{"id":14,"slug":"2026-07-26-tokenized-stock-peg-by-session","day":"2026-07-26","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-07-26","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 55 bps, 95th pct 170 bps (12 symbols, 3960 ticks)","overnight: typical symbol median 52 bps, 95th pct 110 bps (12 symbols, 5760 ticks)","weekend: typical symbol median 39 bps, 95th pct 86 bps (12 symbols, 4373 ticks)","afterhours: typical symbol median 32 bps, 95th pct 84 bps (12 symbols, 2880 ticks)","open: typical symbol median 26 bps, 95th pct 52 bps (12 symbols, 4680 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 (523 bps during open).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":21653,"payload":{"sessions":[{"session":"premarket","symbols":12,"ticks":3960,"typical_p95_bps":169.7,"typical_median_bps":54.95,"widest":{"symbol":"CRCLx","n":330,"p95_bps":480.8350000000001,"median_bps":132.45}},{"session":"overnight","symbols":12,"ticks":5760,"typical_p95_bps":110.32999999999998,"typical_median_bps":52.3,"widest":{"symbol":"NVDAx","n":480,"p95_bps":474.2,"median_bps":225.4}},{"session":"weekend","symbols":12,"ticks":4373,"typical_p95_bps":85.6,"typical_median_bps":39.1,"widest":{"symbol":"NVDAx","n":84,"p95_bps":210.8,"median_bps":6.4}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":83.9,"typical_median_bps":31.65,"widest":{"symbol":"NVDAx","n":240,"p95_bps":474.2,"median_bps":225.4}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":52.332499999999996,"typical_median_bps":26.425,"widest":{"symbol":"NVDAx","n":390,"p95_bps":523.0849999999999,"median_bps":228.7}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-07-26:\n\npremarket — typical 95th pct 170 bps (12 symbols)\novernight — typical 95th pct 110 bps (12 symbols)\nweekend — typical 95th pct 86 bps (12 symbols)\nafterhours — typical 95th pct 84 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-07-26-tokenized-stock-peg-by-session","created_ts":1785049201}