Bitget, in collaboration with Reality and Keyring, is exploring an on-chain stock basis trading strategy based on rToken. The core mechanism involves holding a long position in rToken and a perpetual short position in the corresponding stock, capturing funding rate and basis gains, and attempting to achieve leverage and decentralized margin management through an on-chain lending market. Historical simulations show annualized net returns of approximately 7% and 4% for in-sample and out-of-sample results, respectively, with a gross funding rate premium of approximately 11%-14%. However, actual returns are highly sensitive to execution costs, financing costs, and liquidity. This is an attempt to extend rTOKEN, a US stock token, into a systematic DeFi strategy, but cross-protocol margin coordination, oracles, and liquidation mechanisms remain major challenges for implementation. The product is planned for distribution through Bitget's financial platform, subject to final review and launch. Original article: https://www.(bitget.com)/zh-CN/blog/articles/bitget-reality-keyring-decentralising-equity-basis-with-rtoken