A share listed on a stock exchange has one price that most people quote: the last trade on that exchange. Once the same company can also be held as a token and traded through a futures contract, you start to see several prices for it at once. Each one is set by a different crowd of buyers and sellers.
Put two of those prices side by side and they rarely match to the cent. The difference is usually tiny, yet it raises fair questions about which number is the real one and whether the gap can cost you money. It also tends to widen late at night or over a weekend, when the stock exchange itself is shut.
Each instrument has its own anchor. A tokenized share is priced on its own order book, and the company that creates and redeems the tokens pulls it toward the real share. A perpetual contract follows an index price, charges or pays funding every few hours, and takes orders only within a band around that index. These rules tie the two prices together without making them match.
For Amazon, BloFin lists tokenized Amazon (AMZNX) as the AMZNX/USDT Spot pair and offers the AMZNUSDT Perpetual, a contract that tracks Amazon's price with leverage and settles in USDT. From June 1 to September 27, 2026, both traded on BloFin in every hour, and in a typical hour the two prices sat about 0.07% apart.
What is the basis between AMZNX and the AMZN perpetual?
The basis between AMZNX and the AMZN perpetual is the gap between their two last prices on BloFin, the AMZNUSDT Perpetual's price minus the AMZNX/USDT Spot pair's price. Across all 2,856 hours from June 1 to September 27, 2026, the typical gap was 0.066%, and on average the perpetual sat slightly above the token.
A last price is the price of the most recent trade in a market. For the perpetual, BloFin defines it as the price of the latest trade on BloFin Futures, and it changes every time someone buys or sells a contract (source: BloFin, Understanding Index, Mark and Last Price). AMZNX has its own last price on BloFin's spot market, where the token itself changes hands. Two separate groups of traders set those two numbers, so they drift apart by small amounts all day.
When the perpetual trades higher than the token, traders call the gap a premium. When it trades lower, they call it a discount. Basis is the name for either one, and it is usually quoted as a percentage of the token's price, because a gap of 0.10 USDT means more on a cheap asset than on a costly one.
Say you checked both markets at 8PM Eastern time on Sunday, September 27, 2026. The last AMZNUSDT trade in the hour before was at 249.45 USDT and the last AMZNX trade was at 249.36 USDT. The basis was 0.09 USDT, a premium of 0.036%, so 10 AMZNX and a 10-AMZN perpetual position differed in value by about 0.9 USDT.
The perpetual also carries two prices that the token lacks. At 2.46AM Eastern time on Monday, September 28, 2026, BloFin's AMZNUSDT page showed a last price of 249.12 USDT, an index price of 248.91 and a mark price of 249.13. AMZNX last traded at 248.93 USDT at the same moment. The index is the reference price the perpetual is held to, the mark is the price BloFin values a position at, and each works in its own way.
How the AMZNX price is set
The AMZNX price is set by buyers and sellers on BloFin's AMZNX/USDT order book, and every trade becomes the last price. Its tie to Amazon's share comes from the token's issuer, which lets direct clients create and redeem tokens at the share's market price on US business days. A wide gap gives those clients a reason to close it.
AMZNX belongs to xStocks, a family of tokenized shares. Its documentation says the price on secondary markets, such as an exchange's order book, is set by supply and demand on each platform, and the issuer does not control it. Direct clients can issue or redeem tokens at the share's prevailing market price on business days when the US market is open (source: xStocks FAQ).
That makes the link to the share real but slow. If AMZNX traded well above the share, a client able to create tokens could buy shares, receive new tokens and sell them. That would push the token back down, and a discount would work the other way. This kind of buying and selling is called arbitrage, and at a weekend it waits for Monday. BloFin's guide to what tokenized Amazon is and what you own explains the certificate behind each token.
In BloFin's hourly record from June 1 to September 27, 2026, AMZNX's last price sat a typical 0.054% from the perpetual's index during Nasdaq's regular session. The typical gap was 0.064% at weekends and on US market holidays, and the widest single hour, 0.52%, came in the early morning before a regular session.
Say you buy 5 AMZNX on a Sunday evening at 249.36 USDT. You pay the price that sellers on BloFin's order book are asking. The price you see on Monday morning comes from that same book, and the share's own price pulls harder once the US market reopens and tokens can be created and redeemed again.
What is the AMZNUSDT index price?
The AMZNUSDT index price is the reference price BloFin calculates for its Amazon perpetual from prices on outside platforms, and the mark price and the 3% price limit are set from it. In BloFin's record from June 1 to September 27, 2026, it moved in 857 of the 888 weekend and US market holiday hours, while Nasdaq was shut.
