24/7 Equity Trading with Crypto Collateral: Redefining Liquidity and Market Accessibility in 2025

The financial landscape in 2025 is undergoing a seismic shift as 24/7 equity trading with crypto collateral emerges as a transformative force. At the forefront of this evolution are platforms like BitMEX, which have pioneered equity perpetual contracts (perps) to bridge traditional markets and decentralized finance (DeFi). These innovations are not merely speculative experiments but are redefining liquidity dynamics and democratizing access to global equities. By enabling continuous trading, fractional ownership, and cross-border participation, crypto-collateralized equity perps are challenging the dominance of legacy exchanges and reshaping how capital flows in the digital age.

BitMEX Equity Perps: A New Paradigm for Price Discovery

BitMEX's launch of equity perpetual contracts in 2025 marked a pivotal moment in the convergence of traditional and crypto markets. These contracts allow traders to gain leveraged exposure to major indices like the S&P 500 and Nasdaq 100 without the constraints of traditional trading hours. By 2025, daily trading volumes for equity perps had already surpassed $100 million, with projections of reaching billions by 2026. The platform's fee structure-2.5 basis points for makers and 7.5 basis points for takers-further incentivizes liquidity provision, while 100x leverage amplifies capital efficiency for traders.

Arthur Hayes, co-founder of BitMEX, argues that equity perps will overtake traditional exchanges like the CME by 2026. His rationale hinges on the inherent advantages of perpetual futures: 24/7 trading, no expiration dates, and the elimination of rollover costs. These features address critical pain points in traditional markets, where liquidity is constrained by geographic and temporal limitations. For instance, while the New York Stock Exchange (NYSE) processes over ten times the daily volume of Binance, its operations are confined to 9:30 a.m.–4:00 p.m. ET, leaving gaps in market participation. Equity perps, by contrast, enable continuous price discovery, reducing the risk of overnight gaps and enhancing market efficiency.

Tokenized Finance: Liquidity, Accessibility, and Regulatory Momentum

The rise of equity perps is part of a broader trend toward tokenized finance, which is redefining liquidity and market accessibility. Tokenization-representing real-world assets (RWAs) as blockchain-based tokens-has unlocked new possibilities for fractional ownership, real-time settlements, and programmable capital. For example, tokenized U.S. Treasuries and cash equivalents surpassed $7.4 billion in value on public chains by September 2025, while tokenized real estate projects like the Aspen St. Regis Resort in Colorado enabled small investors to participate in luxury property markets according to SP Global research.

Regulatory developments have accelerated this shift. In 2025, over 70% of jurisdictions reviewed by TRM Labs advanced stablecoin frameworks, including the U.S. GENIUS Act and the EU's Markets in Crypto-Assets (MiCA) regulation. These frameworks provided clarity for institutions to engage with tokenized assets, fostering innovation in cross-border payments and collateral management. Singapore's Project Guardian and the SEC's December 2025 no-action letter further signaled institutional acceptance of tokenization. Meanwhile, the Middle East has emerged as a global leader, with Dubai's VARA framework and Saudi Arabia's blockchain-based property registration systems setting new standards.

Liquidity Metrics: Traditional vs. Crypto-Collateralized Markets

Comparative liquidity metrics highlight the disruptive potential of crypto-collateralized platforms. Traditional equity markets, while deep and stable, face structural limitations. The NYSE's average daily trading volume far exceeds that of crypto exchanges like Binance, but its liquidity is confined to trading hours. In contrast, crypto markets operate 24/7, with decentralized exchanges (DEXs) like Uniswap V3 offering automated market makers (AMMs) to facilitate continuous trading according to Alaric Securities analysis. However, crypto liquidity remains fragmented, with bid-ask spreads and slippage varying significantly across platforms.

Equity perps occupy a middle ground. Tokenized stocks, for instance, exhibit price deviations from their underlying assets during off-hours but maintain effective arbitrage mechanisms for micro-trades under $100 as SP Global reports. This hybrid model combines the depth of traditional markets with the flexibility of crypto, enabling retail investors to trade fractional shares of global equities at scale. The October 2025 crypto bear market, however, exposed vulnerabilities: liquidity in crypto markets dried up rapidly, widening bid-ask spreads and exacerbating volatility. Institutional adoption of spot Bitcoin ETFs has since injected stability, but challenges like fragmented order books persist.

Case Studies: Tokenized Finance Beyond BitMEX

The impact of tokenized finance extends far beyond equity perps. In Asia, Amber Premium and Evolve have tokenized infrastructure projects like solar farms and EV-charging networks, enabling investors to earn proportional returns from clean energy initiatives according to Fortune Asia reporting. In Africa, Lagos State's property-tokenization program is addressing housing shortages by allowing small investors to purchase digital tokens representing real estate shares as International Banker reports. Meanwhile, the Middle East's blockchain-based bonds and tokenized money-market funds demonstrate how digital assets can attract retail capital while complying with stringent regulatory standards.

These examples underscore tokenization's role in democratizing access to previously illiquid assets. By lowering entry barriers and enabling 24/7 trading, tokenized finance is fostering financial inclusion on a global scale. For instance, the tokenization of Siemens' €60 million digital bond under Germany's eWpG framework showcased the efficiency of on-chain capital raising, while Nigeria's Die MOS Inisiatief bond highlighted how tokenization can attract retail investors with low minimums.

Conclusion: A New Era of Capital Markets

The convergence of 24/7 equity trading, crypto collateral, and tokenized finance is redefining liquidity and market accessibility in 2025. BitMEX's equity perps exemplify how perpetual futures can bridge traditional and digital markets, offering continuous price discovery and leveraged exposure. Meanwhile, tokenization is unlocking liquidity in real-world assets, from U.S. Treasuries to luxury real estate, while regulatory clarity is accelerating institutional adoption.

For investors, the implications are clear: the future of capital markets will be shaped by platforms that combine the depth of traditional exchanges with the flexibility of crypto. While challenges like liquidity fragmentation and volatility remain, the trajectory is unmistakable. As Arthur Hayes predicted, equity perps and tokenized finance are not just alternatives to traditional markets-they are poised to redefine them.