{"id":74,"slug":"2026-08-12-tokenized-stock-peg-by-session","day":"2026-08-12","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-08-12","headline":"The typical tokenized stock holds within 54 bps of its underlying while the US market is open, widening to 107 bps during premarket.","bullets":["premarket: typical symbol median 44 bps, 95th pct 107 bps (11 symbols, 3630 ticks)","weekend: typical symbol median 60 bps, 95th pct 80 bps (11 symbols, 6336 ticks)","overnight: typical symbol median 35 bps, 95th pct 67 bps (11 symbols, 5280 ticks)","afterhours: typical symbol median 19 bps, 95th pct 61 bps (11 symbols, 2640 ticks)","open: typical symbol median 26 bps, 95th pct 54 bps (11 symbols, 4290 ticks)","Figures are per-symbol percentiles aggregated across symbols, so one wide name cannot set the headline.","Outliers excluded from the typical figure: MSTRx (323 bps during weekend).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":22176,"payload":{"sessions":[{"session":"premarket","symbols":11,"ticks":3630,"typical_p95_bps":106.9,"typical_median_bps":44.3,"widest":{"symbol":"CRCLx","n":330,"p95_bps":257.6,"median_bps":77.15}},{"session":"weekend","symbols":11,"ticks":6336,"typical_p95_bps":80.14999999999999,"typical_median_bps":60,"widest":{"symbol":"MSTRx","n":576,"p95_bps":323.1,"median_bps":169.1}},{"session":"overnight","symbols":11,"ticks":5280,"typical_p95_bps":67.4,"typical_median_bps":34.8,"widest":{"symbol":"CRCLx","n":480,"p95_bps":145.3,"median_bps":20.8}},{"session":"afterhours","symbols":11,"ticks":2640,"typical_p95_bps":60.9,"typical_median_bps":18.6,"widest":{"symbol":"CRCLx","n":240,"p95_bps":118.3,"median_bps":23.8}},{"session":"open","symbols":11,"ticks":4290,"typical_p95_bps":53.87499999999998,"typical_median_bps":25.7,"widest":{"symbol":"COINx","n":390,"p95_bps":91.63999999999996,"median_bps":47.55}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-08-12:\n\npremarket — typical 95th pct 107 bps (11 symbols)\nweekend — typical 95th pct 80 bps (11 symbols)\novernight — typical 95th pct 67 bps (11 symbols)\nafterhours — typical 95th pct 61 bps (11 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-08-12-tokenized-stock-peg-by-session","created_ts":1786518001}