CashboardTokenized stocks · COIN
COIN stock vs tokenized COINx vs COIN perp
COIN now trades in up to three places: the exchange, on-chain as COINx and, where a HIP-3 market is listed, as a perp on Hyperliquid. This page lines them up. It matters most on Friday night, when the exchange shuts and the other two keep going.
What is Coinbase?
Coinbase runs a US crypto exchange along with custody, staking and institutional services, and went public on Nasdaq through a direct listing in April 2021. It incubated Base, an Ethereum layer-2 built on the OP Stack, and shares in USDC revenue through its deal with Circle.
Outside the US, COIN has three on-chain routes. COINx comes from Backed, the xStocks issuer that Coinbase's rival Kraken agreed to buy in December 2025. Robinhood lists a COIN Stock Token on Robinhood Chain. And on Hyperliquid, XYZ runs xyz:COIN through HIP-3, capped at 10x with isolated margin only. That is half the leverage it allows on NVDA.
The weekend matters more here than for most stocks. Coinbase makes money when people trade crypto, and crypto trades on Saturday. If bitcoin drops 8 percent over a weekend, the COIN perp can reprice long before Nasdaq opens, while the Yahoo price in Cashboard sits at Friday's close. The perp's distance from that close shows up as its basis. Any COINx premium over it is what Cashboard tags as the weekend gap.
| Ticker | COIN |
|---|---|
| Sector | Crypto exchange |
| Token symbol checked | COINx (xStocks) |
| Sources in Cashboard | Yahoo Finance, xStocks by Backed, Hyperliquid |
How do you read the COIN price gap?
The Tokenized stocks widget shows COIN as one row with three prices. Token premium is how far COINx sits from the cash price. Perp basis is the same gap for the Hyperliquid perp, and funding tells you who pays to hold it. If a column shows n/a, that venue has no price for COIN right now.
Does COIN trade on Robinhood Chain?
Yes. On September 23, 2026, COIN had a Robinhood Stock Token on Robinhood Chain and a perp on Lighter’s Robinhood Chain exchange. The Robinhood stock tokens widget compares the token with the cash share in basis points, adjusted for Robinhood’s share multiplier, but it prices only its top eight rows, so COIN shows a premium only while it ranks there. Robinhood perps lists the Lighter perp, and its Funding view sets Lighter’s rate against Hyperliquid’s and Binance’s.
Where can you read more about Coinbase?
Frequently asked questions
Why does the COIN perp only allow 10x?
XYZ sets leverage market by market. In September 2026 it capped COIN and HOOD at 10x with isolated margin only, while NVDA, TSLA, AAPL, GOOGL and AMZN got 20x. Deployers can change these limits, so check the market before sizing a trade.
Who issues COINx?
Backed, the Swiss group behind xStocks, issues it through its Jersey entity, Backed Assets (JE) Limited. Kraken, a Coinbase rival, agreed to buy Backed in December 2025. Backed does not offer COINx to US persons.
Does Cashboard trade COIN?
No. It reads prices and shows where they disagree. To try a trade on COIN without real money, use the Paper trading widget on the board below. It marks positions to live prices and never sends an order.
More tokenized stock trackers
- SemiconductorsNVIDIA (NVDA)NVIDIA designs the GPUs and data center accelerators that much of the AI industry trains and runs its models on, plus CUDA, the software layer that keeps developers on its chips.
- AutomotiveTesla (TSLA)Tesla builds electric cars, Megapack and Powerwall batteries and solar products, with Elon Musk as CEO.
- Consumer electronicsApple (AAPL)Apple makes the iPhone, Mac, iPad and Apple Watch, and runs services such as the App Store, iCloud and Apple Pay.
- Internet servicesAlphabet (GOOGL)Alphabet is the parent of Google, which runs Search, YouTube, Android, Chrome and Google Cloud.
- E-commerce and cloudAmazon (AMZN)Amazon runs a global online marketplace and Amazon Web Services (AWS), the cloud that many crypto infrastructure providers and node operators rent their servers from.
- BrokerageRobinhood Markets (HOOD)Robinhood Markets runs a commission-free app for stocks, options and crypto, and sells stock tokens to customers outside the US.
Related terms
Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.