Bitget, Reality, and Keyring Release Research Report, Plan to Launch First On-Chain Equity Basis Trading Strategy

According to TechFlow, on October 28, Bitget, together with Reality and Keyring, released a research report exploring the synergies among tokenized stocks, perpetual contracts, and decentralized lending, and assessing the potential returns and risks of related strategies through simulation. The report noted that applications of tokenized stocks are expanding from traditional stock trading to more scenarios such as collateralized lending, asset management, and systematic investment strategies.

The study uses Reality's rToken as the foundation, combining equity perpetual contract hedging and on-chain lending mechanisms to explore equity basis return strategies. Historical simulation data shows that from December 15, 2025 to October 19, 2026, the strategy index delivered annualized net returns of approximately 7% in-sample and 4% out-of-sample, with gross funding rate premiums of approximately 11%–14%. The report also noted that financing costs, transaction execution fees, market liquidity, and risk management are key factors affecting the strategy's actual returns.

It is reported that Bitget and Keyring plan to jointly develop an equity basis index and build an on-chain lending market based on Reality's rToken. In this framework, Reality provides tokenized stock asset exposure, while Keyring is responsible for developing the index methodology and building the related lending market. The index aims to capture funding rate and basis return opportunities by combining rToken positions with hedging positions in corresponding equity perpetual contracts, providing a new strategy pathway for the application of tokenized stocks in on-chain financial scenarios.

Source: TechFlow