Ticker
SPYX · SPDR S&P 500 ETF Trust
A tokenized form of SPY (SPDR S&P 500 ETF Trust) traded on Kraken xStocks.
SPYX is a tokenized version of the SPDR S&P 500 ETF Trust (SPY) — not a single company, but a whole index. It is issued by Backed Assets (JE) Ltd (Backed Finance, Swiss-regulated and MiFID II-aligned) as an SPL token on Solana, backed 1:1 by a real SPY ETF share held in custody by Alpaca Securities LLC (FINRA-regulated, SIPC member). The “x” suffix marks the xStocks range: SPYX tracks SPY.
This makes SPYX fundamentally different from single-stock tickers like AAPLX or TSLAX. SPY holds the roughly 500 largest US companies, so SPYX gives you diversified, whole-market exposure in one token rather than a bet on any single firm. There is no single-company earnings risk — a bad quarter at one holding is diluted across the basket — though broad market risk remains. SPYX is one of Kraken's 24/7 top-10, so it trades around the clock with solid liquidity.
What you actually own
When you buy SPYX you own the token, not a share of the SPY ETF and certainly not the underlying 500 companies. You get price exposure to the S&P 500 via the ETF, but you have no fund-holder voting rights and no direct legal claim on the ETF or its constituents. The real ETF share is custodied by Alpaca; you hold a Solana token that tracks its value.
As with every xStock, retail holders cannot redeem SPYX for the underlying ETF share — that is reserved for qualified investors dealing with Backed directly, for a fee. You exit by selling the token. SPYX is a way to hold broad US-market exposure on crypto rails, not a way to hold the ETF itself.
Where to trade SPDR S&P 500 ETF on crypto exchanges
The same stock shows up as very different instruments depending on the venue — a tokenized stock, a real share, a certificate, a CFD or a perpetual. That changes what you own, your leverage, and how dividends are handled.
| Venue | Product | What you own | Leverage | Dividends | Availability | |
|---|---|---|---|---|---|---|
| Kraken xStocks | xStocks token (SPYX) | Tokenized stock | None (spot) | Rebase — quarterly ETF distributions | Non-US; 110+ countries | Learn more → |
| Bybit | xStocks token (SPYX) | Tokenized stock | None (spot) | Rebase — ETF distributions | Non-US; not EEA | Trade |
| Binance Stocks | Real ETF share — if offered | Real share | None (spot) | Real cash distribution | Non-US; check listing | Trade |
| Binance bStocks | Tokenized certificate — if offered | Tokenized stock | None (spot) | Reflected at token level | Non-US; check listing | Trade |
| Bybit TradFi | Index / ETF CFD | CFD | Up to 500x | Cash adjustment only | Not EEA/US + some regions | Trade |
| Hyperliquid | Index perp (e.g. Nasdaq, not S&P) | Perp | Leverage; funding | None (funding, not dividends) | Check current availability | Learn more → |
| Kraken xStocks perps | Index perp — if listed | Perp | Up to 20x | None (funding, not dividends) | Check current availability | Learn more → |
How to buy SPYX
- Open and verify an account on an eligible venue — Kraken leads xStocks volume and Bybit also lists them. SPYX is closed to US, Canadian, UK, Australian and EEA residents, so confirm your country first.
- Fund with USD or a stablecoin such as USDT or USDG. On Kraken, paying with USD or USDG can bring the spread toward 0%, versus roughly 1% otherwise.
- Buy SPYX — as one of Kraken's top-10 xStocks it is quoted in USD/USDT and trades 24/7, so you can get index exposure outside US market hours.
- To self-custody or use SPYX in DeFi, withdraw the SPL token to a Solana wallet such as Phantom or Solflare, then swap in and out on a DEX like Raydium or via the Jupiter aggregator.
Dividends & corporate actions
xStocks never pay a cash dividend. When the underlying pays a distribution, Backed reinvests it and updates an on-chain multiplier, so your balance rebases upward automatically — your token count stays the same, but each token comes to represent slightly more. The credited amount is the distribution after 30% US withholding tax, divided by the prior day's closing price.
For SPYX this matters, because the SPY ETF distributes dividends quarterly — an aggregate of the payouts from its roughly 500 holdings. So SPYX holders should see their balance rebase each quarter, similar to a dividend-paying stock like AAPLX and unlike a non-payer such as TSLAX or COINX. The distribution reflects the blended yield of the whole index. Any ETF share splits or adjustments are handled by the same multiplier mechanism, pro rata.
Using SPYX in DeFi
Because SPYX is a permissionless SPL token, it can be used across Solana DeFi like any other xStock. You can post it as collateral on a lending market such as Kamino — or Morpho on Ethereum via a bridged form — to borrow stablecoins against your index exposure without selling.
You can also supply SPYX to liquidity pools on DEXs like Raydium or Orca to earn trading fees. Because it represents a diversified basket rather than a single volatile stock, SPYX can be a steadier collateral or LP building block — but it still carries smart-contract, liquidation and impermanent-loss risk, and broad market drawdowns still hit the whole index.
Risks to understand
- You can lose a large part of your investment — though never more than you put in on the spot token, unlike the leveraged CFD and perp venues above. Diversification reduces single-company risk, not market risk.
- Market risk remains: SPYX tracks the whole S&P 500, so a broad market decline pulls the token down even though no single company can sink it on its own.
- Issuer risk: SPYX is a claim on Backed; if the issuer failed or the 1:1 backing broke, the token could decouple from the ETF's price.
- Custodian risk: the underlying ETF share is held at Alpaca Securities (SIPC member; Lloyd's of London coverage up to $175M aggregate across xStocks) — real but finite, and not the same as owning the ETF.
- Off-hours gaps: SPYX trades 24/7 while the US market does not, so the token can diverge from the ETF's reference price around weekends and major economic data releases.
- No fund-holder rights and no retail redemption for the underlying ETF share.
This is general information, not financial advice. Tokenized-equity products are high-risk and their availability changes — verify the current terms on the platform before you trade.