{"id":117,"slug":"2026-08-23-collateral-exit-overhang","day":"2026-08-23","project":"overhang","title":"Collateral exit overhang — 2026-08-23","headline":"The median xStocks reserve on kamino can exit only 25.8% of its marked value, measured across 10 symbols.","bullets":["GOOGLx — 4.7% of $3.0M marked is exitable","TSLAx — 12.5% of $2.8M marked is exitable","MSTRx — 14.1% of $1.2M marked is exitable","SPYx — 20.3% of $4.2M marked is exitable","NVDAx — 23.5% of $2.8M marked is exitable","QQQx — 28.1% of $3.0M marked is exitable","HOODx — 40.8% of $382k marked is exitable","AAPLx — 47.8% of $399k marked is exitable","CRCLx — 100% of $539k marked is exitable","cbBTC — 100% of $151k marked is exitable","Separate market, separate mechanism — Superstate Opening Bell: all 2 reserves measured never routed at any size. FWDI (0% of $13.5M marked, n=1178), USCC (0% of $4.4M marked, n=1178). These do not route because their tokens are transfer-permissioned: Kamino's liquidate instruction is permissionless, so a liquidator must already be an allowlisted wallet to receive the seized collateral. That is a permissioning constraint, not a thin book — stated here as the mechanism, not measured by this collector.","Not counted as no-exit because the failure was intermittent: cbBTC (3/1178 sweeps) — a symbol must fail in every sweep before its market is called absent.","Those no-exit readings include sweeps taken while the US market was open, so the absence is not an off-hours artifact.","Every percentile is computed per symbol first, then taken as the median across the 10 symbols on xStocks alone — nothing is pooled across symbols and nothing is pooled across markets.","Only a structural exhaustion of the sell ladder counts as no exit. Each sweep carries a SOL control quote; sweeps whose control did not route, or was flagged transient, are excluded as unmeasured rather than reported as an absent market.","Readings before 2026-08-11 are excluded in the query: they were computed against a frozen mark and are not comparable."],"sample_n":11780,"payload":{"headlineMarket":{"market":"xStocks Market","protocol":"kamino","symbols":10,"rows":11780,"medianExitablePct":25.8,"perSymbol":[{"symbol":"GOOGLx","sweeps":1178,"noExitSweeps":0,"noExit":false,"openSweeps":0,"medianExitablePct":4.7,"markedUsd":2968117},{"symbol":"TSLAx","sweeps":1178,"noExitSweeps":0,"noExit":false,"openSweeps":0,"medianExitablePct":12.5,"markedUsd":2811953},{"symbol":"MSTRx","sweeps":1178,"noExitSweeps":0,"noExit":false,"openSweeps":0,"medianExitablePct":14.1,"markedUsd":1242614},{"symbol":"SPYx","sweeps":1178,"noExitSweeps":0,"noExit":false,"openSweeps":0,"medianExitablePct":20.3,"markedUsd":4183545},{"symbol":"NVDAx","sweeps":1178,"noExitSweeps":0,"noExit":false,"openSweeps":0,"medianExitablePct":23.5,"markedUsd":2834585},{"symbol":"QQQx","sweeps":1178,"noExitSweeps":0,"noExit":false,"openSweeps":0,"medianExitablePct":28.1,"markedUsd":3042918},{"symbol":"HOODx","sweeps":1178,"noExitSweeps":0,"noExit":false,"openSweeps":0,"medianExitablePct":40.8,"markedUsd":382120},{"symbol":"AAPLx","sweeps":1178,"noExitSweeps":0,"noExit":false,"openSweeps":0,"medianExitablePct":47.8,"markedUsd":398948},{"symbol":"CRCLx","sweeps":1178,"noExitSweeps":0,"noExit":false,"openSweeps":0,"medianExitablePct":100,"markedUsd":538929},{"symbol":"cbBTC","sweeps":1178,"noExitSweeps":3,"noExit":false,"openSweeps":1,"medianExitablePct":100,"markedUsd":150726}],"noExit":[],"intermittent":["cbBTC"],"outliers":[]},"otherMarkets":[{"market":"Superstate Opening Bell Market","symbols":2,"rows":2356,"medianExitablePct":0,"noExit":["FWDI","USCC"],"perSymbol":[{"symbol":"FWDI","sweeps":1178,"noExitSweeps":1178,"noExit":true,"openSweeps":234,"medianExitablePct":0,"markedUsd":13525573},{"symbol":"USCC","sweeps":1178,"noExitSweeps":1178,"noExit":true,"openSweeps":234,"medianExitablePct":0,"markedUsd":4419132}],"mechanism":"their tokens are transfer-permissioned: Kamino's liquidate instruction is permissionless, so a liquidator must already be an allowlisted wallet to receive the seized collateral. That is a permissioning constraint, not a thin book — stated here as the mechanism, not measured by this collector","mechanism_is_measured":false}],"floorTs":1786406400,"floorDay":"2026-08-11","minSweeps":30,"sweepsMeasured":1178,"rowsAllMarkets":14136},"x_text":"Collateral exit overhang, xStocks on kamino, 2026-08-23:\n\nGOOGLx — 4.7% of $3.0M exitable\nTSLAx — 12.5% of $2.8M exitable\nMSTRx — 14.1% of $1.2M exitable\nSPYx — 20.3% of $4.2M exitable\nNVDAx — 23.5% of $2.8M exitable\nQQQx — 28.1% of $3.0M exitable\n\nMedian across 10 symbols: 25.8% of marked value is exitable.\nSuperstate Opening Bell is a separate market: FWDI, USCC never route — transfer-permissioned tokens, not a thin book.\nStructural failures only. Control-failed sweeps excluded, never counted as an absent market.\nhttps://data.ochinimus.app/r/2026-08-23-collateral-exit-overhang","created_ts":1787468402}