BloFin's rules for every index work the same way. The index takes prices from chosen outside exchanges in real time and leaves out any source that is under maintenance or stops updating. When three or more sources report, any price more than 3% from the median is set to 97% or 103% of it before averaging (source: BloFin, Index Price and Mark Price). For stock futures, BloFin's notice says the contracts are based on a basket of tokenized stock indices already circulating in the market (source: BloFin stock futures trading update). BloFin's Help Center describes an index price in general as a weighted average of spot prices collected from several major cryptocurrency exchanges (source: BloFin, Understanding Index, Mark and Last Price).
Over whole weekends, measured from 4PM Eastern time on Friday to midnight on Sunday, the index moved the same way as AMZNX over 12 of the 15 weekends that began with a Friday Nasdaq close. Its four largest weekend moves each ended within 0.13 percentage points of the token's.
Weekend, 2026 (four largest index moves, then the latest) | Index, Friday 4PM Eastern | Index, Sunday midnight Eastern | Index move | AMZNX move |
|---|---|---|---|---|
June 12 to 14 | 238.55 USDT | 242.73 USDT | +1.75% | +1.88% |
June 26 to 28 | 231.97 USDT | 235.28 USDT | +1.43% | +1.45% |
July 31 to August 2 | 271.86 USDT | 276.33 USDT | +1.64% | +1.67% |
September 11 to 13 | 256.92 USDT | 254.33 USDT | −1.01% | −1.10% |
September 25 to 27 | 249.71 USDT | 248.59 USDT | −0.45% | −0.40% |
Over quieter weekends the two could part further: from June 5 to 7, 2026, the index rose 0.31% while AMZNX slipped 0.05%. The news behind weekend moves like these is the kind BloFin's guide to what moves Amazon's stock price sorts through.
Say you held a long AMZNUSDT position over the weekend of July 31 to August 2, after Amazon's results week. The index rose 1.64% while Nasdaq was shut, so your unrealized profit rose with it before the share traded again on Monday. A holder of AMZNX saw almost the same move in the token.
How the mark price follows the index
The mark price is the AMZNUSDT Perpetual's estimate of fair value, and BloFin uses it for liquidation, the margin ratio and unrealized profit and loss. BloFin calculates it as the index price plus a moving average of the gap between the contract's mid price and the index, so it leans toward the perpetual's own order book.
The mid price is halfway between the best bid and the best ask on the perpetual's order book. BloFin's formula takes the gap between that mid price and the index, smooths it with an exponential moving average, and adds the result to the index (source: BloFin, Index Price and Mark Price). Liquidation is triggered by the mark price, which can differ from the last price drawn on the chart, and unrealized profit and loss is measured on it too (source: BloFin, Understanding Index, Mark and Last Price).
Most of the time the smoothing keeps the mark within a few hundredths of a percent of the index. From June 1 to September 27, 2026, the typical gap between the two was 0.059% in Nasdaq's regular session and 0.026% at weekends and on holidays. Amazon published its second-quarter results at 4.01PM Eastern time on July 30, 2026 (source: Nasdaq, Amazon.com Announces Second Quarter Results). The exception came that night. In the hour from 10PM to 11PM, the index ended at 261.39. The perpetual's last price was 259.00 and the mark price 258.95, about 0.93% under the index.
Say you held a 10x long on AMZNUSDT that night, with 260 USDT of margin behind about 2,600 USDT of Amazon exposure. A mark price 0.93% under the index valued your position about 24 USDT lower than the index would have. That is close to a tenth of your margin, even though the index and AMZNX both stood higher. BloFin's guides to mark price and last price and to leverage and liquidation explain how that value decides when a position closes.
The 3% price limit on AMZNUSDT orders
BloFin's price limit keeps AMZNUSDT trades close to the index. A buy order on the AMZNUSDT Perpetual can be priced at most 3% over the index price, and a sell order at most 3% under it. An order priced outside that band can wait up to 10 minutes to fill inside the band and is canceled if it cannot.
The contract sets the buy price limit at or below the index times 1.03, and the sell price limit at or above the index times 0.97 (source: BloFin AMZNUSDT contract details). The formula's two-minute average premium can pull the buy cap closer to the index, but never past 3%.
BloFin's Help Center explains what happens at the edge. An order priced outside the allowed range may sit in the order book for up to 10 minutes while the system keeps trying to fill it. If it still cannot fill inside the range, it is canceled automatically (source: BloFin, Price Limit Rules).
