RootData: HTX, Crypto.com, OrangeX Lead in Stock Derivatives Exchange Data

Spread rankings are a useful proxy for where stock-derivative liquidity is actually concentrating, and the fact that two crypto-native venues sit alongside a large retail exchange suggests the tokenized-equity trade is consolidating around a handful of platforms rather than spreading evenly. That concentration matters for anyone watching how traditional market hours and crypto rails converge. Whether these venues hold their spread advantage as more exchanges list similar products is the open question.