{"id":106,"slug":"2026-08-20-tokenized-stock-peg-by-session","day":"2026-08-20","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-08-20","headline":"The typical tokenized stock holds within 57 bps of its underlying while the US market is open, widening to 96 bps during premarket.","bullets":["premarket: typical symbol median 41 bps, 95th pct 96 bps (11 symbols, 3630 ticks)","overnight: typical symbol median 27 bps, 95th pct 79 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 60 bps (11 symbols, 2640 ticks)","open: typical symbol median 27 bps, 95th pct 57 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); MSTRx (357 bps during afterhours).","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":95.7,"typical_median_bps":41,"widest":{"symbol":"CRCLx","n":330,"p95_bps":252,"median_bps":56.8}},{"session":"overnight","symbols":11,"ticks":5280,"typical_p95_bps":78.7,"typical_median_bps":26.6,"widest":{"symbol":"CRCLx","n":480,"p95_bps":48657350.94499996,"median_bps":67.6}},{"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":60.4,"typical_median_bps":24.2,"widest":{"symbol":"MSTRx","n":240,"p95_bps":356.68999999999994,"median_bps":26.8}},{"session":"open","symbols":11,"ticks":4290,"typical_p95_bps":57.229999999999976,"typical_median_bps":27.25,"widest":{"symbol":"CRCLx","n":390,"p95_bps":95.71999999999989,"median_bps":14.850000000000001}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-08-20:\n\npremarket — typical 95th pct 96 bps (11 symbols)\novernight — typical 95th pct 79 bps (11 symbols)\nweekend — typical 95th pct 65 bps (11 symbols)\nafterhours — typical 95th pct 60 bps (11 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-08-20-tokenized-stock-peg-by-session","created_ts":1787209202}