Say you place an order when the index stands at 248.91 USDT. The highest price your buy order can carry is about 256.38 USDT, and the lowest your sell order can carry is about 241.44 USDT. However thin the perpetual's order book gets at night, its trades stay inside that range.
In practice the band has been far wider than the gap. From June 1 to September 27, 2026, the widest hourly gap between AMZNUSDT's last price and its index was 0.914%, on the night of Amazon's July 30 results. The band is set around the perpetual's own index, while AMZNX's pull toward Amazon comes from its issuer.
How funding pulls the perpetual toward the index
Funding is a payment between long and short AMZNUSDT holders, settled every eight hours from 12AM Hong Kong time. When the perpetual trades over its index the rate is usually positive, so longs pay shorts, which makes a price above the index costly to hold and draws the contract back toward it.
BloFin describes funding fees as payments that pass between long and short holders at each settlement time, separate from its trading fees (source: BloFin, How to check my funding fees?). The AMZNUSDT contract settles every eight hours from 12AM Hong Kong time (source: BloFin AMZNUSDT contract details). That is 4AM, noon and 8PM Eastern time while US daylight saving time lasts. BloFin's guide to crypto funding rates explains why a positive rate means longs pay shorts.
The AMZNUSDT funding history shows how gentle that pull usually is. Across the 357 settlements from June 1 to September 27, 2026, the rate averaged +0.0049% per settlement, with a median of +0.0013% (source: BloFin AMZNUSDT funding history). It ranged from −0.0217% to +0.0608%, and 119 settlements were negative, which means shorts paid longs.
Say you hold a 10-AMZN long on AMZNUSDT, worth about 2,491 USDT at 249.12. At the +0.0241% rate AMZNUSDT settled at 4AM Eastern time on Monday, September 28, you would have paid about 0.60 USDT (source: BloFin AMZNUSDT funding history). A short of the same size would have received it. An AMZNX holder neither pays nor receives funding, because the token is a holding and the rate belongs to futures positions.
Funding is one cost of holding the perpetual, and trading fees apply to both markets. You can check yours by account tier on the BloFin fee schedule.
The AMZNX and AMZNUSDT price gap by trading session
BloFin's hourly record shows the gap between AMZNX and the AMZNUSDT Perpetual changes little with Nasdaq's hours. From June 1 to September 27, 2026, the typical hourly gap was 0.057% during Nasdaq's regular session, 0.066% on weekday nights and 0.067% at weekends and on US market holidays, when both markets kept trading.
BloFin's regular hours for stock futures follow the US session, from 9.30AM to 4PM Eastern time. Outside those hours, and at weekends and on public holidays, BloFin may limit AMZNUSDT to reduce-only orders (source: BloFin stock futures trading update). A reduce-only order can only reduce or close a position you already hold (source: BloFin, What is Reduce Only in Futures Trading?). Nasdaq was closed all day on three weekdays in the period: Juneteenth on June 19, Independence Day (observed) on July 3 and Labor Day on September 7 (source: Nasdaq holiday schedule).
Sorted by the hour of the day, the 2,856 hours from June 1 to September 27, 2026 show the gap widening only a little outside the regular session.
Hours (Eastern time) | Hours counted | Typical gap | 95% of hours within | Widest hour |
|---|---|---|---|---|
10AM to 4PM on Nasdaq trading days | 492 | 0.057% | 0.163% | 0.295% |
9AM to 10AM, the hour of Nasdaq's open | 82 | 0.079% | 0.178% | 0.206% |
4AM to 9AM on trading days | 410 | 0.070% | 0.207% | 0.432% |
4PM to 8PM on trading days | 328 | 0.071% | 0.183% | 0.315% |
8PM to 4AM on trading days | 656 | 0.066% | 0.174% | 0.808% |
Weekends and US market holidays | 888 | 0.067% | 0.222% | 0.491% |
The widest hours came at night and at weekends, when fewer traders are on each book. AMZNX averaged about 92 tokens an hour at weekends and on holidays over the period, against about 2,484 an hour from 10AM to 4PM on trading days. At weekends the perpetual also stayed closer to its own index, a typical 0.024% against 0.059% in the regular session, while its gap to AMZNX stayed about the same.
BloFin's xStocks risk disclosure describes xStocks token markets as open 24 hours a day on weekdays only (source: BloFin xStocks risk disclosure). AMZNX still traded on BloFin in all 888 weekend and holiday hours from June 1 to September 27, 2026. A weekend price on BloFin is therefore a live price, set by a thinner crowd.
