A well-known stock can now be found in three forms. There is the share on the exchange. There is the stock token on Robinhood Chain. There is the stock perp on a derivatives venue. They carry the same ticker and move in the same general direction. A trader new to the on-chain versions should start by treating them as three separate things.
The share
The share is the original. It trades on a stock exchange during set hours and it stops at the close. Its price in the regular session is the reference that the other two follow. Options are listed on it, which is why dealer positioning, gamma and walls exist for the share and for nothing else on this list.
The stock token
A stock token is a contract on a chain that represents the share. Its total supply is the number of shares on-chain. Supply rises when tokens are minted and falls when they are redeemed. It uses no leverage and pays no funding. The introduction is in what a stock token is, and what it is not.
The token exists all week. Its published quote goes wide outside market hours, and only a few tokens have an on-chain pool that prices them all week. What a holder is entitled to is set by the issuer’s own terms, and those should be read directly.
The stock perp
A stock perp is a derivative. It holds no shares. It settles in a stablecoin and trades around the clock, weekends included. It has a mark price, an oracle price it follows, and a funding payment between longs and shorts charged every hour. Maximum leverage varies by market and is set by the venue. The full account is in stock perps, explained.
The same ticker can list on more than one book, each with its own price and open interest. Those are separate markets and are never added together.
What each one’s data says
The share gives price and volume during the session, and through its options, dealer positioning.
The token gives supply. A rising count of shares on-chain says exposure is being created. Nothing in a perp or a share reports that, and it is read in shares on-chain: what mint and redeem flow tells you.
The perp gives open interest, funding and premium. Those describe leveraged positioning: how much is open and which side is paying to hold it. Funding on a stock perp covers the second.
Where people mix them up
Token supply is not open interest. One counts tokens that exist and the other counts derivative contracts that are open. Adding them gives a figure with no meaning.
A weekend perp price is not the stock’s price, and neither is a weekend pool price for the token. Each is a market price in its own venue. The share has no weekend price at all.
Perps and stock tokens have no dealer gamma, no flip and no walls. Those belong to the options market.
Where to see it
The Stocks On-Chain tab of the Crypto Market Map lists every stock token and every stock and index perp in one place, kept in separate tables. The Perps & Futures tab on Trader shows the index and mega-cap perps with on-chain shares for SPY, QQQ and the mega-caps.