Bitget changes rToken routing and fees with Super Match

Bitget on 21 October set out its Super Match strategy for tokenised equities, adding market-maker participation to a business previously centred on access to underlying US markets. The company presents deeper liquidity and improved price discovery as the aim; its release provides no measured execution improvement.[1]

The operational change is already specified in a separate liquidity-provider guide. Bitget scheduled rToken migration from 14–20 October, with full rollout at 04:00 UTC on 20 October. Orders enter an internal matching pool first, with residual flow eligible for the external StockRoute connection to Alpaca.[2]

Earlier fee-grouping guidance, which placed rTokens in Group A from 6 August, excluded maker rebates throughout normal US market days on a 24/5 basis, including extended sessions. The October guide replaces that time-based distinction with charges based on execution path. Eligible liquidity providers can consequently earn maker treatment for passive internal orders during US sessions.[4][2]

An internal fill does not always count as maker

Leaving venue at its default can prevent a maker rebate even when matching stays internal. The API documentation says passive internal orders execute at the maker’s quoted price. Quoting firms therefore need execution reports that distinguish price, route and liquidity role.[3]

The API supports session-valid orders or GTC orders lasting 90 days; price or size amendments require cancellation and a new order. Instrument, ticker and reference information is publicly described, while the detailed rToken depth and full platform-fill interfaces require whitelist access. Public trade data covers internal executions; private fill reporting includes both internal and external routes.[3]

Illustrative charges on a 100,000 USDT execution

The order restriction calculation also changes from 08:00 UTC on 21 October: internally executed orders stop counting towards its statistics. For each UID and pair, restrictions require both more than 2,000 final-state orders and a fill rate below 10% within the statistical period. Here, fill rate counts fully filled orders divided by total orders. The daily reset is 04:00 UTC+8, equivalent to 20:00 UTC on the preceding day.[2][3]

The broker route and the investor's claim are different layers

Bitget's June partnership announcement identifies Alpaca as Reality's US brokerage infrastructure provider. That describes the securities execution and clearing connection; it does not establish that each Bitget rToken customer has an individual Alpaca brokerage account.[8]

The product FAQ describes rTokens as contractual economic exposure delivered through Reality, with Bitget providing trading and account services. Holders generally do not receive ordinary shareholder registration or voting rights. Availability remains subject to regional and account eligibility, with US persons generally excluded. The routing upgrade changes how orders meet liquidity within that product structure.[7]

The older general FAQ still describes extended 24/5 access, while the October Super Match guide specifies internal matching beyond US market sessions. The newer routing documentation governs the change described here; actual execution still requires available counterparties and supported assets.[7][2]

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