Trading halts and Amazon's results nights
A limit up-limit down pause halts Amazon's shares on Nasdaq for five minutes, and a results release after the 4PM close moves them outside the regular session. After Amazon's July 30 results, AMZNX and the AMZNUSDT Perpetual repriced on their own order books, and their widest hourly gap from June 1 to September 27, 2026 followed.
Limit up-limit down, or LULD, is the rule behind that pause. When Amazon's price holds for 15 seconds at the edge of a band set around its average over the previous five minutes, the stock stops trading for five minutes. The rule runs only from 9.30AM to 4PM Eastern time. A market-wide circuit breaker halts trading in all US stocks for 15 minutes when the S&P 500 falls 7% or 13% before 3.25PM, and for the rest of the day when it falls 20% (source: Investor.gov, stock market circuit breakers).
A pause takes the share's price away for five minutes, or longer in a market-wide halt. The AMZNX and AMZNUSDT last prices both come from trades on BloFin's own order books, so the gap between the two BloFin markets is set by their own traders until the share trades again.
A results night stretches the same situation over hours. Amazon's release came out one minute after the close, and in the hour to 5PM, AMZNX closed at 253.98 USDT and the perpetual at 254.78, a gap of 0.32%. Both were up from about 235.8 an hour earlier. The gap then mostly narrowed through the evening until the hour from 10PM to 11PM, when AMZNX ended at 261.11 and the perpetual at 259.00. They were 0.81% apart, the widest hour between June 1 and September 27.
Say you held 10 AMZNX and, separately, a 10-AMZN long on the perpetual at 11PM that night. Your tokens were worth about 2,611 USDT at the last AMZNX trade. The perpetual position was valued at the mark price of 258.95, about 2,590 USDT, so the same Amazon exposure differed by roughly 22 USDT. BloFin's guide to Amazon's earnings reports explains what those releases contain.
The USDT quote behind both prices
AMZNX and the AMZNUSDT Perpetual are both priced in USDT, a stablecoin designed to track the US dollar, so the gap between them carries no currency effect. Against Amazon's share price in dollars, both carry the USDT rate, which is why BloFin's AMZNX page shows a USD price next to the USDT price.
BloFin's USDT-margined futures are priced off an index calculated in USDT (source: BloFin, Index Price and Mark Price). The AMZNX/USDT pair is quoted in USDT too, so comparing the two never needs a currency conversion. Funding and margin on the perpetual are paid and held in USDT as well, since the contract settles in USDT (source: BloFin AMZNUSDT contract details).
When AMZNX traded at 248.93 USDT, BloFin's AMZNX page showed a USD price of $248.85, which puts one USDT at about $0.9997. BloFin's xStocks risk disclosure names changes in exchange rates as one of the things that can move your profit or loss (source: BloFin xStocks risk disclosure). How pricing in USDT works is set out in BloFin's guide to stablecoins as quote assets.
The currency matters only when you set a BloFin price against Amazon's share price on Nasdaq, which is quoted in dollars. A few hundredths of a percent of that gap can come from USDT itself, so check the USD price BloFin shows before you read much into a small difference.
Say you convert both BloFin prices into dollars at about $0.9997 per USDT, with the perpetual at 249.12 USDT and AMZNX at 248.93 USDT. The perpetual comes to about $249.04 and AMZNX to about $248.85, so the gap between them is 0.19 USDT, or $0.19, and 0.08% of the token's price in either currency.
What the price gap means for your Amazon position
For most holders, the gap between AMZNX and the AMZNUSDT Perpetual is too small to change a decision, and its typical size from June to September 2026 was under a tenth of a percent. It matters when you hold both at once, trade with leverage near your liquidation price, or compare the two prices at night.
Each market answers to a different price. A stop on the AMZNX/USDT pair acts on AMZNX's own trades on BloFin, while an AMZNUSDT position is liquidated on the mark price. The same Amazon move can therefore reach the two positions at slightly different levels.
If you hold AMZNX and a short AMZNUSDT position of the same size against it, the two sides cancel most of Amazon's move. What remains is the basis and funding: the gap between the two prices when you close, and the funding you pay or receive while the short is open.
On the perpetual, AMZNUSDT offers leverage from 1x to 20x (source: BloFin AMZNUSDT contract details). BloFin's guide to trading Amazon with leverage sets out the contract's tiers and where a position liquidates. AMZNUSDT can also be followed through futures copy trading on BloFin, and copy trading explained covers how mirroring an experienced trader works.
