A few months ago SpaceX opened on Nasdaq at $150. My first thought wasn't the IPO. It was that people onchain had been pricing this thing for months with nothing to price against. So I asked the team how close they got. The night before it listed, pre-IPO perps had it at $157.40. The open was about $150 or roughly 4.9% off, with no order book, no float, no reference price. So we pulled the data on the whole tokenized equities market and what surprised me: - Everyone assumes spot tokenized stocks are where the volume is but it's 50 to 1 the other way. $376.3B perps vs $7.5B spot in July - Post-listing, perps tracked Nasdaq at 0.996 correlation. The spot wrappers managed 0.95, and gapped to a 13.1% discount during the June rally - Over 70% of open interest sits on two venues. One dead off-hours window produced a 20% flash crash on SK Hynix perps, about a minute long, hours before Seoul opened down 15% These are still small market and structurally fragile. Anyone telling you it's ready is selling something but it's putting a price on equities before the exchange opens, and it keeps landing close. Full report, charts and methodology: https://gcko.io/1jvgbbm(Bobby Ong)