Dialogue with Bitget Product Manager: In the era of existing competition, what is the UEX that Bitget aims to create?

In this exclusive interview, we spoke with KH, the product lead at Bitget, about Bitget's strategic layout and product evolution in the traditional financial assets (TradFi) direction over the past year.

As user demands expand from a single focus on crypto assets to a broader asset allocation, and with the gradual maturity of RWA and on-chain trading infrastructure, crypto exchanges are now positioned to incorporate traditional assets such as stocks, forex, precious metals, and commodities onto their platforms. Bitget has successively launched on-chain trading capabilities, perpetual contracts for stocks, and introduced contracts for difference (CFD) products in collaboration with MT5, forming a multi-layered UEX that covers spot, derivatives, and RWA.

On the execution front, Bitget has partnered with Ondo to enter the RWA space, leveraging on-chain trading and 1inch liquidity capabilities to facilitate convenient trading of over 200 RWA tokens, gaining significant market share early on. Meanwhile, the CFD products, settled in stablecoins, with liquidity from top market makers and a 24/7 trading experience, showcase differentiated advantages compared to traditional brokers.

The interview also emphasized Bitget's long-term vision for the Universal Exchange (UEX): centered around a unified account, integrating CEX, DEX, and TradFi to achieve cross-asset trading, margin reuse, and higher capital efficiency. Overall, Bitget views compliance capabilities, underlying infrastructure, product integration capabilities, and AI + Trading as key competitive leverage for the future, aiming to build the next generation of comprehensive trading platforms amid the ongoing integration of crypto and traditional finance.

The views expressed by the guest do not represent those of Wu Shuo and do not constitute any investment advice. Please strictly adhere to local laws and regulations.

Why is Bitget accelerating the introduction of TradFi assets? How has the product evolved step by step?

KH: There are two core reasons. First, we believe the crypto industry is entering a new phase, with solutions like RWA gradually maturing. Second, user asset demands have expanded from a single focus on CEX crypto assets to include DEX and TradFi assets, reflecting a natural change in user demand structure. For CEX, introducing a richer variety of asset classes also helps smooth out the strong bull and bear cycles inherent in crypto, providing users with more diverse and flexible asset allocation options.

In terms of product rhythm, we have been advancing this product line for about a year. Initially, we focused on on-chain trading-related products, followed by the early launch of stock token perpetual contracts, and in Q4 last year, we introduced CFD contracts, which were fully opened to users in January this year. Overall, it has been a gradual process.

There have also been numerous challenges during execution. For instance, in our on-chain trading products, we achieved seamless trading of all on-chain assets within the CEX account system early on and integrated the DEX trading experience. Then, in Q3 last year, we were the first to integrate Ondo's RWA tokens, bridging over 200 RWA assets through our on-chain trading capabilities, finding a new breakthrough for our on-chain trading products. These capabilities were not fully planned from the beginning but evolved and improved through market changes and user feedback. Looking back, it was this product iteration that kept pace with market rhythms that allowed us to continuously seize new opportunities and gains amid challenges.

Why did TradFi only start to be concentrated online in recent years? What role did compliance thresholds play?

KH: From our own practice, the reason TradFi products began to be concentrated around 2025 is primarily due to the increased maturity of the entire industry chain, not just the willingness of exchanges. Taking on-chain trading and Ondo's RWA as examples, Ondo, as the issuer, has resolved many key issues regarding compliance of underlying assets, token issuance, and regulatory structures, enabling exchanges to participate within a compliance framework. This is the result of a gradually clarified division of labor in the industry chain.

For example, with CFD contracts, MT5 itself is a very mature and mainstream trading platform in the CFD market, providing a complete trading system and technical capabilities. What we need to do is to apply for and obtain the relevant licenses under compliance conditions and complete deep integration with MT5. The entire process spanned almost the whole of last year, and we clearly felt that both the exchanges themselves and the collaboration capabilities with traditional financial technology service providers were rapidly improving. If we look back to 2021 or 2022, many institutions lacked the compliance awareness, execution capabilities, and resource investment necessary to truly implement these initiatives.

