Platforms · Software · Providers · Markets
BingX began offering more than 7,000 US-listed stocks and ETFs on Tuesday, with Alpaca providing the brokerage infrastructure. Customers fund purchases from existing crypto balances in USDT or USDC.
Alpaca is responsible for custody, clearing and settlement, and the assets bought are US securities rather than tokenised versions, according to the release. Orders can be placed around the clock on five days each week, using market or limit instructions, with a $5 minimum.
Bybit added more than 1,000 US stocks and ETFs on Monday, also using Alpaca. That makes it the second crypto exchange in two days to use the provider for this type of access. Both exchanges already offered leveraged contracts linked to US equities; the new services add purchases of the securities themselves. CoinGecko data shows perpetual futures on traditional assets reached more than $1.32 trillion from January to May, against $104.21 billion over all of 2025. Even so, equity-linked contracts represented less than 1% of traditional stock-market volume in May.
The exchanges have taken different routes into traditional assets. Bybit has offered stock CFDs through a MetaTrader 5 account since June 2025, alongside FX and gold, through a Mauritius-licensed entity.
BingX says its perpetual-futures range had grown past 500 markets in August, including gold, crude oil, the S&P 500 and individual shares. Kraken began serving American clients with more than 11,000 US stocks and ETFs through Alpaca in April 2025. In July, Kraken parent Payward and BMO provided debt as part of Alpaca's $435 million financing package. Bitget's Stock+ service, launched in June, converts deposits to USDC and buys US shares through RQD Clearing and Atomic Vaults Securities, according to Bitget.
OKX and Intercontinental Exchange, which owns the New York Stock Exchange, are pursuing tokenised securities instead. Their joint venture plans continuous trading in 63 tokenized US stocks.
The launch offer gives clients $10 in Tesla shares after a first stock trade, but the release does not identify eligible countries. BingX, founded in 2018, says it has more than 40 million users.
Reported figures
| Measure | Figure or timing |
|---|---|
| BingX stocks and ETFs | More than 7,000 |
| Bybit stocks and ETFs | More than 1,000 |
| BingX minimum order | $5 |
| Trading availability | 24 hours per day; five days weekly |
| Traditional-asset perpetual futures, January to May | More than $1.32 trillion |
| Traditional-asset perpetual futures in all of 2025 | $104.21 billion |
| Equity-linked contracts' share of traditional stock volume in May | Less than 1% |
| BingX traditional-asset markets in August | More than 500 |
| Kraken stocks and ETFs | More than 11,000 |
| Alpaca financing package | $435 million |
| OKX and ICE planned tokenized stocks | 63 |
| OKX launch promotion | $10 in Tesla shares |
| BingX founding year and stated user base | 2018; more than 40 million users |
The integration question
For platform operators, the new service links crypto funding to a brokerage workflow, with Alpaca handling the securities' custody and post-trade processes. The launch details were first reported by Finance Magnates. The release does not explain how BingX represents funding conversions and securities positions across its systems, or how exceptions are reconciled between the exchange and Alpaca.
Those are operational points to clarify before supporting the service: which system is authoritative for order and position records, how USDT and USDC balances reconcile with securities held by Alpaca, and how orders and settlement are managed across the stated trading schedule. The release also does not set out the workflow for failed or delayed settlement, or the reporting responsibilities assigned to each provider.