BloFin's guide to whether tokenized Amazon is safe explains how the token itself is held and backed. The choice between AMZNX and the AMZN perpetual turns on direction, leverage and holding cost far more than on a basis of a few hundredths of a percent.
Say you hold 10 AMZNX and check the perpetual's price on a Saturday to see how your holding is doing. The perpetual shows where a leveraged position would be valued, but your tokens are worth what the AMZNX book pays. In a typical weekend hour from June to September 2026, that was within about 0.07% of the perpetual, or less than 2 USDT on a holding worth about 2,490 USDT.
Looking to gain exposure to Amazon? To get started, you'll need to first create a BloFin account, fund your account with cryptocurrency, and navigate to the AMZNX/USDT Spot trading page or AMZNUSDT Perpetual page.
Frequently asked questions
Which is usually higher, AMZNX or the AMZN perpetual?
The AMZNUSDT Perpetual usually trades a little higher than AMZNX. In BloFin's hourly record from June 1 to September 27, 2026, the perpetual's last price was above the token's in 1,944 of 2,856 hours, about 68%. The tilt grew over the summer: the perpetual was higher in 56.0% of hours in June and 53.9% in July, then in 81.6% in August and 82.3% in September. In those two months its average premium over the token was about 0.06%, against 0.02% in June.
Does funding on the AMZN perpetual change at weekends?
Funding on AMZNUSDT tends to shrink toward zero at weekends. Of the 111 settlements that closed a weekend or US market holiday hour from June 1 to September 27, 2026, 55 were positive, 53 negative and 3 exactly zero. They averaged +0.0013%, against +0.0066% for the other 246 settlements. The weekends of September 19 to 20 and September 26 to 27 looked different: 11 of their 12 settlements came to exactly +0.0120%, including every one from Saturday, September 26, to Sunday evening, September 27.
Does the AMZNX price affect funding on the AMZN perpetual?
Funding on AMZNUSDT moves with the perpetual's gap to its own index, and hardly at all with its gap to AMZNX. In BloFin's record from June 1 to September 27, 2026, the perpetual sat 0.062% above AMZNX on average in August and 0.060% in September. Funding over the same two months averaged +0.0013% and +0.011% per settlement, so a steady gap to the token came with an eightfold rise in funding.
How quickly did AMZNX and the AMZN perpetual line up again after Amazon's July 30 results?
Within about an hour of their widest gap. After the gap reached 0.81% in the 10PM to 11PM Eastern hour on July 30, 2026, AMZNX and the AMZNUSDT Perpetual closed the next hour 0.066% apart. They stayed within 0.3% of each other through the night. By the end of the hour that contained Nasdaq's open on July 31, the gap was 0.007%, and the mark price sat 0.015% from the index.
How often are AMZNX and the AMZN perpetual more than 0.2% apart?
In BloFin's hourly record from June 1 to September 27, 2026, the two last prices were more than 0.2% apart in 120 of 2,856 hours, about 4%. That happened in 5 of the 492 hours of Nasdaq's regular session, 52 of the 1,476 other weekday hours and 63 of the 888 weekend and holiday hours. A gap that wide was about seven times as likely at weekends and on holidays as in the regular session, and about twice as likely as in other weekday hours. None of the 2,856 hours reached 1%.
Researched and written by the BloFin Academy editorial team with AI-assisted drafting. All facts independently verified. Primary sources include BloFin's hourly AMZNX/USDT, AMZNUSDT, index and mark prices, BloFin's AMZNUSDT contract details and funding history, BloFin's Help Center pages on index, mark and last prices, price limits, funding fees and reduce-only orders, BloFin's stock futures trading update and xStocks risk disclosure, the xStocks FAQ, Nasdaq's holiday schedule, Investor.gov and Amazon's second-quarter results release on Nasdaq, current as of September 28, 2026.
Nothing in this article constitutes financial advice, and nothing in it is a recommendation to buy, sell or hold Amazon in any form. The price of AMZNX and the price of the AMZNUSDT Perpetual can sit apart, so a sale on one market can land at a different price from the other, most often at night, at weekends and after results. On the perpetual, your position is valued and liquidated at the mark price, funding is paid or received every eight hours, and outside regular hours BloFin may accept only orders that reduce a position. Past performance does not indicate future results. Do your own research and consider your risk tolerance before you trade on BloFin.