What problems does the recent major upgrade of Bitget's TradFi products aim to solve?

KH: The upgrade in February is essentially a systematic reconstruction of our TradFi product line, rather than just simply adding new products. This includes CFD contracts, on-exchange perpetual contracts, and RWA-related tokens, all unified under the framework of TradFi asset categories for organization and presentation.

This step was completed based on more than a year of continuous construction and iteration. At this stage, we believe that the TradFi product line has developed a relatively complete basic framework, whether in terms of spot token forms or different types of derivatives, in trading capabilities, depth, and completeness.

We also noticed that many exchanges in the market are gradually launching TradFi-related products, but the definition and use of the term TradFi are unclear, leading to potential misunderstandings among users. Therefore, one of our goals is to help users better understand and participate in the TradFi market. TradFi is short for Traditional Finance, referring to a large category of assets, so we hope to define and guide users more accurately.

On the other hand, from an overall coverage perspective, our TradFi product line is relatively more systematic and comprehensive compared to all mainstream exchanges. Therefore, now is an appropriate time to clearly convey a change to users: Bitget has been iterating products along the UEX strategy, and the platform is no longer just an "app for trading crypto," but a truly unified trading system that integrates both crypto and traditional financial assets.

Internally, we refer to this version as the "super version," which can be understood as the trading platform entering the next stage. With this update, users will be able to intuitively feel this change when they open the app—TradFi is no longer a subdirectory of a secondary or tertiary menu but has a primary entry alongside crypto, representing that TradFi products will gain millions of new exposures each month. We should be one of the first mainstream exchanges to take this step.

Upon entering the TradFi Hub, users can find spot, perpetual contracts, and CFD related to TradFi assets all in one place. It's similar to how Alibaba placed the food delivery entry in the most prominent position within the Taobao app during the food delivery war, demonstrating its determination to enter the food delivery market. This update also conveys externally the strategic importance of the TradFi business within our organization and our confidence in being well-prepared at the product level. For users, this is also an "invitation," encouraging them to try enriching their investment portfolios and laying out global assets through a UEX like Bitget.

What is the relationship between UEX and TradFi? At what stage is this strategy currently?

KH: UEX is a long-term direction we proposed in the second half of last year, envisioning the "next version form" of exchanges, not just centralized or decentralized crypto exchanges; we believe traditional brokers are also transitioning towards UEX. The core feature of UEX is to allow users to trade global mainstream assets on one platform through a unified account and stablecoin settlement, including both crypto and TradFi, and even extending to DEX assets.

This concept was initially relatively abstract, but as foundational capabilities gradually improve, it is becoming more concrete. Last year, we completed the integration of CEX and DEX within the crypto ecosystem through on-chain trading products, and now, as the TradFi product line matures, the integration of crypto and TradFi has also materialized into product forms that users can genuinely perceive. UEX is no longer just a concept but an actual experience of "one platform, one account, trading multiple asset classes."

From a strategic cycle perspective, UEX is not just a short-term goal aimed at 2026, but a long-term direction spanning three to five years. At this stage, we are more focused on solidifying product infrastructure and user experience rather than pursuing aggressive growth metrics.

From market feedback, performance has generally exceeded expectations. The trading volume of stock contracts launched in Q3 and Q4 has continued to grow, with quarterly trading volume exceeding $15 billion; the monthly trading volume of Ondo-related RWA tokens has surpassed $1 billion, with Bitget once occupying 90% of the trading share of Ondo RWA assets; the TradFi CFD contracts launched in January this year, driven by precious metals market trends, have also seen daily trading volumes exceeding $4 billion. These data validate the correctness of our direction, but even so, our current core goal remains to continuously refine foundational capabilities and overall experience to lay a solid foundation for the long-term evolution of UEX.

What advantages do Bitget's CFD contracts have over traditional brokers? How is the asset expansion strategy balanced?

