What you are looking at
Tokenized stocks, traded as perps
A tokenized stock — an xStock — is an on-chain token that tracks a real equity like SanDisk, SK Hynix, Invesco QQQ ETF, MicroStrategy, Circle Internet Financial, Nvidia, Alphabet, Intel, SPDR S&P 500 ETF, Samsung Electronics, Tesla, Apple. Several venues list perpetual futures on them, so you can go long or short SanDisk with leverage, all day, every day — including the nights and weekends when the actual stock market is shut. This board carries the live funding rate for 24 tokenized stocks across 14 venues, each normalized to a common 8-hour basis, with whether its underlying market is open right now beside every row. Open any name for the full coin breakdown.
Why the APR looks insane at night
A closed market inflates the annual number — read the 8-hour rate instead.
A perp holds its peg to the underlying with funding: when the token drifts from the stock it tracks, one side pays the other. While the equity market is open, arbitrageurs keep the two in line and funding stays small. But overnight and at weekends the stock cannot trade, the peg drifts, and funding spikes to drag it back — and there is no way to hedge it with the real shares. Annualize that weekend spike and you get a headline APR in the hundreds or thousands of percent that nobody can actually earn: it assumes a single eight-hour print repeats every eight hours for a year, when it will collapse the moment the market reopens. Right now SanDisk is the clearest example — its market is closed, its funding is running at 0.278% per 8h, which annualizes to a misleading 295% APR. That is why this page leads with the 8-hour rate and greys out the annual figure for any stock whose market is shut.
24 of the 24 tokenized stocks on this board have a closed underlying market at this refresh; their annualized APR is shown muted and flagged.
The most traded right now
The tokenized stocks on the board
The deepest tokenized-stock perp markets by 24h volume, each with its current 8-hour funding and whether its underlying market is open:
- SSNDKSanDisk · 8 venues · Closedopens Mon 13:30 UTC+0.278%
- SSKHYNIXSK Hynix · 6 venues · Closedopens Mon 24:00 UTC+0.230%
- QQQQInvesco QQQ ETF · 7 venues · Closedopens Mon 13:30 UTC+0.003%
- MMSTRMicroStrategy · 8 venues · Closedopens Mon 13:30 UTC+0.028%
- CCRCLCircle Internet Financial · 8 venues · Closedopens Mon 13:30 UTC+0.026%
- NNVDANvidia · 8 venues · Closedopens Mon 13:30 UTC+0.010%
- GGOOGLAlphabet · 10 venues · Closedopens Mon 13:30 UTC+0.018%
- IINTCIntel · 8 venues · Closedopens Mon 13:30 UTC+0.027%
- SSPYSPDR S&P 500 ETF · 5 venues · Closedopens Mon 13:30 UTC+0.004%
- SSAMSUNGSamsung Electronics · 5 venues · Closedopens Mon 24:00 UTC+0.010%
- TTSLATesla · 9 venues · Closedopens Mon 13:30 UTC+0.010%
- AAAPLApple · 7 venues · Closedopens Mon 13:30 UTC+0.012%
The percentage is funding per 8 hours, not annualized — the honest read in any session. This block is a snapshot of the live board above and is rebuilt every few minutes.
FAQ
Tokenized-stock funding, answered
What is a tokenized stock (xStock)?
A tokenized stock is an on-chain token designed to track the price of a real equity — Apple, Nvidia, Tesla, MicroStrategy, SK Hynix, Samsung, an ETF like SPY or QQQ, and others. Because it lives on a blockchain, venues can list a perpetual future on it and let you trade the exposure 24/7 with leverage, without touching a traditional broker. DeltaPulse tracks the live funding rate for 24 such tokenized stocks across 14 venues.
Why is the funding APR on a tokenized stock sometimes 1000%+?
Almost always because its underlying stock market is closed. A stock perp keeps charging funding around the clock to hold its peg, but the shares themselves only trade a few hours on weekdays. Overnight and at weekends the peg drifts with nothing to arbitrage it, funding spikes, and annualizing that spike — projecting one eight-hour print across a whole year — produces an APR in the hundreds or thousands of percent. It is a real funding payment for one interval, but not a yield anyone can lock in, because it evaporates when the market reopens. That is why this page leads with the 8-hour rate and greys out the annual figure while a market is closed.
How should I read the numbers on this page?
Lead with the 8-hour funding rate — it is what is actually being paid this interval, in any session. Treat the annualized Net APR as a projection that is only meaningful while the underlying market is open, and ignore it entirely for a stock whose market is closed (we mute and flag it for exactly that reason). The "Market" column tells you which regime you are in, and when a closed market next reopens.
Why is SanDisk's APR flagged as unreliable?
SanDisk's underlying market is closed at this refresh, so its funding is being annualized out of its fair window. The 8-hour rate is the number to read; the annual APR beside it assumes that rate repeats all year, which it will not once the market reopens and arbitrage pulls funding back toward zero. We show it muted rather than hiding it, so you can see the raw funding without mistaking it for an earnable yield.
Can I actually arbitrage tokenized-stock funding?
Sometimes, but it is harder than crypto funding arbitrage. A clean funding trade needs a hedge — a second leg whose price cancels the first. For a crypto perp you can hedge on another venue; for a tokenized stock the natural hedge is the real share, which you cannot trade while the market is closed, exactly when funding is most extreme. Cross-venue spreads between two tokenized-stock perps are possible where more than one venue lists the same name, which is why the venue count sits beside every row.
Do I need an account to see this data?
No. The whole tokenized-stock board, every coin page and the live funding data are open with no account and no delay. DeltaPulse is analytics, not a broker — we never hold funds and never place an order. An account only adds what is yours: funding alerts and a read-only view of the exchange accounts you connect.
