{"id":102,"slug":"2026-08-19-tokenized-stock-peg-by-session","day":"2026-08-19","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-08-19","headline":"The typical tokenized stock holds within 50 bps of its underlying while the US market is open, widening to 110 bps during premarket.","bullets":["premarket: typical symbol median 59 bps, 95th pct 110 bps (11 symbols, 3630 ticks)","overnight: typical symbol median 26 bps, 95th pct 71 bps (11 symbols, 5280 ticks)","weekend: typical symbol median 29 bps, 95th pct 65 bps (11 symbols, 6336 ticks)","afterhours: typical symbol median 24 bps, 95th pct 54 bps (11 symbols, 2640 ticks)","open: typical symbol median 27 bps, 95th pct 50 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: CRCLx (48657351 bps during overnight).","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":110.4,"typical_median_bps":59.4,"widest":{"symbol":"CRCLx","n":330,"p95_bps":252,"median_bps":72.85}},{"session":"overnight","symbols":11,"ticks":5280,"typical_p95_bps":70.6,"typical_median_bps":26.2,"widest":{"symbol":"CRCLx","n":480,"p95_bps":48657350.94499996,"median_bps":63.849999999999994}},{"session":"weekend","symbols":11,"ticks":6336,"typical_p95_bps":64.9,"typical_median_bps":29,"widest":{"symbol":"MSTRx","n":576,"p95_bps":152.1,"median_bps":113.4}},{"session":"afterhours","symbols":11,"ticks":2640,"typical_p95_bps":54.4,"typical_median_bps":24.2,"widest":{"symbol":"COINx","n":240,"p95_bps":88.43499999999995,"median_bps":42.2}},{"session":"open","symbols":11,"ticks":4290,"typical_p95_bps":49.5,"typical_median_bps":27,"widest":{"symbol":"COINx","n":390,"p95_bps":90.2,"median_bps":47.25}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-08-19:\n\npremarket — typical 95th pct 110 bps (11 symbols)\novernight — typical 95th pct 71 bps (11 symbols)\nweekend — typical 95th pct 65 bps (11 symbols)\nafterhours — typical 95th pct 54 bps (11 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-08-19-tokenized-stock-peg-by-session","created_ts":1787122801}