KH: The traditional CFD market itself is already very mature, and our core advantage in this area is not simply "recreating a set," but rather achieving deep integration under compliance conditions. We spent a considerable amount of time preparing for licensing and directly integrating with MT5. MT5 is one of the most mainstream multi-asset CFD trading platforms globally, providing us with stable and mature underlying trading capabilities.

The second obvious advantage is the settlement method. Compared to traditional forex brokers, we support settlement in stablecoins like USDT, which is a natural advantage derived from our evolution from CEX, significantly lowering the threshold for capital inflow and outflow, and we will gradually support more settlement currencies in the future.

The third advantage lies in the trading experience, especially in terms of liquidity and spreads. Currently, our spread levels can match the top standards in the CFD industry, surpassing other exchanges that have integrated MT5. Additionally, the capabilities that Bitget has accumulated over the years within the CEX system—including localized operations, 24/7 customer service, a mature risk control and capital security system, and ongoing product iteration capabilities (market data, news, AI assistance, etc.)—collectively form a comprehensive advantage in user trust and experience.

In terms of asset selection, we tend to be pragmatic. Currently, about 80% of trading volume is concentrated in precious metals like gold and silver, as well as core stock indices, so our focus at this stage is also on these mainstream varieties, including precious metals, forex, stock indices, and some commodities. For global stocks and other mid-to-long tail assets, there is indeed user demand, but the challenges in compliance and execution are greater, and the actual trading volume is relatively limited. Therefore, our strategy is to prioritize focusing on leading assets, ensuring compliance and product quality, and then gradually assessing whether to expand into more categories.

What types of users primarily drive TradFi trading volume? Crypto users or new users?

KH: Currently, both types of users coexist and jointly drive growth. The first type is "overlapping users." For example, in the case of CFDs, MT5 itself has a large user base, a significant portion of which overlaps with the crypto market. These users were already trading on different platforms, and when they discover they can trade both TradFi and crypto on one platform and use stablecoin settlements, the conversion cost is very low, and no additional user education is needed, making them the easiest group to convert.

The second type consists of traditional traders. Compared to many small and medium-sized forex brokers, Bitget has advantages in platform scale, capital strength, product experience, and security, making it easier to establish trust. These users place more emphasis on whether the platform is stable and reliable, but their conversion takes longer and relies on continuous product refinement and market operations, and they are still in the gradual introduction phase.

Additionally, there is a portion of users coming from Bitget's existing user base. When the market for precious metals like gold and silver is active, these users often adapt quickly and will naturally try TradFi-related products. Therefore, at this stage, we can see a relatively clear structure: there are users overlapping between MT5 and the crypto market, as well as existing platform users participating in TradFi trading stimulated by market trends, and these groups together constitute the main source of trading volume.

What are the real challenges faced by CFDs in high-volatility markets?

KH: High-volatility markets present both opportunities and challenges. CFDs themselves are a very mature market, with daily trading volumes reaching trillions of dollars, and the core lies in whether a stable and reliable liquidity system is in place. Therefore, in product design, we chose to deeply integrate with MT5 from the beginning and collaborate with the industry's top market makers on the liquidity side to ensure that we can provide sufficient depth and stability in both normal and extreme market conditions.

From a practical perspective, currently, both our spread levels and liquidity performance in high-volatility environments can match the top standards in the CFD industry, which is the foundational capability we aim to achieve.

However, the real challenge is not just about "bringing in" CFD products. If we only do entry-level, physical-level stitching by simply embedding a page into the app, while it may be quick to implement, the experience will be very fragmented. We place greater importance on understanding the characteristics of CFD products and absorbing proven experiences from mature markets.

The bigger difficulty lies in the integration of user experience. Crypto users and traditional trading users have significant differences in trading habits, usage paths, and focus areas. How to provide a consistent and friendly cross-asset trading experience while accommodating the needs of both sides is a long-term project. This "compatible and inclusive" experience design is the core direction we continue to invest in and refine beyond high-volatility markets.

Why does Bitget offer both perpetual contracts and CFD contracts for gold?

KH: The core reason for choosing gold as an asset is that it is inherently active and corresponds to two completely different user needs, thus requiring different product forms to accommodate them.

