Tokenized RWA on Solana, what a $100k sale actually costs
Cost of selling $100,000 of each tokenized real-world asset on Solana through Jupiter, relative to a $100 sale of the same asset on the same tick, measured every ten minutes; the on-chain supply of each asset is read from its mint, including the funds that have no open market.
TL;DR. As of , USDY posts the lowest cost of a $100k sale at ~0 bps (p50, 24h) across 14 ranked tokenized assets. Source: OpenChainBench, https://openchainbench.com/benchmarks/rwa-solana-depth.
Solana's tokenized real-world assets passed $4.6 billion of declared value in September 2026, and dashboards rank the issuers by that number. This page asks a different question of the same tokens: if you held $100,000 of one and sold it on the open market right now, what would you get back? The harness sends the sale to Jupiter, the Solana aggregator every wallet routes through, at three sizes, and publishes the cost of each size against a $100 sale of the same asset on the same tick. The answer splits the category in two: USDY, PAXG and the index xStocks fill $100,000 within tens of basis points, single-stock xStocks cost more, the thinnest names hundreds, and the largest funds on the chain by declared value (BUIDL at about a billion dollars, USTB) have no route at all, because they are transfer-restricted and never trade. Both halves are on the page, the second one unranked with its on-chain supply, because a chart of declared value shows neither.
Methodology
Every ten minutes, for each asset with an open market, the harness asks Jupiter's quote API what $100, $1,000, $10,000 and $100,000 worth of the token sell for against USDC (the $100 reference is sized at the previous tick's price, the three sizes at this tick's reference price). The cost of a size is 10000 x (1 - price per unit at that size / price per unit at $100), in basis points: the price impact of the sale, fees of the route included, relative to the smallest sale Jupiter will price. The headline is the 24-hour median of the $100,000 cost, lowest first. For each asset, routed or not, getTokenSupply on the mint gives the supply on Solana every ten minutes, valued at the executable $100 price where one exists (BUIDL at its designed $1.00 unit value). A fund whose mint has no route on Jupiter (BUIDL, USTB) is listed unranked as "No open market" with that supply: it is the part of the declared total that cannot be sold.
Results: 14 tokenized assets ranked by Cost of a $100k sale (p50, 24h)
| № | Tokenized assets | p50 | Cost $1k | Cost $10k | Fill $100k | Success |
|---|---|---|---|---|---|---|
| 1 | USDY | ~0 bps | ~0 bps | ~0 bps | $100.0K | 88.72% |
| 2 | SPYx | 9.56 bps | 0.42 bps | 1.98 bps | $99.9K | 96.57% |
| 3 | NVDAx | 15.3 bps | 0.72 bps | 2.93 bps | $99.9K | 99.08% |
| 4 | PAXG | 16.5 bps | 0.41 bps | 2.94 bps | $99.8K | 99.10% |
| 5 | QQQx | 27.3 bps | -0.01 bps | 2.05 bps | $99.8K | 97.03% |
| 6 | TSLAx | 42.4 bps | 0.53 bps | 4.38 bps | $99.6K | 98.64% |
| 7 | MSFTx | 48.7 bps | 1.20 bps | 11.5 bps | $99.6K | 98.83% |
| 8 | AAPLx | 97.1 bps | 2.31 bps | 18.3 bps | $99.0K | 98.85% |
| 9 | HOODx | 104 bps | 5.64 bps | 27.1 bps | $98.7K | 98.79% |
| 10 | GOOGLx | 115 bps | 1.86 bps | 11.3 bps | $98.8K | 98.81% |
| 11 | COINx | 119 bps | 15.4 bps | 38.5 bps | $98.7K | 96.50% |
| 12 | METAx | 137 bps | 3.60 bps | 17.2 bps | $97.2K | 98.80% |
| 13 | AMZNx | 229 bps | 5.09 bps | 23.8 bps | $97.6K | 98.82% |
| 14 | PLTRx | 552 bps | 19.9 bps | 64.9 bps | $94.5K | 96.46% |
Frequently asked
What does the cost of a $100k sale mean here?
It is the basis points lost by selling $100,000 worth of the token on Jupiter compared with selling $100 of it at the same moment: the price impact of size, route fees included. It is measured from Jupiter's quote API, the same route a Solana wallet would take, every ten minutes, and the page ranks the 24-hour median. It is not the cost of redeeming through the issuer.
Why are BUIDL and USTB on the page if they cannot be sold?
Because they are most of the declared value. BlackRock's BUIDL mint on Solana holds close to a billion dollars and Superstate's USTB mint a few million, and neither has a route on Jupiter: they are transfer-restricted funds that never trade on an open pool. The page lists them unranked as No open market, with the supply read from the mint, so a reader sees which part of Solana's RWA total is tradable and which part is a redemption queue.
Why can USDY sell $100,000 at no cost?
When it does, it is because a market maker quotes it at size on Manifest, a Solana order book, at one price on both sides for as long as the resting orders cover the sale (about $114,000 on 2026-09-23; a $500,000 sale already spilled into a pool at 14 bps). The cost is measured against the $100 sale on the same route, so a flat quote reads zero; the usdy-nav-basis bench measures the separate question of how far that quoted price sits from Ondo's published NAV.
Is a high cost a problem with the token?
It is a fact about the pool behind it, not about the issuer's backing. A single-stock xStock with a few tens of thousands of dollars of liquidity cannot absorb a $100,000 sale without moving through its whole range; the token still tracks its stock at retail size, which the xstocks-peg bench measures. The two benches together describe the asset: price accuracy at $1 and depth at $100,000.
Where do the dollar sizes come from if prices move?
Each tick sizes the $100 reference sale at the previous tick's executable price, then sizes the $1,000, $10,000 and $100,000 sales at the reference price it just obtained. A price move between ticks shifts the reference by the same percentage, and the cost is a ratio of two quotes a few seconds apart on the same tick, so it is unaffected. The fill column shows the USDC actually received for the $100,000 sale.
Source code github.com/ChainBench/OpenChainBench/tree/main/harnesses/rwa-solana-depth