# TxFlow tokenised stocks, gold and oil: what you own

Perpetual futures on gold, oil and US equities from one USDC balance. No brokerage, no KYC. Also no shares, no dividends, and funding costs bite.

- URL: https://pushpendra.info/articles/txflow-tokenised-stocks-gold
- Author: Pushpendra Singh
- Language: English
- Topics: txflow, dex, perpetuals, tokenised-assets, risk

---

This is the one thing TxFlow offers that almost nothing else on my partner list does, so it
deserves a proper look rather than a bullet point.

You can take a position on **gold, oil or US equities** using the **same USDC balance** as your
Bitcoin perp. No brokerage account, no separate onboarding, no identity verification, no
market-hours restriction on when you can click.

For anyone outside the US who has tried to get exposure to American equities through a local
broker, the appeal is immediate. The friction there is genuine: paperwork, minimums, currency
conversion, custody fees, and in India an annual overseas remittance limit to track.

So the appeal is real. Now the parts that are not in the marketing.

## You are not buying shares

A perpetual future tracks a price. That is all it does.

**No shareholder rights.** No voting, no dividends, no claim on anything. If you hold a
perpetual priced against a company and that company pays a dividend, you do not receive it.
Equity futures normally price expected dividends into the contract instead, which means the
dividend shows up as a drag on the contract price rather than cash in your account.

**No custody of an asset.** With actual shares you own a thing that exists independently of
your broker. Here you hold a position in a contract on a chain, collateralised in USDC. If the
contract, the chain or the oracle fails, there is no share certificate underneath.

This is not a criticism, it is what a derivative is. But "trade US stocks" and "buy US stocks"
are different activities, and the first is routinely marketed using the language of the second.

## Funding is the cost people forget

Perpetual futures have no expiry. The mechanism keeping their price tethered to the underlying
is **funding**: periodic payments between longs and shorts depending on which side is crowded.

For a trade held hours or days, funding is noise. For a position held for **months**, which is
how most people want to hold equity or gold exposure, it compounds into a real cost that has
nothing to do with whether you were right about the price.

So the instrument is shaped for trading, not for holding. If your thesis is "US equities drift
up over five years", a perpetual future is close to the worst available wrapper for it. If your
thesis is "gold moves this week", it is a reasonable one.

That mismatch is the single most common way people lose money with this product: they use a
trading instrument to express an investing view.

## The things that only apply to non-crypto markets

**Market hours.** Crypto trades continuously. Equities and oil do not. The underlying market
closes, reopens, and gaps. Your perpetual trades through that gap, priced by an oracle, and a
stop placed before a weekend can be filled a long way from where you put it.

**Oracle dependence.** The contract price comes from a price feed, not from the actual exchange
where the asset trades. If the oracle is stale, manipulated or wrong for a minute, liquidations
happen at prices that never existed in the real market. This is a well-documented failure mode
across every venue offering synthetic exposure, and a seven-month-old chain has had less
adversarial testing of its feeds than an established one.

**Thinner books than the crypto pairs.** TxFlow's liquidity is already thinner than the major
venues, and the equity and commodity markets are the newer, smaller corner of it. Check depth
on the specific market before sizing anything, because slippage will cost far more than the
0.045% taker fee. Numbers in [TxFlow fees](/articles/txflow-fees-explained).

## The regulatory question you have to answer yourself

TxFlow requires no KYC and states plainly that **you are responsible for checking whether these
products are permitted where you live.** That sentence is doing a lot of work and it is doing
it on your behalf.

In most developed jurisdictions, offering leveraged equity derivatives to retail investors is a
licensed activity with suitability rules, leverage caps and disclosure requirements. A no-KYC
offshore venue is not operating under those rules. **Being able to access something is not the
same as being permitted to.**

For Indian readers specifically there is a second layer: offshore derivative positions sit
awkwardly with FEMA's framework for overseas investment, and the tax treatment of a gain on a
tokenised equity perpetual is not obviously settled. I am not going to pretend to resolve that
in a blog post. I will say that "no KYC" removes the platform's paperwork and increases yours,
which I worked through in
[no KYC does not mean no tax](/articles/no-kyc-does-not-mean-no-tax).

If you are moving meaningful money into this, that is a conversation with a professional who
knows your jurisdiction, not a question for a comparison site.

## Where it genuinely makes sense

**Short-horizon directional trades** on gold, oil or an index, by someone who already trades
perpetuals and understands funding and liquidation. Here it is a good product: one collateral
pool, one interface, no account to open, available at any hour.

**Hedging a crypto portfolio** with a correlated or uncorrelated macro position, without moving
money out to a broker. Legitimately useful, and hard to do otherwise.

**Access where local options are poor or expensive.** Real, with the regulatory caveat above
sitting on top of it.

## Where it does not

**Long-term equity or gold exposure.** Funding will erode it and you own nothing underneath.
Buy the actual asset.

**Anything with leverage you have not sized for liquidation.** Equity perps feel tamer than
crypto perps because the underlying is less volatile. The leverage is the same, which means a
modest adverse move still closes you out.

**A substitute for a brokerage account.** It is not one. It is a derivatives venue that happens
to quote familiar names.

## Honestly

This is the most interesting thing about TxFlow and the best argument for using it over
Hyperliquid, which does not offer it. It is also the feature most likely to be used wrongly,
because it looks like investing and behaves like trading.

If you want it, [my code is TXPUSH](/deals/txflow) and I earn from it. Before you deposit, check
your wallet type, because TxFlow's documentation warns that the wrong kind can leave
[funds stuck in the contract](/articles/txflow-wallet-funds-stuck), and read
[is TxFlow safe](/articles/is-txflow-safe) for the rest of the risk picture.

---

Written by Pushpendra Singh, crypto educator and founder of SmartViewAI, Top Crypto Educator at
Consensus 2025. Not financial or tax advice. https://pushpendra.info