CryptoRank tested Bitget, Binance and Gate on the same names. Top-of-book spreads were close. But on a $50K order the cost split wide open: Bitget's rTokens averaged 11.8 bps of slippage versus 23 to 31 for the others, up to 58% lower.

Bitget also lists the most (568 tokenized stocks and ETFs vs 45 and 65), names its custodian (Alpaca, FINRA and SIPC), and is the only one publishing daily independent proof of reserves.