The first type is CFD contracts. CFDs themselves are a highly mature market, and gold has always been one of the core assets with the best liquidity and the highest proportion. Both traditional CFD users and traders overlapping with the crypto market are very familiar with gold CFDs, which have been long validated in terms of liquidity, leverage, and fees. Therefore, by integrating CFDs, we bring this mature and stable product capability to the Bitget platform.

The second type includes perpetual contracts for gold and silver tokens represented by XAU and XAG, as well as nearly 40 stock token perpetual contracts that have already been launched. These products are most familiar to crypto users because, whether in terms of account systems, margin models, or trading experiences, they are almost identical to digital currency trading. Users can trade using a unified account, full margin, or cross-margin, and support higher leverage on some popular assets, which feels very natural and seamless for crypto users.

From a positioning perspective, the two types of contracts serve different groups. Perpetual contracts allow crypto users to directly extend into traditional assets like gold or stocks within a familiar trading framework; at the same time, since this is an endogenous market, users can also build cross-asset strategies under a unified account, such as holding both Bitcoin and stock positions simultaneously, or even using crypto assets as collateral to participate in traditional asset trading. This flexibility is the core reason for the coexistence of the two types of contracts.

How can stock contracts achieve 24/7 trading? How are pricing and risk control issues resolved?

KH: Supporting traditional assets like stocks with perpetual contracts presents two core challenges: first, the crypto market operates 24/7, so how to enable traditional assets to achieve continuous trading within this system; second, stocks themselves have complex mechanisms like stock splits and dividends, which need to be adapted at the contract and system levels.

In terms of continuous trading, the reality is that traditional stock markets primarily operate on a 5/24 basis, and overnight liquidity is not sufficient, with truly active trading times being shorter. Therefore, we have differentiated trading periods from non-trading periods in our mechanisms. For instance, when there is no spot market or index price over the weekend, we need to introduce an on-exchange pricing logic to support trading.

Users are most concerned about whether the pricing is reasonable and fair. To address this, we will set price fluctuation limits for non-trading periods based on Friday's closing price; during the reopening phase, we will also use risk pre-processing mechanisms to reduce the risk of slippage or abnormal volatility caused by gaps. Overall, the volatility of stock-related TradFi assets is relatively controllable under normal circumstances.

From a longer-term perspective, as trading gradually becomes more active, the market itself may form effective pricing. It is even possible that during traditional market downtimes, such as weekends, crypto platforms may have the opportunity to establish a reference pricing market first, which could represent a new opportunity worth looking forward to for the entire industry.

Why was Bitget able to quickly capture the market in the early stages of RWA? What factors played a decisive role?

KH: Reflecting on this experience, we believe there are two key aspects. The first is the timing of entry and foundational capabilities. At that time, we were one of the earliest CEXs to integrate Ondo, and we already had relatively mature on-chain trading infrastructure capabilities. Since Ondo's liquidity is provided through 1inch, this highly matched our on-chain trading architecture, allowing the product to be smoothly implemented. After completing the early integration, users could trade over 200 stock token RWA assets directly through Bitget's spot account in a one-stop manner. We also continuously optimized the experience, such as implementing a long-term zero-fee strategy, maintaining an order execution success rate of over 99%, and effectively transmitting the liquidity and price depth of traditional markets to on-chain through Ondo's mechanisms, which is an important foundation for users to stay.

The second factor is the market cycle and the overlay effect of user profits. The product was launched around Q3 last year, when the largest positions on the platform were from silver-related ETFs, with prices around $30, which subsequently surged to nearly $110. During that phase, there was a lack of convenient crypto trading tools for silver in the market, and we provided a suitable entry point, allowing users to capture this market trend and creating a significant wealth effect.

Additionally, with Google launching Gemini, many users began to favor Google and AI-related sectors, actively allocating stock-related RWA tokens, further enriching the trading scenarios for RWA. The combination of foundational capabilities, timing of entry, and real user profits ultimately facilitated sustained trading and retention of users on Bitget, where we occupied nearly 90% of the trading share in the Ondo market by December last year.

