Tokenization doesn't magically create liquidity—it just fragments it.
Delphi ran a $100K $NVDA tokenized equity test on July 16 during US hours. Results? 24x difference in slippage between Jupiter and Bybit. Same asset, wildly different execution costs depending on where you trade.
Bybit won on price because one fat resting order absorbed nearly the entire buy. Clean fill, tight spread. Binance? That same trade chewed through 53 smaller orders, walking the book higher with each fill. More distributed liquidity, but you paid for it in slippage.
After US market close, things got worse. Bybit's edge narrowed as the top of the book thinned out. Onchain stayed consistently expensive throughout. Timing and venue choice both matter—a lot.
Bottom line: tokenizing equities makes them accessible across more venues, but liquidity doesn't follow automatically. Every venue still needs real depth and order book resilience or you're just getting rekt on execution. Don't assume all tokenized markets are created equal.
Delphi ran a $100K $NVDA tokenized equity test on July 16 during US hours. Results? 24x difference in slippage between Jupiter and Bybit. Same asset, wildly different execution costs depending on where you trade.
Bybit won on price because one fat resting order absorbed nearly the entire buy. Clean fill, tight spread. Binance? That same trade chewed through 53 smaller orders, walking the book higher with each fill. More distributed liquidity, but you paid for it in slippage.
After US market close, things got worse. Bybit's edge narrowed as the top of the book thinned out. Onchain stayed consistently expensive throughout. Timing and venue choice both matter—a lot.
Bottom line: tokenizing equities makes them accessible across more venues, but liquidity doesn't follow automatically. Every venue still needs real depth and order book resilience or you're just getting rekt on execution. Don't assume all tokenized markets are created equal.
