across Security, Solvency, and Transparency. Together, these dimensions inform CORE3’s Probability of Loss (PoL), a forward-looking metric that estimates the likelihood of a loss event arising from factors such as a security breach, insolvency, or operational failure.

What Changed in CoinGecko’s Cybersecurity Trust Score

CORE3 refined the underlying checks during the migration. Individual exchange cybersecurity scores are expected to change by no more than ±2 percentage points as a result, minimizing disruption for CoinGecko users. Users can also access a broader, multidimensional risk breakdown on CORE3, including the Security, Solvency, and Transparency categories.

What This Means for Exchanges

Increased transparency helps users and other decision-makers assess and manage counterparty risk more effectively, including how exchanges approach cybersecurity, solvency, and disclosure. Exchanges that have not yet submitted reserve data to CORE3 are encouraged to do so on CORE3, as verified reserves provide users with an important signal when assessing counterparty risk and enable qualifying exchanges to receive CORE3's Solvency seal.

Operational security—including key management and signer infrastructure, which account for a significant portion of losses in the blockchain market today—is already included in the cybersecurity Trust Score through the cryptocurrency cybersecurity standard (CCSS) from the CORE3 security score.

Updated Trust Scores are already available on CoinGecko. Rated entities can review their multidimensional risk breakdown and the criteria behind each category at core3.io.