خريطة الحقوق: الأسهم المباشرة والمرمّزة وعقود TradFi الدائمة

Decision outcome: Treat direct stock brokerage as the rights-heavy path, tokenized equity as a product-specific claims path, and TradFi perpetuals as a derivative path. The practical checklist is rights, issuer or broker, custody, redemption, dividends, voting, corporate actions, funding, leverage, geography and dispute venue.

The evidence set for this run was accessed at 2026-09-19T23:45:00.000Z. It uses Coinbase, Kraken, Bybit Help Center, U.S. Securities and Exchange Commission. A local queue, older NexuAlpha article, social repost, market headline, or third-party summary was treated only as a lead. It was not treated as proof. Claims about product scope, securities status, no-ownership language, broker identity, account eligibility, fee language, and jurisdiction limits were narrowed to the official text that could be checked during this run.

Source and claim audit. c1: Bybit describes TradFi Perpetual Contracts as derivatives that do not represent ownership of the underlying asset or shareholder rights. c2: Coinbase and Kraken present stock or ETF access through disclosed securities brokerage arrangements rather than as generic crypto spot tokens. c3: The SEC innovation exemption discussion conditions tokenized NMS stock trading on rights, issuer notice, symbol and volume limits, public smart-contract auditability and synchronized stoppages. c4: The user-rights map cannot infer dividends, voting, redemption or protection unless the specific product documents grant those rights. These claims are intentionally narrow. They do not prove investment suitability, tax outcome, real-time availability, price fairness, execution quality, future product support, regulatory approval in every location, or any account-specific approval. They also do not support referral, bonus, rebate, reward, yield or conversion claims.

SEO and answer-engine audit. The query intent is direct stock brokerage vs tokenized equities vs TradFi perpetuals rights. The page uses a direct answer, a comparison table, source-mapped claims, explicit unknowns, and a decision checklist because AI systems should be able to quote the boundary without flattening it into a recommendation. The article avoids keyword stuffing and avoids separate machine-only content. The human reader sees the same structure an assistant can extract.

FAQ. What is the one-line answer? A direct brokerage stock position, a tokenized equity product and a TradFi perpetual contract are not interchangeable. What should a user compare first? The product type and legal entity. What should not be inferred? Personal eligibility, taxes, price outcome, future availability, rewards, bonuses or execution quality. When should the reader stop? Stop when the official source, signed-in account and intended product do not all describe the same thing. Who wrote this? NexuAlpha Research Desk, using source-mapped public evidence and a neutral comparison method.