{"id":41,"slug":"2026-08-04-tokenized-stock-peg-by-session","day":"2026-08-04","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-08-04","headline":"The typical tokenized stock holds within 50 bps of its underlying while the US market is open, widening to 251 bps during premarket.","bullets":["premarket: typical symbol median 87 bps, 95th pct 251 bps (11 symbols, 3630 ticks)","overnight: typical symbol median 69 bps, 95th pct 175 bps (11 symbols, 5291 ticks)","weekend: typical symbol median 54 bps, 95th pct 130 bps (11 symbols, 6336 ticks)","afterhours: typical symbol median 36 bps, 95th pct 115 bps (11 symbols, 2640 ticks)","open: typical symbol median 22 bps, 95th pct 50 bps (11 symbols, 4301 ticks)","Figures are per-symbol percentiles aggregated across symbols, so one wide name cannot set the headline.","Outliers excluded from the typical figure: MSFTx (550 bps during afterhours).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":22199,"payload":{"sessions":[{"session":"premarket","symbols":11,"ticks":3630,"typical_p95_bps":250.9,"typical_median_bps":86.95,"widest":{"symbol":"MSFTx","n":330,"p95_bps":631.3700000000001,"median_bps":85.75}},{"session":"overnight","symbols":11,"ticks":5291,"typical_p95_bps":174.6,"typical_median_bps":69.1,"widest":{"symbol":"MSFTx","n":481,"p95_bps":505.6,"median_bps":66.5}},{"session":"weekend","symbols":11,"ticks":6336,"typical_p95_bps":129.9,"typical_median_bps":53.9,"widest":{"symbol":"CRCLx","n":576,"p95_bps":273.5,"median_bps":128.7}},{"session":"afterhours","symbols":11,"ticks":2640,"typical_p95_bps":114.65499999999997,"typical_median_bps":36,"widest":{"symbol":"MSFTx","n":240,"p95_bps":549.8749999999999,"median_bps":36}},{"session":"open","symbols":11,"ticks":4301,"typical_p95_bps":50.400000000000006,"typical_median_bps":21.6,"widest":{"symbol":"COINx","n":391,"p95_bps":93.9,"median_bps":47.6}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-08-04:\n\npremarket — typical 95th pct 251 bps (11 symbols)\novernight — typical 95th pct 175 bps (11 symbols)\nweekend — typical 95th pct 130 bps (11 symbols)\nafterhours — typical 95th pct 115 bps (11 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-08-04-tokenized-stock-peg-by-session","created_ts":1785826801}