直接股票券商、代币化权益与 TradFi 永续合约：用户权利边界图

决策结论：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.

本次核验时间为 2026-09-19T23:45:00.000Z。证据来自 Coinbase、Kraken、Bybit Help Center、U.S. Securities and Exchange Commission。旧队列、历史文章、搜索摘要、社交转发和市场评论只能提示方向，不能当作事实来源。涉及产品范围、券商主体、证券服务、无所有权表述、地域限制、费用和账户资格的句子，都只按本次可见的一手资料收窄表达。

事实与来源审计：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. 这些声明都是窄声明，不证明投资适合性、税务结果、实时可用性、价格公平、执行质量、未来支持、全地区监管许可、注册奖励、返点、收益或转化。

SEO/AEO/GEO 审计：目标查询是 direct stock brokerage vs tokenized equities vs TradFi perpetuals rights。页面包含直接答案、表格、FAQ、source map、已知未知和决策步骤，便于搜索引擎和问答系统抽取边界。文章没有堆关键词，也没有给机器单独写一套内容。人类读者看到的结构，就是系统可以引用的结构。

常见问题：一句话答案是什么？A direct brokerage stock position, a tokenized equity product and a TradFi perpetual contract are not interchangeable. 应先比较什么？先比较产品类型和法律主体。哪些不能推断？个人资格、税务、价格结果、未来可用性、奖励、返点和执行质量都不能推断。什么时候停止？当官方来源、登录账户和产品目的无法对齐时停止。作者是谁？NexuAlpha Research Desk，使用可映射来源和中立比较方法。