{"id":110,"slug":"2026-08-21-tokenized-stock-peg-by-session","day":"2026-08-21","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-08-21","headline":"The typical tokenized stock holds within 59 bps of its underlying while the US market is open, widening to 111 bps during premarket.","bullets":["premarket: typical symbol median 45 bps, 95th pct 111 bps (11 symbols, 3630 ticks)","overnight: typical symbol median 41 bps, 95th pct 79 bps (11 symbols, 5280 ticks)","afterhours: typical symbol median 26 bps, 95th pct 67 bps (11 symbols, 2640 ticks)","weekend: typical symbol median 29 bps, 95th pct 65 bps (11 symbols, 6336 ticks)","open: typical symbol median 28 bps, 95th pct 59 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 (1032 bps during premarket); 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":110.6,"typical_median_bps":45,"widest":{"symbol":"MSTRx","n":330,"p95_bps":1032.1,"median_bps":114.55000000000001}},{"session":"overnight","symbols":11,"ticks":5280,"typical_p95_bps":78.7,"typical_median_bps":40.65,"widest":{"symbol":"CRCLx","n":480,"p95_bps":48657350.94499996,"median_bps":119.5}},{"session":"afterhours","symbols":11,"ticks":2640,"typical_p95_bps":66.705,"typical_median_bps":26.1,"widest":{"symbol":"MSTRx","n":240,"p95_bps":356.68999999999994,"median_bps":29.2}},{"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":"open","symbols":11,"ticks":4290,"typical_p95_bps":58.855,"typical_median_bps":27.799999999999997,"widest":{"symbol":"CRCLx","n":390,"p95_bps":133.31999999999698,"median_bps":15.1}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-08-21:\n\npremarket — typical 95th pct 111 bps (11 symbols)\novernight — typical 95th pct 79 bps (11 symbols)\nafterhours — typical 95th pct 67 bps (11 symbols)\nweekend — typical 95th pct 65 bps (11 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-08-21-tokenized-stock-peg-by-session","created_ts":1787295602}