What key capabilities are still needed for UEX to truly be established?

KH: Asset integration is just the first step. We have completed the integration of CEX and DEX, as well as the integration of crypto and TradFi, but this remains at the level of "assets being tradable." What UEX truly needs to solve is to integrate these capabilities within the account system, allowing users to trade global mainstream assets with a single account.

For professional traders, the core demand lies in capital efficiency and more refined margin and risk management capabilities. There is still significant room for optimization in this area. For example, some stock-related RWA tokens have not yet been incorporated into the unified account system and have not fully entered the unified margin logic, so they cannot currently participate in Bitget's existing financial products like wealth management, staking, or lending.

These capabilities are key links that need to be gradually connected in the future. Only when assets can not only be traded but also efficiently utilized under a unified account, participating in margin calculations, risk management, and capital reuse, will users truly feel the value of "comprehensive integration." From asset integration to capital efficiency, and then to the unification of risk and margin systems, the improvement of this entire set of capabilities is what UEX needs time to complete in the larger-scale implementation process.

In the era of stock competition, what is Bitget's core competitiveness?

KH: Expanding into asset classes like TradFi is precisely aimed at breaking out of the constraints of stock competition. When users have the ability to allocate across assets on one platform, they can quickly switch to other assets when a particular asset underperforms.

Of course, UEX is a major trend, and we also observe that other exchanges are iterating in this direction. In competition, branding and customer service are certainly important, but the fundamental competitiveness still lies in the foundational capabilities accumulated by CEX over the years. This includes high-performance trading systems, mature risk control and clearing systems, globalized localized operations, and user service capabilities, especially in terms of capital security and system stability during extreme market conditions. These capabilities require long-term investment and cannot be replicated in a short time.

The second core aspect is product capability. Compared to platforms focused on single products, comprehensive platforms like Bitget have greater space for product integration and continuous iteration. For example, we have long been optimistic about the combination of trading and AI and have been continuously investing in this direction. From early trading assistance and information retrieval to more automated and intelligent trading forms in the future, AI has the opportunity to reshape the overall trading experience, which is a long-term advantage we hope to gradually establish.

The third aspect is compliance capability, which is a longer-term but very critical competitive point. This year, compliance itself is one of our core strategies, and we are continuously advancing cooperation and licensing progress with major global regulatory bodies. From a longer-term perspective, compliance capability will become an important moat determining whether the platform can sustain its development.

Overall, Bitget's competitiveness does not stem from a single factor but from the combination of platform infrastructure, product integration and innovation capabilities, continuous investment in new technologies like AI, and systematic compliance construction, which together form our core advantages.

In the coming years, will exchanges and traditional brokers move towards competition or cooperation?

KH: The current backdrop is one of mutual integration, where every platform will become a UEX. On one hand, crypto trading platforms are advancing TradFi assets; on the other hand, more and more traditional brokers are beginning to support crypto and stablecoins. I prefer to view this as a positive signal because the starting points, capability structures, and advantages of both sides are different.

Our core advantage lies in being crypto native. The technical capabilities, trading systems, and cognitive approaches of blockchain and crypto are inherent to the platform's DNA. To date, crypto has demonstrated clear advantages over traditional financial systems in high-performance trading, convenient settlement, and the programmability and composability of tokens, and this generational difference will persist in the long term.

On the product level, we also lean towards being user-oriented and will more aggressively refine the experience. The more intense the competition, the more platforms need to excel to truly retain users. From this perspective, high-intensity competition is not a bad thing; rather, it will drive the overall evolution of the industry and push for the optimization of user experience.

At the same time, cooperation with traditional brokers is also an unavoidable phase. Traditional institutions have deep accumulations in liquidity channels, product mechanisms, and fundamental research, all of which we need to learn from and draw on. Compared to the crypto world, which relies more on community and social media for information structures, traditional finance has a completely different set of methods for research and information systems.

In summary, the coming years are more likely to present a state of "coexistence of competition and cooperation," rather than a simple replacement or opposition relationship.