Asset · ETF
Where to trade tokenized SPDR S&P 500 ETF (SPY)?
30-SECOND ANSWER · TL;DR
As of 2026-07-07, tokenized SPDR S&P 500 ETF (SPY) spot tokens trade on 5 venues (issuers: Ondo Global Markets, xStocks (Backed)), and stock perpetuals are offered on 2 venues. Every spot venue excludes US users. A self-custody wallet + DEX route also exists on BNB Chain / Ethereum / Ink / Mantle / Solana / TON / X Layer. Per-venue restrictions are in the table below. Venue comparison
| Venue | Form | Issuer | Regional restrictions | KYC | Fees / leverage | Redemption | Stress-test record | Verified | Details |
|---|---|---|---|---|---|---|---|---|---|
| Gate gate.com | Spot token | Ondo Global Markets SPYON | Blocks AF · BY · CA · CU · IR · KP · LY · MM · RU · SD · SO · SS · SY · US Prohibits U.S. persons under Regulation S and orders placed from within the United States; sanctioned regions such as Crimea prohibited; Brazil, EEA, Hong Kong, Malaysia, Singapore, Switzerland and the UK are restricted to Qualified Investor / Professional Client / Accredited Investor status | Required | — | Tokens are redeemable for cash or stablecoins at the then-value of the underlying assets; no mint or burn fees; holders do not receive shareholder voting rights | — | 2026-03-23 | Details |
| Ondo Global Markets ondo.finance | Spot token | Ondo Global Markets SPYON | Blocks AF · BY · CA · CU · IR · KP · LY · MM · RU · SD · SO · SS · SY · US Prohibits U.S. persons and orders placed from within the United States; Brazil, EEA, Hong Kong, Malaysia, Singapore, Switzerland and the UK are restricted to Qualified Investor / Professional Client / Accredited Investor status Prohibits U.S. persons under Regulation S and orders placed from within the United States; sanctioned regions such as Crimea prohibited; Brazil, EEA, Hong Kong, Malaysia, Singapore, Switzerland and the UK are restricted to Qualified Investor / Professional Client / Accredited Investor status | Required | No mint or burn fees; the quoted price is the price you will pay | Tokens are redeemable for cash or stablecoins at the then-value of the underlying assets; no mint or burn fees; holders do not receive shareholder voting rights | — | 2026-07-06 | Details |
| Bitget bitget.com | Spot token | xStocks (Backed) SPYx · SPYx · SPYx · SPYx · SPYx · SPYx · SPYx | Blocks GB · US Not registered under the U.S. Securities Act and may only be offered to non-U.S. persons; issuer states products are NOT available for UK clients; direct primary purchase requires Swiss FinSA Professional Client or EU/EEA Qualified Investor status | — | No transaction fees for buying or selling these tokenized stocks on Bitget Onchain (the xStocks framework itself carries a fee of about 0.5%) | Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights | — | 2026-07-06 | Details |
| Gate gate.com | Spot token | xStocks (Backed) SPYx · SPYx · SPYx · SPYx · SPYx · SPYx · SPYx | Blocks GB · US Not registered under the U.S. Securities Act and may only be offered to non-U.S. persons; issuer states products are NOT available for UK clients; direct primary purchase requires Swiss FinSA Professional Client or EU/EEA Qualified Investor status | Required | — | Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights | — | 2026-03-23 | Details |
| Kraken kraken.com | Spot token | xStocks (Backed) SPYx · SPYx · SPYx · SPYx · SPYx · SPYx · SPYx | Blocks AU · CA · GB · US Available to eligible non-US clients in 110+ countries; not accessible in the US (or to US persons), Canada, UK, or Australia; EEA clients must first pass an appropriateness questionnaire and may trade with fiat only Not registered under the U.S. Securities Act and may only be offered to non-U.S. persons; issuer states products are NOT available for UK clients; direct primary purchase requires Swiss FinSA Professional Client or EU/EEA Qualified Investor status | — | No trading fees when purchasing xStocks with USDG or USD; Kraken Pro spot orderbook has a -2 bps maker rebate and 10 bps taker fee; a fixed 1% fee applies when converting xStocks | Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights | SpaceX on-chain IPO：Better delivery than peers on the same channel, but the promise-vs-allocation intermediary risk is real | 2026-07-06 | Details |
