Independent research by digital-asset analytics firm Block Scholes found that resting liquidity in Bitget’s Nvidia-tracking perpetual contract reached roughly three-quarters of the depth available in Bitget’s BTC/USDT spot market by mid-May 2026. The study, published June 15, examined four USDT-margined perpetual futures tracking gold, the SPDR S&P 500 ETF, Nvidia and the Invesco QQQ Nasdaq-100 ETF. These contracts provide synthetic price exposure rather than equity ownership, dividends or voting rights. About an hour into the U.S. equity session on May 18, 2026, spreads were approximately 0.02 basis points for gold, 0.14 basis points for SPY and QQQ, and 0.44 basis points for NVDA. SPY’s spread narrowed from 1.76 basis points three minutes after the open to 0.14 basis points within an hour. Modeled slippage (the price impact of executing an order) also improved: a $100,000 SPY market buy order fell from 14.88 to 10.66 basis points, while a $500,000 order fell from 46.07 to 24.90 basis points. Weekend volume declined 65% to 90%, but median spreads remained close to weekday levels. During the February 28, 2026 announcement of U.S. strikes against Iran, spreads widened briefly and order-book depth fell more sharply, with QQQ depth within 1% of mid-price dropping to about $109,000 from a typical Saturday median of roughly $191,000. Depth returned to that range within a week, according to Block Scholes.