Equity Perps vs Stocks vs Tokenized Stocks: What’s the Difference?
A familiar ticker does not mean the same instrument. Compare equity perps, share ownership, tokenized products and Size’s simulated accounts.
By Size team
Equity perpetuals, ordinary stocks and tokenized stocks can reference the same company while giving you different rights. An equity perp is a derivative position. A stock is an ownership interest. A tokenized-stock product needs its own terms checked to establish what the token represents.
Start with the legal instrument and the provider’s rules, rather than the company ticker or the way a chart looks. Price exposure, ownership and a simulated game result are different things.
What are equity perps?
Equity perps, also called equity perpetuals or stock perps, are perpetual derivatives referencing an equity price or specified equity benchmark. They have no scheduled expiry date, but a provider’s rules may allow market suspension or settlement.
A long or short equity perp expresses a view on its reference price. It does not make you a shareholder. Read the contract’s price source, trading availability, leverage, costs and treatment of corporate events before comparing it with buying shares.
How do ordinary stocks differ?
An ordinary share represents an ownership interest in a company. Rights depend on the share class, jurisdiction and holding arrangement. Buying a share and taking a derivative position on its price are different transactions, even if the displayed ticker is similar.
If ownership rights matter to your decision, ask what you hold, who holds it for you and which rights apply. A familiar company name on a trading screen does not answer those questions.
What are tokenized stocks?
Tokenized stocks use a token structure linked to a stock or stock-related interest. The product label alone does not establish ownership of the underlying shares. Read the issuer’s terms for the claim the token represents, custody, backing, transfer limits and any redemption process.
Do not assume every tokenized-stock product has the same voting rights, dividend treatment or investor protections. Check the exact instrument. A token can represent a different arrangement from either a direct shareholding or an equity perp.
Compare the contract, not just the chart
| Instrument | What to establish | What not to assume |
|---|---|---|
| Equity perp | Reference price, funding, margin and settlement rules. | Ownership of the underlying shares. |
| Ordinary stock | Share class, ownership and custody arrangement. | That every share class grants identical rights. |
| Tokenized stock | Issuer, legal claim, backing and redemption terms. | That a token automatically grants shareholder rights. |
| Size simulated position | Available market, position limits and account or game rules. | Ownership of a stock or withdrawable simulated capital. |
Perpetual markets can have provider-specific specifications. For example, Hyperliquid’s builder-deployed perpetuals documentation assigns market definitions and specifications to the deployer. Do not copy another venue’s settings into expectations about Size.
Where do equity perps fit at Size?
After winning a Size funded challenge, you trade a simulated account. The published account guide describes simulated perpetual markets across crypto, equities, commodities and indices. The account itself shows which markets are available and their position and leverage limits.
You do not acquire the underlying shares by opening a simulated equity position. The account balance cannot be withdrawn. Eligible account profits may qualify for cash payouts under the account’s loss limits, profit split and payout rules. Read the funded-account trading guide.
The game and the account are separate
Size’s funded challenge is a 15-minute survival game against skill-rated bots. To win, finish first with a positive final score and meet the selected challenge’s rules. A short format does not guarantee a win; your entry can be lost.
Game profits do not carry over into funded-account earnings. Do not assume every instrument available in the funded Terminal appears in every game. Check the selected game’s markets, then review account choices and payout conditions before entering.
For the broader instrument explanation, read perpetual futures explained. To learn Size’s controls and scoring without a prize, try free practice.