BitMEX is stepping outside the world of pure crypto by launching a new trading product called Equity Perps. These are 24/7 perpetual contracts that let users trade big-name US stocks and indices like Apple, Tesla, Nvidia, the S&P 500, and Nasdaq — all using crypto as collateral. This means you can gain exposure to traditional stock markets without needing to convert your crypto or wait for Wall Street’s opening hours.

Equity Perps work similarly to how perpetual swaps transformed crypto trading — they don’t expire, offer leverage, and use a funding rate system. Now, BitMEX is applying that same concept to stock trading, making it possible to trade equities anytime, anywhere.

This move is part of a growing trend where crypto exchanges are bringing stocks onchain. Bitget recently revealed that its tokenized stock trading volume passed $1 billion, with most of that happening in December. A major factor was the rising interest in gold and silver as traditional markets hit record highs.

Bitget’s CEO Gracy Chen noted that the surge in December matched growing excitement around AI and tech stocks, creating the perfect storm for active traders. At the same time, Kraken’s xStocks — tokenized versions of real-world equities — surpassed $10 billion in combined trading volume. Meanwhile, Coinbase is working to integrate stocks, prediction markets, and tokenized assets into its platform.

These developments all point to a bigger shift: traditional assets like stocks, ETFs, and commodities are starting to trade more like crypto — with higher liquidity and round-the-clock availability.

BitMEX aims to attract younger investors, especially Gen Z, who tend to prefer crypto and tech over traditional stock investments. CEO Stephan Lutz said many of these users want control over their own trades and the flexibility to trade anytime — not just during standard market hours. Equity Perps let them do exactly that while keeping their crypto holdings intact by using them as collateral.

The new contracts are offered through a Panamanian entity and include features like maker rebates (2.5 basis points), zero funding fees when prices are near fair value, and support for multiple collateral types including Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and stablecoins.

Despite the momentum, there are still regulatory concerns. In many countries, the rules around tokenized stocks and similar products are still unclear. Regulators in the US and Europe have raised questions about investor protection and how securities laws apply to these new tools.

Lutz emphasized that BitMEX wants to run a responsible business that follows all relevant laws. He also pointed out that their Equity Perps are cash-settled, avoiding some of the complications tied to directly owning tokenized shares.

Chen added that regulations vary widely by country and sees this as part of the natural growth process for an industry that’s evolving quickly. As more platforms bring traditional finance into the crypto space, products like Equity Perps could become a core part of the market rather than just a niche offering.