NVIDIA-Linked Contract Depth Reaches $4.1 Million, Equivalent to 75% of BTC Spot Market

In the perpetual futures market for tokenized real-world assets on Bitget, the depth of the NVIDIA-linked contract has been analyzed to be $4.1 million, which corresponds to approximately 75% of the Bitcoin spot market. This contract is a derivative that tracks the prices of gold, the SPDR S&P 500 ETF, NVIDIA stocks, and the Invesco QQQ Nasdaq-100 ETF, without providing ownership of the underlying assets. According to a report by Block Scholes, the daily median bid depth within ±2% of the mid-price of NVDA-USDT was recorded as of May 14. The snapshot of the Bitget BTC/USDT spot market on May 21 showed $5.5 million. The bid-ask spread for SPY-USDT narrowed from 1.76 basis points at 10:33 PM on May 18 to 0.14 basis points at 11:21 PM. The slippage for large orders decreased over time, with the slippage for a $100,000 market buy order of SPY-USDT reducing from 14.88 basis points to 10.66 basis points. Perpetual futures are available for trading 24 hours a day, but are influenced by traditional market hours. This analysis is related to the expansion of Bitget's stock token product offerings.

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