| Gate gate.com | Perp | No issuer (synthetic) | Not stated — see official terms | Required | — | N/A | — | 2026-03-23 | Details |
| Kraken kraken.com | Perp | No issuer (synthetic) | Blocks US Offered to eligible non-U.S. clients in over 110 countries by Payward Digital Solutions Ltd. (PDSL), licensed by the Bermuda Monetary Authority | — | up to 20x | N/A | SpaceX on-chain IPO：Better delivery than peers on the same channel, but the promise-vs-allocation intermediary risk is real | 2026-07-06 | Details |
| Wallet + DEX DEX · BNB Chain | Spot token Self-custody | xStocks (Backed) SPYx | No protocol-level restriction; front ends may geoblock | Not required (wallet) | — | Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights | — | 2026-07-07 | Wallet + DEX guide |
| Wallet + DEX Uniswap · Ethereum | Spot token Self-custody | Ondo Global Markets, xStocks (Backed) SPYON · SPYx | No protocol-level restriction; front ends may geoblock | Not required (wallet) | — | Per issuer terms | — | 2026-07-07 | Wallet + DEX guide |
| Wallet + DEX DEX · Ink | Spot token Self-custody | xStocks (Backed) SPYx | No protocol-level restriction; front ends may geoblock | Not required (wallet) | — | Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights | — | 2026-07-07 | Wallet + DEX guide |
| Wallet + DEX DEX · Mantle | Spot token Self-custody | xStocks (Backed) SPYx | No protocol-level restriction; front ends may geoblock | Not required (wallet) | — | Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights | — | 2026-07-07 | Wallet + DEX guide |
| Wallet + DEX Jupiter · Solana | Spot token Self-custody | xStocks (Backed) SPYx | No protocol-level restriction; front ends may geoblock | Not required (wallet) | — | Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights | — | 2026-07-07 | Wallet + DEX guide |
| Wallet + DEX DEX · TON | Spot token Self-custody | xStocks (Backed) SPYx | No protocol-level restriction; front ends may geoblock | Not required (wallet) | — | Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights | — | 2026-07-07 | Wallet + DEX guide |
| Wallet + DEX DEX · X Layer | Spot token Self-custody | xStocks (Backed) SPYx | No protocol-level restriction; front ends may geoblock | Not required (wallet) | — | Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights | — | 2026-07-07 | Wallet + DEX guide |
“Details” opens the venue page; outbound links there go through /go/ redirects (disclosed). Stress-test record = the venue’s actual delivery in historical events, linked to the event page.
First trade? Pick your route
FAQ
Does holding the SPY token equal owning SPDR S&P 500 ETF stock?
No. You hold an issuer's (Ondo Global Markets, xStocks (Backed)) tracker instrument on the underlying stock — price exposure, not shareholder rights. Ondo Global Markets redemption: Tokens are redeemable for cash or stablecoins at the then-value of the underlying assets; no mint or burn fees; holders do not receive shareholder voting rights. xStocks (Backed) redemption: Holders who complete Backed's verification process can redeem directly with Backed at NAV (subject to additional fees); secondary holders do not receive underlying shareholder rights.
Which regions cannot trade tokenized SPY?
Gate (Spot token): Blocks AF · BY · CA · CU · IR · KP · LY · MM · RU · SD · SO · SS · SY · US; Ondo Global Markets (Spot token): Blocks AF · BY · CA · CU · IR · KP · LY · MM · RU · SD · SO · SS · SY · US; Bitget (Spot token): Blocks GB · US; Gate (Spot token): Blocks GB · US; Kraken (Spot token): Blocks AU · CA · GB · US; Kraken (Perp): Blocks US. Each platform’s official terms govern.
What is the difference between spot tokens and stock perpetuals?
Spot tokens track the real stock 1:1 via an issuer, without leverage; perpetuals are synthetic exposure — no issuer, no token, no redemption — with leverage and funding rates. Beginners should start with spot tokens.