{"id":7,"slug":"2026-07-24-tokenized-stock-peg-by-session","day":"2026-07-24","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-07-24","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 114 bps (12 symbols, 5040 ticks)","afterhours: typical symbol median 33 bps, 95th pct 84 bps (12 symbols, 2304 ticks)","weekend: typical symbol median 57 bps, 95th pct 75 bps (12 symbols, 756 ticks)","open: typical symbol median 26 bps, 95th pct 52 bps (12 symbols, 3744 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":15012,"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":5040,"typical_p95_bps":114.1749999999999,"typical_median_bps":51.650000000000006,"widest":{"symbol":"NVDAx","n":420,"p95_bps":474.2,"median_bps":225.4}},{"session":"afterhours","symbols":12,"ticks":2304,"typical_p95_bps":84.3025,"typical_median_bps":33.275,"widest":{"symbol":"NVDAx","n":192,"p95_bps":474.2,"median_bps":263.79999999999995}},{"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":3744,"typical_p95_bps":52.2525,"typical_median_bps":25.575,"widest":{"symbol":"NVDAx","n":312,"p95_bps":524.815,"median_bps":214.55}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-07-24:\n\npremarket — typical 95th pct 170 bps (12 symbols)\novernight — typical 95th pct 114 bps (12 symbols)\nafterhours — typical 95th pct 84 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/2026-07-24-tokenized-stock-peg-by-session","created_ts":1784876401}