{"id":3,"slug":"2026-07-23-tokenized-stock-peg-by-session","day":"2026-07-23","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-07-23","headline":"The typical tokenized stock holds within 52 bps of its underlying while the US market is open, widening to 170 bps during premarket.","bullets":["premarket: typical symbol median 53 bps, 95th pct 170 bps (12 symbols, 3168 ticks)","overnight: typical symbol median 52 bps, 95th pct 118 bps (12 symbols, 4032 ticks)","afterhours: typical symbol median 40 bps, 95th pct 78 bps (12 symbols, 1728 ticks)","weekend: typical symbol median 57 bps, 95th pct 75 bps (12 symbols, 756 ticks)","open: typical symbol median 25 bps, 95th pct 52 bps (12 symbols, 3576 ticks)","Figures are per-symbol percentiles aggregated across symbols, so one wide name cannot set the headline.","Outliers excluded from the typical figure: NVDAx (474 bps during overnight); NVDAx (474 bps during afterhours); NVDAx (525 bps during open).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":13260,"payload":{"sessions":[{"session":"premarket","symbols":12,"ticks":3168,"typical_p95_bps":169.7,"typical_median_bps":53.225,"widest":{"symbol":"CRCLx","n":264,"p95_bps":492.94999999999993,"median_bps":167.75}},{"session":"overnight","symbols":12,"ticks":4032,"typical_p95_bps":117.9375,"typical_median_bps":52.3,"widest":{"symbol":"NVDAx","n":336,"p95_bps":474.2,"median_bps":225.4}},{"session":"afterhours","symbols":12,"ticks":1728,"typical_p95_bps":77.6,"typical_median_bps":39.7,"widest":{"symbol":"NVDAx","n":144,"p95_bps":474.2,"median_bps":225.4}},{"session":"weekend","symbols":12,"ticks":756,"typical_p95_bps":75.44,"typical_median_bps":57.25,"widest":{"symbol":"CRCLx","n":58,"p95_bps":174.3,"median_bps":72.7}},{"session":"open","symbols":12,"ticks":3576,"typical_p95_bps":52.11749999999999,"typical_median_bps":25.200000000000003,"widest":{"symbol":"NVDAx","n":298,"p95_bps":525.425,"median_bps":212.05}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-07-23:\n\npremarket — typical 95th pct 170 bps (12 symbols)\novernight — typical 95th pct 118 bps (12 symbols)\nafterhours — typical 95th pct 78 bps (12 symbols)\nweekend — typical 95th pct 75 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-07-23-tokenized-stock-peg-by-session","created_ts":1784831330}